Global Drill Pipe Market Report and Forecast 2024-2032

Global Drill Pipe Market Outlook 

The global drill pipe market size attained a value of nearly USD 1.78 billion in 2023. The market is further estimated to grow in the forecast period of 2024-2032 at a CAGR of 5.4% to reach about USD 2.85 billion by 2032.

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North America to Hold A Substantial Share in the Market Growth of Drill Pipes

North America is anticipated to hold a substantial share in the drill pipe market over the coming years owing to the ongoing shale gas exploration in the region, especially in the United States. The improvement of shale formations has been associated with a rise in employment in the oil and gas industry in the United States which is likely to drive the market.

 
Advanced extraction technology and increasing production of oil and natural gas in the region are expected to drive the market growth of drill pipes across North America. There are increasing drilling activities along with the growing number of suppliers and manufacturers and rising adoption of horizontal drilling and hydraulic fracturing techniques. These factors together are projected to propel the market growth of drill pipes in the region.

Global Drill Pipe Market Segmentation

A drill pipe is an important tool used for drilling in the oil field. Drill pipes are exposed to different types of loads and are operated under various environmental conditions. They are seamless steel pipes that are composed of around 95% of the length of a drill string. The pipe is hollow, which permits the drilling fluid to flow easily throughout the pipe and the pumping process to be finished successfully.

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The market for drill pipe, by type, is divided into:

• Standard Drill Pipe
• Heavy Weight Drill Pipe (HWDP)

Based on grade, the market is categorised into: 

• API
• Premium

By application, the market is segmented into:

• Onshore
• Offshore 

The EMR report looks into the regional markets of drill pipe like Latin America, North America, Europe, Asia Pacific, the Middle East, and Africa.

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Rapid Growth in Drilling Activities to Fuel the Market Growth of Drill Pipe

The drill pipe market across the globe is expected to witness robust growth over the coming years on account of enormous drilling activities along with increasing investment in drilling operations. The increasing demand for drill pipes at oil and gas extraction sites and growing technological advancements and innovations related to drilling operations are likely to drive the market growth.

 
There is increasing popularity of horizontal directional drilling due to its flexibility in the drilling of small-sized rigs for oil & gas, utilities, and pipe installations, among others. Based on application, the onshore segment is expected to grow in the market due to the increasing onshore drilling activities and increase in onshore oil production.

Key Players in the Global Market for Drill Pipe

The report presents a detailed analysis of the following key players in the global drill pipe market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Drill Pipe International, LLC

• RK Pipe and Supply, LLC

• Premier Drill Products

• Oil Country Tubular Limited.

• PetroMaterials Corporation

• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report