Drill Pipe Global Market Report 2023
Major players in the drill pipe market are Hilong Group of Companies Ltd., Oil Country Tubular Ltd, Texas Steel Conversion Inc., Drill Pipe International LLC, NOV Inc, PetroMaterials Corporation, Tejas Tubular Products Inc, Tenaris S.
New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Drill Pipe Global Market Report 2023" - https://www.reportlinker.com/p06466682/?utm_source=GNW
A, TMK Steel Limited, Weatherrock Group Holding Limited, DP-Master Manufacturing Ltd, RK Pipe & Supply LLC, Jindal Saw Ltd, Alcoa Oil & Gas Inc, RTI Energy Systems Inc, Interdrill Limited, Hunting PLC, International Drilling Services Ltd (IDS), Workstrings International, Challenger International Inc, and Premier Drill Products LLC.
The global drill pipe market is expected to grow from $1.34 billion in 2022 to $1.43 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The drill pipe market is expected to reach $1.77 billion in 2027 at a CAGR of 5.5%.
The drill pipe market consists of sales of drill strings, N-class pipes, P-class pipes, and C-class pipes.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The drill pipe refers to a seamless steel pipe made up of the drill string and is the main part of the complete drill string. It is hollow to enable the pumping of drilling fluid through the bit and back up the annulus and down the hole.
North America was the largest region in the drill pipe market in 2022.Middle-East and Africa is expected to be the fastest-growing region in the forecast period.
The regions covered in drill pipe report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of drill pipes are standard drill pipes, heavy-weight drill pipes and drill collars.The standard drill pipe is a long, tubular piece of pipe that makes up the bulk of the drill string.
The materials involved are alloys, composites and others that are used for offshore and onshore applications in the oil and gas industry, mining industry, agriculture industry and other industries.
The increasing rig drilling operations are expected to propel the growth of the drill pipe market going forward.A drilling rig is an integrated system that penetrates the subsurface of the ground to create wells, such as water or oil wells, or holes for piling and other building needs.
Drill pipe is a type of pipeline used on drilling rigs that is hollow, thin-walled, and made of steel or an aluminum alloy.For instance, in February 2023, according to Baker Hughes Company, a US-based oil field services company, the number of drilling rigs operating in the US climbed by 2 units to 761 rigs for the week ending February 10, a rise of 126 units from the 635 rigs operating at the same time last year.
Therefore, increasing rig drilling operations are driving the growth of the drill pipe market.
Technological advancements are a key trend gaining popularity in the drill pipe market.Major companies operating in the drill pipe market are adopting new technologies to sustain their position in the market.
For instance, in April 2022, Vermeer Corporation, a US-based industrial and agricultural machines manufacturer company launched 550,000-pound (249,475.8-kg) D550 HDD (Horizontal directional drilling), a newest generation of maxi rig drills backed with HDD technology. Horizontal directional drilling (HDD) is a smart drilling technology that involves drilling a tunnel under a canal or other defined region and then pulling a pipeline or other utility through the tunnel. It entails precisely drilling along the selected bore path and back reaming the necessary pipe using a directional drilling machine and related equipment. During HDD drilling, the earth is pushed to one side rather than brought to the surface to prevent spreading soil contamination above ground. Additionally, because the pipe connections are durable, tainted dirt shouldn’t enter the system.
In January 2021, Mincon Group plc, a US-based rock drilling services company acquired Spartan Drill Tools for an undisclosed amount.This acquisition will strengthen Mincon by expanding the company and caring for the consumer by producing high-quality goods.
Spartan Drill Tools is a US-based drill pipe manufacturer and supplier company.
The countries covered in the drill pipe market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The drill pipe market research report is one of a series of new reports that provides drill pipe market statistics, including drill pipe industry global market size, regional shares, competitors with drill pipe market share, detailed drill pipe market segments, market trends, and opportunities, and any further data you may need to thrive in the drill pipe industry. This drill pipe market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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