July 30th, 2021
Global Drill Pipes Market
The GMI Research forecasts that the Drill Pipes Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the constant expansion in oil production, and the extrication of water and other natural resources largely needs tools like a pipe.
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Introduction of the Drill Pipes Market
Drill pipe is hollow, thin-walled, steel or aluminium alloy piping used during drilling rigs. It allows drilling fluid to be pumped down the hole through the bit and back up the annulus. They are manufactured by several processes such as welding, joint, extrusion together massively applicable in drilling oil field.
Key Players of the Global Drill Pipes Market:
· RK Pipe LLC.
· Inter Drill Asia Ltd.
· Hunting PLC
· Tenaris Company
· International Drilling Services Ltd. (IDS)
· Texas Steel Conversion Inc. (TSC)
· Schoeller-Bleckmann Oilfield Equipment AG
· Inter Drill Asia Ltd.
· National Oilwell Varco
· American Oilfield Tools, Inc.
Drill Pipes Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The augmenting demand for the expedition of oil and gas activities and the extraction of water and other natural resources, which demands a wide variety of important tools and equipment like pipes and collars, are the prominent factors driving the market growth. These pipes are one of the major instruments in drilling projects. The Alaska government authority, in Feb 2019, invested USD 45-65 Billion for the leading natural gas developments Mega-project in the United States. The project has an 800-mile pipeline from the full LNG liquefaction plant, storage and shipping terminal, and a gas treatment plant in the Alaska United States. Moreover, other factors like transmission drilling torque to the total length of pipe, resilience to pressure changes, and support the entire weight of deeper drilling components. Major players are involved in increasing oil production, and growing number of gas and oil inspection are projected to promote the market share. For example, Shell, in May 2019, initiated the production of deep-water oil and gas development at Appomattox, Virginia, the United States, at Shell's largest floating platform.
Additionally, the accelerating demand in water exploration activities owing to the rising shortage of water requires these pipes. For example, more than 2 billion people live in countries with high water stress areas, which is bolstering the market demand. However, the volatility in prices of raw materials for manufacturing of drill pipes and the risk of corrosion and stress problems in the oil and gas field will restrain the market growth.
Grade Segment Drivers
Based on the grade, API is contemplated to dominate the market primarily because of the acceptance offered for standard size specifications with various consented pipe grades which include E-75, G-105, and S-135 across several countries.
Application Segment Drivers
Based on the application, onshore is predicted to expand at a higher CAGR over the forecast period. This is primarily attributed to their ability to perform drilling operations under the earth's surface like water and oil & gas activities and increasing initiatives by the government. In April 2021, Biden emancipated infrastructure plan with an investment of USD 111 Billion in water infrastructure, resulting in raising the market growth.
Based on the regional coverage, North America is forecasted to witness a significant demand in the near future due to the aggravating production of oil and gas led by the amplification in the automobile and transportation demand. The US Energy Information Administration stated that in 2019 the average oil production touched 12.2 Million b/d in the United States whereas natural gas production counted 116.8 Bcf/d.
Drill Pipes Market Segmentation:
Segmentation by Grade
· Premium Grade
· API Grade
Segmentation by Application
Segmentation by Region:
· North America
o United States of America
· Asia Pacific
o Rest of APAC
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
o Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business insights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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