What Has Been the Progress and Growth of the Drill Pipe Market in Recent Years?
The drill pipe market has seen considerable growth due to a variety of factors.
•In recent times, there has been robust expansion in the drill pipe market size. The market value is set to rise from $1.5 billion in 2024 to $1.58 billion in 2025, with a compound annual growth rate (CAGR) of 5.4%.
The historical growth can be linked to factors such as a surge in oil and gas exploration activities, investments channelled towards offshore exploration, adherence to environmental and safety regulations, infrastructure growth, as well as global economic trends.
What Can Be Expected from the Drill Pipe Market in the Coming Years?
The drill pipe market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the drill pipe market is projected to experience substantial growth, reaching a valuation of $2.01 billion by 2029 with a compound annual growth rate (CAGR) of 6.2%.
Factors contributing to this predicted growth over the forecast period include the transition to renewable energy sources, the emergence of new market opportunities, material innovation, policy changes related to energy transition, and geopolitical factors. The forecast period also foresees significant trends such as heightened demand in oil and gas exploration, advancements in technology, the impact of environmental regulations, market consolidation and competitiveness, along with issues in the supply chain.
What Are the Critical Driver Fuelling the Drill Pipe Market's Growth?
The drill pipe market's expansion is expected to be propelled by a surge in rig drilling operations. Drilling rigs are comprehensive systems designed to puncture the Earth's subsurface to construct wells such as water or oil wells, and to create openings for piling and other construction requirements. Drill pipe, a hollow, thin-walled pipeline made from steel or an aluminum alloy, is extensively used in these drilling rigs. To illustrate, data from the US-based Baker Hughes Company, an oil field services firm, indicated that in February 2023, the number of operational drilling rigs in the US increased by 2 units, totaling 761 rigs towards the end of February 10. This figure is an increase of 126 units from the 635 rigs operational at the equivalent period the previous year. Consequently, the rising rig drilling operations contribute to the growth of the drill pipe market.
How Is the Drill Pipe Market segmented?
The drill pipe market covered in this report is segmented –
1) By Type: Standard Drill Pipes, Heavy Weight Drill Pipes, Drill Collars
2) By Material: Alloys, Composites, Other Materials
3) By Application: Offshore, Onshore
4) By Industry: Oil And Gas Industry, Mining Industry, Agriculture Industry, Other Industries
Subsegments:
1) By Standard Drill Pipes: API Standard Drill Pipes, Premium Drill Pipes
2) By Heavy Weight Drill Pipes: Conventional Heavy Weight Drill Pipes, Enhanced Heavy Weight Drill Pipes
3) By Drill Collars: Steel Drill Collars, Non-Magnetic Drill Collars, Composite Drill Collars
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What New Trends Are Influencing the Drill Pipe Market?
The surge in technological innovation is a notable trend in the drill pipe market. To maintain their market standing, leading companies in this sector are adopting cutting-edge technologies. An example is Vermeer Corporation, a firm based in the US that manufactures industrial and agricultural machinery, which in April 2022 introduced its latest generation of maxi rig drills, the 550,000-pound (249,475.8-kg) D550 HDD (Horizontal Directional Drilling), powered by HDD technology. HDD is an advanced drilling method that involves creating a tunnel under a defined area such as a canal, and then pulling a pipeline or other utility through the tunnel. This process entails precise drilling along a chosen bore path and back reaming the required pipe with a directional drilling machine and associated equipment. In this drilling method, the earth is displaced to one side instead of being brought to the surface, thereby preventing the spread of soil contamination above the ground. Moreover, because the pipe joints are robust, the risk of contaminated soil entering the system is minimized.
Who Are the Key Players in the Drill Pipe Market?
Major companies operating in the drill pipe market include:
• Hilong Group of Companies Ltd.
• Oil Country Tubular Ltd.
• Texas Steel Conversion Inc.
• Drill Pipe International LLC
• National Oilwell Varco Inc.
• PetroMaterials Corporation
• Tejas Tubular Products Inc.
• Tenaris S.A
• TMK Steel Limited
• DP-Master Manufacturing Ltd
• RK Pipe & Supply LLC
• Jindal Saw Ltd.
• International Drilling Services Ltd
• Hunting PLC
• Challenger International Inc
• Premier Drill Products LLC
• Vallourec SA
• Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd.
• TPCO Enterprise Inc.
• Superior Drillpipe Manufacturing Inc.
• TenarisHydril
• ERUI International Electronic Commerce Co. Ltd.
• ILJIN Steel Corporation
• EVRAZ North America
• TPS Technitube Röhrenwerk GmbH
• JFE Steel Corporation
• Tenergy Equipment & Service Limited
• Hubei Petrokh Machine Manufacturing Limited Company
• Shandong Molong Petroleum Machinery Co. Ltd.
• Wuxi Eastsun Bright Steel Tube Co. Ltd.
• Kelly Pipe Co. LLC
• St. Louis Pipe & Supply
• Shanxi Fenglei Drilling Tools Co. Ltd.
• Deep Drill Supply Group
• Zhejiang Shihao Industry & Trade Co. Ltd.
• Zekelman Industries Inc.
What Is The Most Dominant Region In The Drill Pipe Market?
North America was the largest region in the drill pipe market in 2024.Middle-East and Africa are expected to be the fastest-growing region in the global drill pipe market report during the forecast period. The regions covered in the drill pipe market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
