Drill Pipe Market Size (2024 - 2029)

The drill pipe market is anticipated to experience growth driven by increased exploration activities and the development of new oil and gas fields, despite challenges posed by volatile oil prices. The market's expansion is supported by significant investments in global oil and gas sectors, which are expected to sustain drilling operations. Onshore drilling is projected to dominate the market share, with North America emerging as a key region due to heightened drilling activities in shale plays.

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Market Size of Drill Pipe Industry

Drill Pipe Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 4.50 %
Fastest Growing Market Middle-East and Africa
Largest Market North America
Market Concentration High

Major Players

Drill Pipe Market Major Players

*Disclaimer: Major Players sorted in no particular order

Drill Pipe Market Analysis

The drill pipe market is expected to record a CAGR of over 4.5% during the forecast period (2022 - 2027). Due to the COVID-19 pandemic, the market was adversely affected as upstream activities were suspended or temporarily shut down due to lower crude oil prices, which created an unfavorable condition for several upstream players. For instance, Saudi Aramco suspended its drilling contract with Shelf drilling for 12 months due to the low Brent crude oil price in H1 2020. The increased exploration activity and a focus on developing new oil and gas fields are expected to help drive the market for drill pipes. However, the volatile nature of oil prices may impact the market negatively during the forecast period.

  • The onshore is expected to have the maximum share in the market. Onshore drilling encompasses all the drilling sites on dry land and accounts for 70% of the global oil production.
  • Though renewable energy sources are increasing, countries worldwide will likely depend on fossil fuels until 2040. Moreover, as per the International Energy Agency (IEA), the global oil and gas investment will likely be around USD 375 billion from 2021 to 2030. Hence, immense drilling operations may create opportunities for the market's growth in the coming years.
  • North America is the biggest market for drill pipes due to the region's increased drilling activity in shale plays. The recent development of shale plays, horizontal drilling, and fracking increased the demand for drill pipes in the region.

Drill Pipe Industry Segmentation

The scope of the drill pipe market report includes:

Type
Standard Drill Pipe
Heavy Weight Drill Pipe
Drill Collar
Deployment
Onshore
Offshore
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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Drill Pipe Market Size Summary

The drill pipe market is poised for growth, driven by increased exploration activities and a focus on developing new oil and gas fields. Despite the initial setbacks caused by the COVID-19 pandemic, which led to temporary suspensions of upstream activities due to low crude oil prices, the market is expected to recover and expand. The onshore segment is anticipated to dominate the market, as onshore drilling accounts for a significant portion of global oil production. Although renewable energy sources are on the rise, the reliance on fossil fuels is expected to continue, supporting the demand for drill pipes. The volatile nature of oil prices remains a challenge, but stable prices are projected to foster market growth.

North America stands out as a major market for drill pipes, bolstered by increased drilling activities in shale plays and offshore regions like the Gulf of Mexico. The region's substantial oil production and investment in the oil and gas sector contribute to the market's expansion. The discovery of new oil blocks and the development of deepwater projects further enhance the market's prospects. Globally, the market is characterized by a fragmented landscape with key players such as Hunting PLC, National-Oilwell Varco Inc., and Tenaris SA. As countries like China and India invest in exploring and developing oil and gas formations, the demand for drill pipes is expected to rise, supporting the market's growth trajectory.

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Drill Pipe Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in USD billion, till 2027

    3. 1.3 Active Rig Count, till 2022

    4. 1.4 Historic and Demand Forecast of Upstream CAPEX in USD billion, by Onshore and Offshore, 2022-2027

    5. 1.5 Recent Trends and Developments

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 Porter's Five Forces Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitutes Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Standard Drill Pipe

      2. 2.1.2 Heavy Weight Drill Pipe

      3. 2.1.3 Drill Collar

    2. 2.2 Deployment

      1. 2.2.1 Onshore

      2. 2.2.2 Offshore

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

Drill Pipe Market Size FAQs

The Drill Pipe Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)

Hilong Holding Ltd, Hunting PLC , Trubnaya Metallurgicheskaya Kmpny PAO, Tenaris SA and National-Oilwell Varco, Inc. are the major companies operating in the Drill Pipe Market.

Drill Pipe Market Report Snapshots

Drill Pipe Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)