Drill Pipe Market : Industry Analysis, Future Growth, Business Prospects and Global Forecast to 2023
Market Highlights Advancement in drilling technologies fuelling the growth of the market. New oil reserves discovery also upsurge the growth of the market. Many major and independent firms are taking up upstream operations in the region. The Nigerian National Petroleum Corporation (NNPC) announced that it had secured a USD1.2 billion multi-year drilling financing package to contribute to the running of 36 oil wells across the country. The project is expected to deliver 21,000 barrels of crude condensate per day along with 120 million cubic feet of gas. Moreover, in Liberia, Exxon Mobile Corporation is planning to start oil drilling in its recently found oil reserves by 2018. However, high capital cost for drilling may hamper the growth of the market. Hence, Global Drill Pipe Market is expected to reach a market size of USD 1,213.6 million by the end of the forecast period at CAGR of 3.47%. Market Research Analysis Based on grade, Drill Pipes has been segmented as API Grade and Premium Grade. API Grade accounted for the largest market share of 75.40% in 2016, with a market value of USD 725.6 million and is projected to grow at a CAGR of 3.15% during the forecast period. API grade drill pipes are the pipes that are manufactured to specifications developed and approved by American Petroleum Institute (API). The standard API grades drill pipe grades include E-75, X95, G-105 and S-135. Premium Grade is projected to grow at the highest CAGR of 4.40%. Premium grade drill pipes often exceed the specifications set forth by API. Several manufacturers produce these pipes for user-defined and specific requirements. Premium grade drill pipes are often used in exploration and drilling operations in harsh and unconventional environments such as deep water drilling and arctic region drilling. Based on application, onshore accounted for the largest market share of 59% in 2016, with a market value of USD 564.7 Million and is projected to grow at a CAGR of 2.12% during the forecast period. Onshore drilling activities are defined as the drilling of sites under earth surface that are not over water. Offshore was the second-largest application in 2016, valued at USD 397.6 Million in 2016. Offshore drilling usually takes place in ocean waters. Offshore segment is expected to be the fastest growing application in global drill pipe market mainly due to increasing deep water drilling activities in U.S Gulf of Mexico, shale and tight oil production in Canada and discovery of ultra deep water drilling reserves in North Sea, South China Sea and other regions of the globe. Request a Sample Copy @ https://www.marketresearchfuture.com/sample_request/3154
Key Players: The key players of global drill pipe market are DP Master Manufacturing Pvt Ltd. (China), Drill Pipe International Llc. (USA), Hilong Group. (China), Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd. (China), National Oilwell Varco. (USA), Oil Country Tubular Limited. (India), RK Pipe LLC. (USA), Superior Drill Pipe Manufacturing, Inc. (USA), Tejas Tubular Products Inc.(USA), Tenaris S.A.(Luxembourg), Texas Steel Conversion Inc.(USA), TMK Group. (Russia), TPS-Technitube Röhrenwerke (Germany) Vallourec S.A. (France). North America region dominates the global drill pipes market On the basis of region, drill pipe market is dominated by North America. North America accounted for the largest market share of 39% in 2016, with a market value of USD 376.3 Million and is projected to grow at a CAGR of 4.30% during the forecast period. The development in drilling technologies such as horizontal drilling and hydraulic fracturing have unlocked vast hydrocarbon reserves in the region. This has enabled oil and gas companies in the region to innovate to the point, where they can perform the drilling activities profitably. The U.S. accounts for the largest market share in the North American region with advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Europe was the second-largest market in 2016, valued at USD 194.4 Million in 2016; it is projected to grow at a CAGR of 3.32%. The Europe oil and gas industry is expected to be dominated by countries such as U.K, Norway and Russia. Russia has been one of the top oil and gas producing countries in the world and a major supplier of gas to the European countries. New discovery of oil has been found in the Laptev Sea offshore Northern Russia. This drives the market in the region. Browse Full Report Details @ https://www.marketresearchfuture.com/reports/drill-pipe-market3154 Asia-Pacific is expected to show a high rate of growth in drill pipes market over the coming years, owing to increasing oil and gas exploration activity in the region. The drill pipes market is emerging in countries such as China, India, Indonesia, Australia and Thailand and is estimated to grow at a high rate in the forecast period. About Market Research Future:
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