Drill Pipe Market Research Report- Forecast to 2023
DRILL PIPE MARKET LATEST ADVANCEMENTS & TOP
KEY PLAYER | CAGR 3.47%
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Copyright © 2018 Market Research Future.
Drill Pipe Market Research Report- Forecast to 2023
1 Summary The latest advancements in the drilling technology, pad drilling and horizontal drilling techniques have increased drilling efficiency, thus lowering drilling rig downtime, which results in optimum drilling operations. More advancement has been observed in drill bit technology, artificial lift, directional drilling and well completion will certainly boost the drill pipe market. Factors such as continuous growth in demand of oil & gas supply for various industrial, transportation and domestic use are the major growth drivers of drill pipe market in upcoming decade.
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 RĂśhrenwerke (Germany) and Vallourec S.A. (France).
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Copyright Š 2018 Market Research Future.
Drill Pipe Market Research Report- Forecast to 2023
2 Market Overview 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%.
Global Analysis:
The global drill pipe market is currently facing downfall due to low crude oil prices, which has generated demand for optimizing rigging process from existing oil fields and for operating them at effectively and cost efficiently. As a result, less E&P activities are resulting in reduced oil & gas supply compared to oil & gas demand. Hence, increase in oil prices could be observed in coming few years.
The global drill pipe market was led by North America, with a 39.1% share, followed by Europe and AsiaPacific with shares of 20.2% and 13.5%, respectively. The global drill pipe market has been segmented based grade, application and by region. On the basis of application, onshore accounted for the largest market share of 56% in 2018, with a market value of USD 564.7 million and is projected to grow at a CAGR of 2.12% during the forecast period. Based on grade, API grade accounted for the largest market share of 75.4 % in 2018, with a market value of USD 725.6 million and is projected to grow at a CAGR of 3.15% during the forecast period.
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Copyright Š 2018 Market Research Future.
Drill Pipe Market Research Report- Forecast to 2023
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Copyright Š 2018 Market Research Future.