The global drill
pipes market is expected to reach USD 1.31 billion by 2025,
according to a new report by Grand View Research, Inc. Increasing innovation
regarding improving product strength is a major trend in the industry. Industry
players are focused on developing new technologies and raw materials for better
performance in all type of drilling conditions including onshore and offshore
remote oil and gas fields.
However, the dip in the crude oil prices over the last
two years has restricted the market growth. Rig rental capital is declining in
the offshore market, and customers have significantly higher bargaining power
in negotiating new contracts and extensions, leading to lower day rates and an
oversupply of rigs.
API grade drill pipes held the largest share in global
demand and are expected to continue their dominance over the forecast period.
Standardization of the finished products along with the relatively low prices
of this grade are anticipated to promote market penetration. Utilizing these
products also ensure reduced operational cost to the E&P and operator
companies.
API grade products are mostly preferred in normal
environments and conventional basins owing to the easy availability and reduced
OpEx to both E&P and contractor companies. Exploration in unconventional
and harsh environmental conditions particularly in shale, CBM, and tight
reserves are expected to steer premium grade drill pipes demand over the
forecast period.
Browse full research report on Drill Pipe Market: https://www.grandviewresearch.com/industry-analysis/drill-pipe-market
Further
key findings from the report suggest:
- Premium grade drill pipes are expected to account for over 25% of
the revenue by 2025. The increasing use of premium grade in tight oil and
gas formation is anticipated to drive the segment growth over the next
eight years.
- Onshore fields dominated the global drill pipe market with a net
demand of over USD 580 million in 2015. Hike in E&P in shale and CBM
fields particularly in the U.S., Canada, and China have been the key
factors responsible for high market penetration.
- The U.S. market demand in offshore basins exceeded a net value of
USD 64 million in 2015 and is estimated to grow at a CAGR of 4.3% from
2016 to 2025
- Asia Pacific is anticipated to witness the fastest growth over the
forecast period owing to the flexible regulatory scenario in economies
including India, China, Indonesia, and Singapore. The Indonesian drill
pipe industry is anticipated to reach a net value exceeding USD 19 million
by 2025.
- The global market is dominated mostly by regional players. Some of
the multinational players include Inter Drill Asia, TPS TECHNITUBE
RÖHRENWERKE, Vallourec, and National Oilwell Varco.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/construction-and-utilities
Grand
View Research has segmented the global drill pipes market on the basis of
grade, application and region:
Global
Drill Pipes Grade Outlook (Revenue, USD Million, 2014 - 2025)
- API Grade
- Premium Grade
Global
Drill Pipes Application Outlook (Revenue, USD Million, 2014 - 2025)
- Onshore
- Offshore
Global
Drill Pipes Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Russia
- UK
- Norway
- Asia Pacific
- China
- India
- Indonesia
- Central &
South America
- Brazil
- Argentina
- Venezuela
- Middle East
- Saudi Arabia
- UAE
- Qatar
- Kuwait
- Africa
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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