Drill Pipe Market Size, Share, Growth Analysis, By Grade(API Grade and Premium Grade), By Application(Onshore and Offshore) - Industry Forecast 2024-2031

Report ID: SQMIG55D2012 | Region: Global | Published Date: March, 2024
Pages: 182 | Tables: 59 | Figures: 74

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Drill Pipe Market size was valued at USD 2.41 billion in 2022 and is poised to grow from USD 2.50 billion in 2023 to USD 3.40 billion by 2031, growing at a CAGR of 3.9% during the forecast period (2024-2031).

The industry is very competitive, with many and regional competitors present. Established players are creating new products for drill pipe applications through R&D. Schlumberger and NOV Inc., for example, obtained a USD 117.8 million wired drill pipe deal from Equinor ASA. 'Vallourec S.A.', 'National Oilwell Varco, Inc.', 'Hilong Group', 'Tenaris S.A.', 'TMK Group', 'DP Master Manufacturing Pvt. Ltd.', 'Jiangyin Long Bright Drill Pipe Manufacture Co., Ltd.', 'Hunting PLC', 'Superior Drillpipe Manufacturing, Inc.', 'TMK IPSCO', 'Weatherford International Ltd.', 'Dril-Quip, Inc.', 'Ferrostaal Piping Supply GmbH', 'Tejas Tubular Products, Inc.', 'RK Pipe & Supply, LLC', 'Texas Steel Conversion, Inc.', 'Rig Direct™ International, a division of NOV', 'Oil Country Tubular Limited (OCTL)', 'Jiangsu Shuguang Huayang Drilling Tool Co., Ltd.'

Offshore drilling for oil and gas reserves is expanding globally, driven by the need to explore untapped offshore reserves. Offshore drilling operations require specialized drill pipes designed to withstand harsh marine environments. The growing offshore drilling activities, especially in deepwater and ultra-deepwater regions, are fueling the demand for drill pipes.

Growing Demand for Unconventional Oil and Gas Resources: The increasing demand for energy has led to the exploration and production of unconventional oil and gas resources, such as shale gas and tight oil. These resources require advanced drilling techniques, including horizontal drilling and hydraulic fracturing, which in turn drive the demand for high-quality drill pipes capable of withstanding the challenging drilling conditions associated with unconventional reservoirs.

In 2023, the North America region led the industry, accounting for more than 26.0% of total sales. The region is expected to grow at a moderate rate, maintaining its position during the projection period. Massive expenditures by major oil and gas companies in both conventional & unconventional areas have been the primary drivers of the region's first market penetration.

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Drill Pipe Market Size, Share, Growth Analysis, By Grade(API Grade and Premium Grade), By Application(Onshore and Offshore) - Industry Forecast 2024-2031

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