The increasing number of offshore drilling activities across the globe will positively impel drill pipe market. Primarily used in oil rigs and oil fields, drill pipes find extensive utilization in regions where oil production and oil exploration activities are on an all-time high. On that note, drill pipe industry is likely to earn significant revenue in countries such as China, Angola, Algeria, Russia, Oman, Abu Dhabi, Indonesia, and more. As per Global Market Insights, Inc., “Drill pipe market, having had a revenue of USD 1.7 billion in 2015, is anticipated to cross USD 2.3 billion by 2025, with a CAGR projection of more than 2% over 2016-2025.”
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Drill pipes used for onshore and offshore drilling activities can be categorized into corrosion-resistant and high strength premium and API grades. Onshore drilling activities are especially prominent across regions such as MEA and South America. Major companies have been undertaking drilling contracts in these regions – for instance, Saipem S.p.A., a prime oil & gas contractor and a major subsidiary of the Italian firm Eni, has been granted a project of USD 430 million for onshore drilling activities in MEA and South America. Subject to the ongoing progress in onshore developments, drill pipe market from onshore drilling is expected to grow at a CAGR of more than 2.3% over 2016-2025, with an estimated volume of 1.15 million tons by 2025.
Concurrently, drill pipe industry from offshore drilling activities, having held a valuation of USD 890 million in 2015, is also anticipated to witness a substantial upsurge of 3.2% over 2016-2025. Extensive investments are being made by numerous regions in offshore explorations. For instance, more than USD 90 billion has been invested in Mexico, more than USD 300 billion in Europe, more than USD 140 billion in North America, and more than USD 24 billion has been invested in Canada. These investments are sure to bring about an appreciable change in global drill pipe market from offshore activities.
Premium grade pipes, subject to their endurance properties of high pressure and temperature, are widely used for offshore drilling, suitably driving premium grade drill pipe industry. In contrast, API grade drill pipe market will grow at a CAGR of more than 2.5% subject to low product cost.
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Subject to increasing investments, Russia drill pipe industry will observe a growth of 3% over 2016-2025, having held a revenue of USD 113 million in 2015. On similar lines, high investments in oil fields are also likely to propel UAE drill pipe market, with Abu Dhabi being one of the key revenue contributors.
Rising number of shale gas explorations coupled with the presence of oil & gas reserves will fuel Canada drill pipe industry, which is predicted to grow at a rate of 2.1% over 2016-2025, having held a valuation of USD 130 million in 2015.
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Key players operating in global drill pipe market include Vallourec S.A., Drill Pipe International, Oil Country Tubular Limited, Hilong Group, DP Master, Jiangyin Long Bright, Texas Steel Conversion, Inc., Superior Manufacturing, Tenaris S.A, National Oilwell Varco, TMK Group, and Tejas Tubular Products.
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