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According to the research report published by the GMI Research, the Drill Pipes Market will encounter a boom during the forecast period.
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Global Drill Pipes Market
According to the research report published by the GMI Research, the Drill Pipes Market will encounter a boom during the forecast period. The surging emphasis to establish new oil and gas fields and surging exploration activities will drive the market growth.
Introduction of the Drill Pipes Market
Drill pipes refer to a thin, empty, steel or aluminium alloy tubing implemented in drilling rigs. The hollow pipe enables fluid to pass from one point to another and is available in different strengths, sizes, and wall thicknesses. It is a stable steel pipe used across the water, oil and gas fields subjected to various levels of loads and different environmental situations. Drill pipes are produced using several production processes such as joint, welding, and extrusion massively applicable for drilling of oil field
Key Players of Market:
• Hunting PLC
• China Vigor Drilling Oil Tools and Equipment Co. Ltd
• Texas Steel Conversion Inc. (TSC)
• American Oilfield Tools, Inc.
• International Drilling Services Ltd. (IDS)
• Workstrings International
• National Oilwell Varco
• Schlumberger Limited
• Schoeller-Bleckmann Oilfield Equipment AG
• Zhong Yuan Special Steel Co. Ltd
Drill Pipes Market Dynamics
Drill pipes are produced to convert drilling force to the unified length of pipe, to abide pressure changes, and bind the overall weight of the immersed drilling instruments. The augmenting demand for the analysis of oil and gas and extrication of water and natural resources requires an extensive range of essential tools such as collars and pipes. Drill pipes are the most important tool required for any drilling projects. For instance, as per the Global Drill Pipes Market Report, the Alaska government authority, in Feb, 2019, decided to invest between USD 45-65 Billion for the development of world’s biggest natural gas Mega-project in the United States. The project involves 800mile pipeline from a storage and shipping point, a gas purification plant at Alaska United States, and the full LNG liquefaction plant.
Also, accelerating oil production and a surge in oil & gas exploration activities by the major players will strengthen the market growth. For instance, Shell, in May 2019, initiated production of deep-water oil and gas development Virginia, United States. Moreover, the demand for drill pipes is driven by the water investigation activities due to water shortage which demands drilling pipes. For instance, globally over 2 Billion people live in nations with areas experiencing high water pressure which resulted in huge market growth. However, the fluctuation in the prices of raw material required fabricating drill pipes and pipe subjected to erosion and stress issues in the oil and gas field will curb the Drill Pipe Market Size.
Grade Segment Drivers
The API grade is projected to seize the largest share for the drill pipes market over the forecast period. This is because of the increasing acceptance for definitive size specifications with various authorised drill pipe grades such as G-105, E-75, and S-135 across several countries. Further, the calibration of the finalised products and the comparatively less prices of this grade will supplement the Drill Pipes Market Growth. They are normally selected in a standard environment and traditional basins because of the easy accessibility and less OpEx to both E&P and contractor organisations.
Application Segment Drivers
On the basis of application, the onshore segment is anticipated to witness fastest growth in the global drill pipes market during the forecast period. This is owing to its potential to manage drilling functions under the surface of earth for several uses such as water and oil & gas exploration with an increase in government initiatives. For instance, President Biden, in April, 2021, issued an infrastructure plan with a venture of USD 111 Billion in water infrastructure. This will generate a robust demand for the drilling pipes in United States to build water infrastructure.
Regional Segment Drivers
Based on the regional coverage, North America region is projected to seize a notable share in the global drill pipes market due to the surging activities of oil and gas production. This surge is attributed to the growing demand from automobile and transportation sector. For instance, as per the US Energy Information Administration, the yearly average oil production, in 2019, touched 12.2 Million b/d in the United States whereas the natural gas production of United approximated to be 116.8 Bcf/d in 2019.
Drill Pipes Market Segmentation:
Segmentation by Grade
• Premium Grade
• API Grade
Segmentation by Application
Segmentation by Region:
o United Kingdom
o Rest of Europe
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o South Africa
o Saudi Arabia
About GMI Research
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Contact Person: Sarah Nash
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Address: Dublin, Ireland
For More Info:
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