LONDON, March 24, 2016 /PRNewswire/ -- The drill pipe market is projected to grow at a CAGR of 3.8%.
This report forecasts the drill pipe market in terms of value. The market is projected to grow at a CAGR of 3.8% from USD 940.62 Million in 2015 to reach USD 1,133.80 Million by 2020. The growing energy demand coupled with the maturing onshore oilfields is leading to the requirement for the new oil & gas discoveries. Regions such as Africa and Latin America have emerged as attractive prospects for offshore E&P activities due to their vast unexplored hydrocarbon reserves. Unconventional resources such as shale oil & gas, tar sands, and tight oil have also contributed to the increased drilling activity over the last five years particularly in North America and Asia-Pacific.
Offshore drill pipe market is projected to grow faster as compared to the onshore application.
Offshore market for drill pipe is expected to have the fastest growth due to the ongoing and upcoming offshore exploration activities which include recent discoveries in Angola, Nigeria, and Saudi Arabia among others. Premium grade drill pipe market, which is mainly driven by the increase in deepwater and ultra deepwater explorations, is set to grow quickest in the forecast period. New ventures, especially offshore, require high grade drill pipes that can withstand challenging environment such as corrosive drilling conditions, high pressure, and high temperature. Moreover, with the advent of Arctic drilling in countries such as Russia and Alaska, the demand for premium grade drill pipe is set to grow further within the next five years.
Africa is projected to grow fastest while North America will continue to dominate the drill pipe market by 2020.
The discoveries of new oil & gas reserves in offshore Africa is one of the major drivers behind the growth of African drill pipe market which is expected to grow fastest. The presence of international oil companies (IOCs) such as Royal Dutch Shell (The Netherlands), British Petroleum (U.K.), and ENI SPA (Italy) among others has brought in technical expertise into the region. This will facilitate effective extraction of these new found resources. Countries such as Angola, Nigeria, Tanzania, and Mozambique are believed to contain some of the largest offshore reserves in the world. New discoveries in the Kwanza basin in Angola by Statoil ASA (Norway) have increased the expectations of the IOCs. This is also due to the fact that the geology of the Kwanza basin resembles that of the subsea pre-salt formations in offshore Brazil. Thus, it is believed to hold vast hydrocarbon reserves as in case of Brazil.
The size of the overall market has been determined by forecast techniques based on region-wise E&P capital expenditure along with the well count, rig count, and oil & gas E&P activities in different regions, which have been validated through primary sources. The primary sources considered for the report included the market players from both the supply side as well as from the demand side. The primary respondents targeted were from all over the world including the drilling and exploration hotspots such as North America, the Middle East, and Africa among others. The respondents were also working at different designation levels ranging from top level management to technical supervisors.
This report also includes the profiles for leading drill pipe manufacturers and providers, such as:
National Oilwell Varco (U.S.), Hilong Group (China), TMK Group (Russia), Tenaris S.A. (Luxembourg), Tejas Tubular Products Inc. (U.S.), Superior Drill pipe Manufacturing, Inc. (U.S.), Vallourec S.A. (France), Oil Country Tubular Limited (India), Texas Steel Conversion Inc. (U.S.), DP Master (China), Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd. (China), and Drill Pipe International LLC (U.S.).
The drill pipe report highlights the current market trends and projections that are expected to affect the future development of the oil & gas exploration industry. The report focuses on the both the qualitative and quantitative factors that affect the future prospects for drill pipe usage. This includes the drivers, restraints, opportunities, and challenges for the market. Also, the company profile section highlights the active companies in the market. Moreover, the analysis of the top 5 companies has been provided in the form of SWOT and MnM view sections.
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