Global drill pipe market was valued at $ 1150 million in 2018 and is projected to grow at a CAGR of around 4% to reach $ 1500 million by 2024

NEW YORK, July 8, 2019 /PRNewswire/ --

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Global drill pipe market was valued at $ 1150 million in 2018 and is projected to grow at a CAGR of around 4% to reach $ 1500 million by 2024.Growth in the market can be attributed to the increasing demand for energy coupled with the declining production in onshore fields, which has necessitated exploration of offshore reserves.

A drill pipe, is a hollow, thin-walled, steel or aluminum alloy piping that is used on drilling rigs. However, the tanking prices of crude oil is a major barrier for the growth of drill pipes market, globally.
In terms of application, the global drill pipe market is categorized into onshore and offshore, of which the onshore category was the largest segment in 2018 and it is anticipated to maintain its dominance during forecast period as well. The growth of the onshore category is majorly attributable to the development of unconventional reserves such as coal bed methane, tar sands and shale reserves.
In terms of region, the global drill pipe market is categorized into North America, South America, Europe, Asia-Pacific and Middle East & Africa.Among regions, Middle East & Africa drill pipes market is expected to witness the fastest growth throughout the forecast period.

Rising focus towards achieving diversified economic growth along with various government schemes to enhance crude oil production is expected to propel the growth of drill pipe market in Middle East & Africa. For instance, ABU Dhabi National Oil Company (ADNOC) is planning to double its rig count in order to increase its production capacity.
Drill pipe market is largely controlled by 4 major market players including Hilong Group, TMK Group, Tenaris S.A. and National Oilwell Varco., which control nearly three fourths of the overall market. These companies have large scale manufacturing operations which cater to major oil & gas exploration hotspots such as Africa and Asia-Pacific among others. Some of the other players operating in the global drill pipe market are Drill Pipe International LLC, Oil Country Tubular Limited, Tejas Tubular Products Inc., Texas Steel Conversion Inc., DP Master, among others.

Years considered for this report:

Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024

Objective of the Study:

• To analyze and forecast the market size of global drill pipe market
• To forecast global drill pipe market based on grade, application and regional distribution
• To identify drivers and challenges for global drill pipe market
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global drill pipe market
• To conduct the pricing analysis for global drill pipe market
• To identify and analyze the profile of leading players operating in the global drill pipe market
Some of the leading players in the global drill pipe market are Drill Pipe International LLC, Hilong Group, National Oilwell Varco, Tenaris S.A., Vallourec S.A., TMK Group, Oil Country Tubular Limited, Tejas Tubular Products Inc., Texas Steel Conversion Inc., DP Master, among others.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of drill pipe manufacturers across the globe.

Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.

Through this technique, the analyst could include the suppliers which could not be identified due to the limitations of secondary research. The analyst examined the product offerings, distribution channels and presence of all major drill pipe manufacturers across the globe.
The analyst calculated global drill pipe market size using a bottom-up approach, wherein data for various end user industries and its application across various product types were recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size.

Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.

Key Target Audience:

• Drill pipe manufacturers
• Drill pipe suppliers, distributors and other stakeholders
• Drill pipe end user industries
• Organizations, forums and alliances related to drill pipe market
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, global drill pipe market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Market, By Application
o Offshore
o Onshore
• Market, By Type
o API Grade
o Premium Grade
• Market, By Region:
o Asia-Pacific
China
India
Indonesia
Australia
Malaysia
Rest of Asia-Pacific
o Europe
Russia
Norway
United Kingdom
Netherlands
Denmark
Rest of Europe
o North America
United States
Mexico
Canada
o South America
Brazil
Argentina
Colombia
o Middle East & Africa
Saudi Arabia
Kuwait
UAE
Iran
Rest of MEA

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global drill pipe market.

Available Customizations:

With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
• Profit margin analysis in case of direct and indirect sales channel.

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