Global Drill Pipes Market to Reach $1.9 Billion by 2022

April 27, 2018

WELLESLEY, Mass., April 27, 2018–Growing worldwide energy demands are driving conventional oil and gas exploration and ultra-deepwater drilling, which in turn is helping to grow the drill pipes market, according to a report by BCC Research.

The industry is expected to see a compound annual growth rate (CAGR) of 2.1% through 2022, when it is forecast to reach $1.9 billion, according to the report Drill Pipes: Global Markets to 2022.

Major players in the market mentioned in this report include Drill Pipe International, Hilong Group, Jindal Saw, National Oilwell Varco, Oil Country Tubular, Superior Drill Pipe Manufacturing, Tenaris, Tejas Tubular Products, Texas Steel Conversion and United States Steel.

Research Highlights

  • The market will be led by North America, which expects at CAGR of 2.5% through 2022 and a value of $923 million. The next largest market is the Middle East and Africa, which expects a CAGR of 1.6% and a 2022 value of $459 million.
  • Growth opportunities include huge shale reserves and the rise in deepwater and ultra-deepwater exploration, particularly in Brazil, the United States, Angola and Norway.
  • Growth of API grade drill pipes will be most robust in North America, which anticipates a CAGR of 2.6% through 2022, followed by the Asia-Pacific region, with a CAGR of 2.4% through 2022.

“With oil prices falling and production cut across many regions, production optimization of drilling systems has become essential to reduce costs and increase productivity,” the report notes. “Such pressing needs for production optimization is expected to drive growth in the drilling and completion fluid market.”

Market Challenged by Environmental Concern

Accidental discharges can have profound ecological consequences, and environmental agencies in a number of nations are moving to more strictly regulate activities like offshore drilling. Such stringent regulations, the report notes, have restrained drilling activities and slowed growth in the drill pipes market.

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Drill Pipes: Global Markets to 2022( EGY152A )
Publish Date: Apr 2018    

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