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.
“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 )
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