Energy & Environment Industry Today

Drill Pipe Global Market To Perceive Accruals At 3.47% of A CAGR By 2023; Declares MRFR

Market Research Future published a Cooked research report on “Global Drill Pipe Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023
Published 05 February 2018
World Drill Pipe Market   - Overview
Drill Pipe, a thin-walled, hollow, aluminium or steel alloy piping which is primarily used in onshore and offshore drilling rigs. The exploration and production (E&P) of crude oil take place onshore rather than offshore but recent trends suggest offshore explorations have gradually increased in Middle East and Africa region.
The market of Drill Pipe is witnessing a sluggish growth currently, reason being, the low crude oil prices, which has prompted for optimizing rigging process further from existing oil fields operating them effectively and cost efficiently. This has led to lessening E&P activities further creating a supply and demand gap between oil & gas. Hence, increase in oil prices could be observed in coming few years which will provide impetus to the market growth pushing the demand for E&P activities.

Accrediting the traction the market is garnering currently, demonstrating the growth prospects globally, Market Research Future, recently published a study report giving out the complete market insights up till 2023. In its analysis MRFR foretells that the Global Drill Pipe Market will again start rolling to grow at a CAGR of 3.47% during the anticipated period (2017 – 2023).

The latest advancements in the drilling technology, pad drilling and horizontal drilling techniques have increased drilling efficiency, thus lowering drilling rig downtime, which results in optimum drilling operations. Especially, the drill bit technology has evolved largely allowing the enhancing performance for artificial lift, directional drilling and well completion which will certainly boost the drill pipe market. Factors such as continuous growth in demand of oil & gas supply for various industrial, transportation and domestic use are the major growth drivers of drill pipe market in the next six years.

Prominent Players
The Global Drill Pipe Market is driven by some of the prominent players including DP Master Manufacturing Pvt Ltd. (China), Drill Pipe International Llc. (USA), Tenaris S.A. (Luxembourg), TPS-Technitube Röhrenwerke (Germany) and Vallourec S.A. (France)

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Worldwide Drill Pipe - Regional Analysis
The global drill pipe market was led by North America, with a 39.1% share, followed by Europe and Asia-Pacific with shares of 20.2% and 13.5%, respectively. The global drill pipe market has been segmented based grade, application and by region. On the basis of application, onshore accounted for the largest market share of 56% in 2016, with a market value of USD 564.7 million and is projected to grow at a CAGR of 2.12% during the forecast period. Based on grade, API grade accounted for the largest market share of 75.4 % in 2016, with a market value of USD 725.6 million and is projected to grow at a CAGR of 3.15% during the forecast period.
Global Drill Pipe Market   - Competitive Analysis
Drill Pipe market appears to be highly competitive. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Key manufacturers utilizing breakthrough manufacturing technology strive to develop a comprehensive range of Safe and reliable solutions portfolio. 

Industry/ Innovation/ Related News:
January 15, 2018 – Double K Drilling LLC. Announced the acquisition of Desta Drilling. The acquisition included 15 rigs plus the building, shop and 28 acres along with associated equipment such pumps, drill pipe and blow-out preventers, all built in 2005.

January 05, 2018 – Rowan Companies plc. (US) announced that it has concluded the purchase of two LeTourneau Super 116E jack-up rigs, the P-59 and P-60. The Company intends to mobilize these modern jack-ups to the Middle East from their current location in Brazil in late first quarter 2018.

January 01, 2018 – Chevron and Shell announced that they are eying expansion of North Sea hubs. Two major operators have submitted plans for incremental developments at their UK North Sea hubs.
September 1, 2017 - FuchsRohr AluDrill (Germany) launched a light-weight aluminium pipe; to be effective for boosting shale drilling efficiency. The pipe is up to 50 per cent lighter than similar-sized steel pipe, which translates into increased drilling efficiency while making transportation and handling both easier and less expensive.

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Worldwide Drill Pipe Market   - Segmentation
Global Drill Pipe Market is segmented in to 3 Key dynamics:-
By Grade       : Comprises - API Grade and Premium Grade.
By Application    :  Onshore and Offshore.
By Regions   :  North America, Europe, APAC and Rest of the World.
About Market Research Future:
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