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Oil among all types of fuels has been the most important source of energy in recent decades followed by coal, natural gas, nuclear and renewable energies. Hydrocarbon demand has been growing at a rapid pace with increasing investment across the global oil and gas industry infrastructure. Drilling is a vital activity in the extraction of oil and gas. Drill pipe is used during drilling operations to connect the surface drilling equipment to the bottom hole assembly and the drill bit.
A drill pipe transmits power from the drilling motor above ground to the drill bit and conducts drilling fluid down to the drill bit to flush out drill cuttings to the surface for removal. The selection of accurate drill pipe is essential as drill pipe has to withstand immense stress, load, and heat during drilling operation. Therefore, the demand of the drill pipe is fuelled by enormous drilling activities along increasing demand for oil and gas.
The global drill pipe market is classified into grades and applications. The grade is further segregated into API and Premium grade. API grade drill pipe provides better fatigue resistance with increased mechanical and hydraulic performance. The ability to withstand harsh terrain and deliver fatigue less performance makes the API grade drill pipe suitable choice in many drilling applications. Onshore drill pipe market witnessing a strong growth owing to rising number of rig count across the world.
Key Market Driver -
Key Market Driver – Replacement of existing drill pipe along with tremendous investment in drilling activities
Key Market Restraint -
Key Market Restraint – High cost associated with installation of drill pipe and complications in modifications
Ongoing development in unconventional gas extraction and minimum operational risk associated with onshore exploration is projected to stimulate the onshore drill pipe market. Though the onshore drill pipe market witnessing significant growth in the recent period offshore drill pipe market is also growing due to rising investment in ultra-deepwater exploration.
The demand for drill pipe is mostly driven by the replacement of the existing drilling pipe to enhance the production capability of the rig. Growing capital expenditure in drilling activities coupled with rising investment in unconventional gas exploration is expected to accelerate the demand of drill pipe.
The growth of the drill pipe market is retarded by the high cost associated with the installation of the drill pipe and complications involved in the modification of the drill pipe to accommodate existing design.
The major players in the drill pipe market are Tenaris, National Oilwell Varco, Weatherford, Alcoa Energy Systems (Formerly Alcoa Oil & Gas Inc. and RTI Energy Systems, Inc.), Interdrill Ltd, TSC Superior HDD, DP-Master Manufacturing, Hilong Group of Companies, TPS-Technitube Röhrenwerke GmbH, Drill Pipe International, LLC, Vallourec, and RK Pipe & Supply, LLC.
The drill pipe market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to dominate the drill pipe market owing to rising drilling activities coupled with extensive share gas extraction. The United States playing a key role in the growing demand for drill pipe across the world. The demand for drill pipe in European countries is projected to grow at steady rate. Russia, UK, Italy, etc. are expected to share the substantial market of drill pipe.
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Massive economic growth coupled with rising capital expenditure is fuelling the growth of the drill pipe in Asia Pacific. Independent energy players in China and government energy companies are extensively investing in drilling activities to meet the rising demand for oil and gas. China is projected to lead the drill pipe market in APAC. Oil exporting countries in MEA, such as Saudi Arabia, UEA, Iran, Kuwait, etc. are expected to raise the production of hydrocarbon. UAE is projected to offer largest market for the growth of the drill pipe in MEA.
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