According to a new report published by Allied Market Research, titled, “Drill pipe market by Type, Grade, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global — drill pipe market size is expected to reach $1.6 billion in 2027 from $1.3 billion in 2019, growing at a CAGR of 5.2% from 2020 to 2027. In 2019, North America dominated the market, in terms of revenue, accounting for 36.0% share of the global drill pipe market.
The drill pipe has special threaded ends called as tool joints and it is used for pumping drilling fluid to the rig drilling bit for reducing torque generated in the pipe. A series of drill pipes is termed as drill string and the pipes are connected using different connections to maintain the length of the rig and secure the pipe joint.
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The major players operating in the drill pipe industry include Hilong Group of Companies, Jindal Saw Ltd. (Drill Pipes International LLC), NOV Inc., Oil Country Tubular Ltd., PetroMaterials Corporation, Tejas Tubular Products, Inc., Tenaris S.A., Texas Steel Conversion, Inc., TMK Steel Limited, and Weatherock Group Holding Limited.
The global drill pipe market is segmented on the basis of type, grade, application, and region. Depending on type, the market is classified into standard drill pipe and heavy weight drill pipe (HWDP). According to grade, it is categorized into API and premium. On the basis of application, it is classified into offshore and onshore.
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Standard drill pipe
Heavy weight drill pipe (HWDP)
The global drill pipe market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Russia, UK, Norway, and rest of Europe), Asia-Pacific (China, India, Indonesia, and rest of Asia-Pacific), and LAMEA (Saudi Arabia, UAE, Brazil, Colombia, Rest of LAMEA). North America is expected to hold the largest market share throughout the study period; however, Asia-Pacific is expected to grow at the fastest rate.
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Key Findings Of The Study
On the basis of type, the standard drill pipe segment dominated the drill pipe market share in 2019.
On the basis of grade, the API segment led the drill pipe market in 2019.
On the basis of application, the onshore segment garnered major share of the drill pipe market in 2019.
On the basis of region, North America dominated the market in 2019.
On the basis of region, Asia-Pacific is expected to witness a high growth rate during the forecast period.
Read More Information @ https://www.globenewswire.com/news-release/2021/05/03/2221543/0/en/Global-Drill-Pipe-Market-Is-Expected-to-Reach-1-64-Billion-by-2027-Says-AMR.html
Name: David Correa
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Organization: Allied Market Research
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