Published Date: 30-Sep-2022
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According to a new report, published by KBV research, The Global Drill Pipe Market size is expected to reach $1.8 billion by 2028, rising at a market growth of 5.5% CAGR during the forecast period.
The Standard market is leading the Global Drill Pipe Market by Type in 2021; thereby, achieving a market value of $1.3 billion by 2028. The high proportion of the drill string is made up of long, tubular lengths of pipe known as standard drill pipes. They can have any length between 18 and 45 feet but are generally a 31-foot segment of tubular pipe. Due to their straightforward design and affordable manufacturing, standard drill pipes are the most frequently utilized for drilling operations.
The Offshore market is anticipated to grow at a CAGR of 6.2% during (2022 - 2028). Offshore rigs are built to be efficient places to live and work, with a focus on maintaining stability in the gulf or sea waters. With a few modifications for the offshore environment, offshore wells are constructed similarly to their onshore counterparts.
The API market has acquired maximum revenue in Global Drill Pipe Market by Grade in 2021; thereby, achieving a market value of $1.2 billion by 2028. For product standard levels, API SPEC 5DP establishes the technical requirements for steel drill pipes featuring upset pipe-body ends including weld-on tool joints used in production and drilling activities in the natural gas and petroleum sectors (PSL-1, PSL-2, and PSL-3).
The North America market dominated the Global Drill Pipe Market by Region in 2021; thereby, achieving a market value of $622.3 million by 2028. The Europe market is estimated to witness a CAGR of 5% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 6% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/drill-pipe-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Hilong Group of Companies, Drill Pipes International LLC (Jindal Saw Ltd.). NOV, Inc., Oil Country Tubular Ltd., PetroMaterials Corporation, Tejas Tubular Products, Inc., Tenaris S.A., TEXAS STEEL CONVERSION, INC., PAO TMK and WEATHEROCK GROUP HOLDING LIMITED
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