Drill Pipe Market Growing at Compound Growth Rate of 7.9% & Projected to Reach $1.7 Billion by 2019 - MarketsandMarkets New Report

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MarketsandMarkets report analyzes various marketing trends and establishes the most effective growth strategy. Drill pipe market is highest in North America due to the high number of offshore and onshore drilling operations. (http://www.marketsandmarkets.com/Market-Reports/drill-pipe-market-220790381.html)



Key players in the global market are Hilong Group (China), National Oilwell Varco (U.S.), Tenaris (Luxembourg), and Vallourec (France) among others.

The report "Drill Pipe Market by Grade (API, Premium), Application (Onshore, Offshore) & Geography - Global Trends & Forecasts to 2019", published by MarketsandMarkets, defines and segments the global Drill Pipe Market with an analysis and forecast of the revenue. The Drill Pipe Market will grow from an estimated $1.17 Billion in 2014 to $1.7 Billion by 2019, with a CAGR of 7.9%.

Browse 100 market data tables with 28 figures spread through 200 pages and in-depth TOC on "Drill Pipe Market by Grade (API, Premium), Application (Onshore, Offshore), & Geography - Global Trends & Forecasts to 2019".

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U.S.: Key Region in the Global Drill Pipe Market

The U.S. market is driven by the major oil & gas exploration activities in major onshore areas, the Gulf of Mexico, and Alaska. The U.S. has experienced a rapid increase in natural gas and oil production from shale and other resources. High drilling efficiency and new well-productivity, along with an increase in the rig count, have been the main drivers of the recent production growth in the U.S. The recent boom in shale gas could also promote a rapid expansion of the petrochemical sector.

The U.S. recorded the highest market size at a value of $490.2 Million in 2013. It is expected to reach $828.2 Million by 2019, from an estimated value of $560.3 Million in 2014, at a CAGR of 8.1% during the forecast period.

Drill pipes are used during drilling operations to connect the surface-drilling equipment to the bottomhole assembly and the drill bit; they are used to transmit power from the drilling motor above the ground to the drill bit, and also to conduct drilling fluid (mud) down to the drill bit to flush drill cuttings to the surface, for removal. The global drill pipe market is principally governed by the drilling activities within a region.

Premium or proprietary grade drill pipes are manufactured by major manufacturers, and often exceed API specifications. Premium grades are used in difficult drilling conditions, which require high toughness, sour services, and high sulfur resistance, among other properties.

The drill pipe market in Saudi Arabia registered a value of $6.5 million in 2013. The market is expected to reach $9.8 million by 2019, from an estimated value of $7.0 million in 2014, growing at a CAGR of 7.0% from 2014 to 2019.

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API: Biggest Contributor to the Global Drill Pipe Market

Drill Pipe Market is segmented into two categories in terms of grade, namely, API grade and premium grade drill pipe. The API grade is based on specifications defined by the American Petroleum Institute (API) and it follows the latest API specifications, 5D and 7. The Drill Pipe Market for the API grade segment recorded the largest market volume in 2013, at 171.74 thousand short tons. This segment is expected to grow from an estimated 179.09 thousand short tons in 2014 to 183.46 thousand short tons by 2019, at a CAGR of 0.5% from 2014 to 2019.

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