According to a report published by TechSci Research on “Global Drill Pipe Market By Grade, By Application, By Region, Competition, Forecast & Opportunities, 2014-2024”, global drill pipe market is projected to grow at a CAGR of around 4% during the forecast period. The growth the drill pipe market is majorly attributable to the growing oil & gas exploration around the world, with the continuous need for meticulous real-time data from the wellbore. Moreover, growing advancements in drilling techniques are further bolstering the growth of the global drill pipe market.

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In terms of grade, the global drill pipe market is categorized into API grade and premium grade. Among these, the API grade category accounted for the majority of the global drill pipes market in 2018 and it is anticipated to remain as the largest category throughout the forecast period as well. The growth of the category is majorly attributable to the fact that API grade drill pipes are less expensive as compared to the premium grade drill pipes. However, premium grade drill pipes are expected to grow at a faster rate than the API grade drill pipes, owing to the increase in deep-water drilling activities. Also, the premium grade drill pipes are suitable for unfavorable drilling conditions, such as high pressure, high temperature, corrosive environment, etc.

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In terms of region, the global drill pipe market is categorized into North America, Europe, Asia-Pacific, South America and Middle East & Africa. Among the regions, North America accounted for the majority of the global market for drill pipes in 2018 and is anticipated to maintain its position during the forecast period as well. Burgeoning shale gas exploration and production in the US, has favored the drill pipe market in North America.

“The global drill pipe market is witnessing growth on account of advancements in drilling technologies such as horizontal drilling and pad drilling, which have amplified the drilling efficiency and lessened the drilling rig downtime, thereby enabling faster drilling operations. This in return will translate into the increased drilling equipment demand, which includes drill pipe.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

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“Global Drill Pipe Market By Grade, By Application, By Region, Competition, Forecast & Opportunities, 2014-2024” has evaluated the future growth potential of the global drill pipe market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in global drill pipe market.

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