San Francisco, California, December 07, 2017: A recent market research report by TMR Research examines the growth prospects of the global market for drill pipes. The report, titled “Drill Pipe Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” presents methodical presentation of every key element of this market, with prime focus on reigning trends, key opportunities, threats, and the competitive landscape of the market.
The report states that the rising demand for energy on a global front and the consecutive rise in offshore oil and gas exploration activities are some of the key factors acting in the favor of the market. Massive advancements in drilling technologies in the recent years, leading to the introduction of technologies such as horizontal drilling and pad drilling, have also fuelled the overall development of the global drill pipe market in the recent years. These factors are also expected to act as key growth drivers for the market in the next few years.
However, the unsteady costs of crude oil in the global marketplace are countering the growth prospects of the global drill pipe market. The massive drop in crude oil costs in the recent past has led to a steady reduction in rig rental costs in the offshore drilling industry. Customers have been enjoying a strong bargaining power on account of the downward cost pressures. This could continue to rein in market in the next few years.
The onshore oil and gas exploration sector is expected to provide promising growth opportunities for the drill pipe market owing to the rising growth opportunities in the fields of coal bed methane, shale reserves, and tar sands. Moreover, the continuous rise in global consumption of petroleum is also expected to create growth opportunities for the global drill pipe market in the near future.
In the near future, the segment of premium grade drill pipe is expected to emerge as one of the most promising product segment owing to the vast rise in exploration activities in deepwater and ultra deepwater areas in regions such as Africa and Europe, where vast reserves of oil and gas have been discovered in offshore regions.
From a geographical standpoint, the market in North America is presently a key contributor of revenue to the global market owing to the thriving shale gas exploration and production sector in the U.S. The burgeoning industry has significantly benefitted the drill pipe market in the recent past and is expected to continue doing so in the future years as well. The market in Canada is also highly promising and will make further progress over the report’s forecast period.
The markets in Middle East and Africa and Asia Pacific are highly promising owing to the presence of vast reserves and rising demand for oil and gas. The Asia Pacific market, however, will dominate in terms of growth rate, powered mostly by the market in China.
The report also presents a snapshot of the competitive landscape of the global drill pipe market, providing detailed analysis of the market’s developmental backdrop and the role of key vendors and developments in shaping its current state. A detailed financial profile of some of the key vendors in the global drill pipe market is also included in the report, including Oil Country Tubular Limited, Vallourec S.A., TMK Group, Tenaris S. A, Superior Manufacturing, National Oilwell Varco, Hilong Group of Companies, Drill Pipe International, DP Master, Jiangyin Long Bright, Texas Steel Conversion, Inc., and Tejas Tubular Products, Inc.
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