Countering the growth in the global drill pipe market is the tanking crude oil prices. This has also resulted in a steady decline in rig rental capital in the offshore market. Customers now have strong bargaining power in negotiating new contracts and extensions too on account of the downward pressure on prices.
Albany, NY -- (SBWIRE) -- 03/24/2017 -- Global Drill Pipe Market: Overview
Drill pipes, usually made from aluminum or steel, are hollow and thin-walled and utilized in drilling rigs. Drilling fluid is pushed down the hole and back up the annulus. They are available in the market in different sizes, strengths, and wall thicknesses. Their length is usually between 27 and 32 feet. They can withstand massive internal and external pressure, distortion, bending, and vibration as they can rotate and lift the bottom hole assembly (BHA). The two types of drill pipes are standard drill pipes and heavy weight drill pipe.
Global Drill Pipe Market: Key Trends
At the forefront of driving growth in the global drill pipe market is the spiking demand for energy, which has necessitated exploration of offshore reserves on account of tanking production from onshore fields. The progress in drilling technologies such as pad drilling and horizontal drilling have also helped up output and lowered drilling rig downtime, which has expedited drilling operations. This is slated to push up demand even further.
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Countering the growth in the global drill pipe market is the tanking crude oil prices. This has also resulted in a steady decline in rig rental capital in the offshore market. Customers now have strong bargaining power in negotiating new contracts and extensions too on account of the downward pressure on prices.
Global Drill Pipe Market: Market Potential
At present there are way too many offshore drilling rigs chasing too little work. Hence, many are being idled or scrapped. Offshore opportunities, however, are abound in Africa and the Middle East that provide an avenue for growth for the market. The onshore oil and gas presents much greater opportunity than the offshore ones because the explosive drilling activities from shale reserves, coal bed methane, and tar sands. Additionally, the continued spike in global petroleum consumption is also predicted to create major growth opportunities for the market in the near future.
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Going forward, the premium grade drill pipe segment is slated to hold out a lot of potential because of the growth in the exploration activity in deepwater and ultra deepwater regions primarily in Europe and Africa, where recent oil and gas discoveries have occurred in the offshore regions. Premium grade drill pipe is helpful in deepwater exploration on account of it being immune to high pressure and high temperatures.
Global Drill Pipe Market: Regional Outlook
From a geographical perspective, North America is a key region on account of the burgeoning shale gas exploration and production in the U.S., which has favored the drill pipe market and will continue doing so in the near future. Canada is another important market in the region. The Middle East and Africa are other crucial markets on account of the presence of a large number of reserves.
In terms of growth, however, Asia Pacific, powered by China, will outshine all other regions. This will be mainly on account of the flexible and hassle-free regulatory scenario in the countries of China, India, Indonesia, and Singapore.
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Global Drill Pipe Market: Competitive Analysis
Some of the prominent players in the global drill pipe market are Superior Manufacturing, Tenaris S. A, Drill Pipe International, Oil Country Tubular Limited, Texas Steel Conversion, Inc., Hilong Group of Companies, TMK Group, DP Master, Vallourec S.A., Tejas Tubular Products, Inc., Jiangyin Long Bright, National Oilwell Varco.
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