Drill Pipe Market is Predicted to Grow at Approximately 3.9% by 2032

Drill Pipe Market Outlook: What Experts Predict

Drill Pipe Market Highlights

The drill pipe market will witness a healthy growth from 2023 to 2032, a research report suggests. Growing at a CAGR of 3.9%, the market is projected to reach 2,895.2 Mn during forecast period. Rising automation in O&G industries is expected to support the market growth along with the increasing automation and investments. As predicted by analysts, the lack of interoperability will negatively affect the market’s performance from 2023 to 2032. 

During the forecast period, the market will be supported by high demand across industry verticals and the rapidly growing population. Decreasing sales and use of drill pipes on the other hand will challenge petroleum sector based organizations functioning in the global drill pipe market. Analysts have split the market into grade and application segments based on products and services. Petroleum based companies have been profiled.

The lack of interoperability is set to affect the global drill pipe market during the forecast period 2023 to 2032. The report also provides the market’s performance forecasts till 2032. Analysts have studied the strategy of petroleum segment based organizations to help new entrants and established businesses. The petroleum sector itself is supported by the growing urbanization as well as the increasing disposable income. During the forecast period 2023 to 2032, the drill pipe market is set to witness a health growth across grade and application segments as well as regional markets.

Market Segmentation

The petroleum sector has seen growth across grade and application segments owing to increasing awareness levels and technological advancements. To study the drill pipe market, analysts have further segmented grade and application into American Petroleum Institute (API) Grade and Premium Grade on the basis of grade. The market is further segmented into application sub segments which is split into onshore and offshore.

The segmental analysis presented in the report provides petroleum field based organizations insights into key growth factors such as consumers aiming for more convenience as well as challenges such as interoperability issues the market will face from 2022 to 2030. 

The presence of effective communication and the increasing awareness among consumers are some of the key factors having an influence on petroleum industry based companies, suggest analysts as per the drill pipe market report. But the report also identifies the lack of interoperability standards and fluctuating raw material prices as major threats companies in petroleum will face till 2030. 

Regional Overview

Petroleum market based companies in the drill pipe market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The presence of untapped market opportunities will be a key growth driver for regional markets. However, price fluctuations of key raw materials will turn out to be a threat. For the forecast period 2022 to 2030 each of these regional markets are studied in the report. 

Starting from North America, the regional market and petroleum vertical based companies are spread across the United States, Canada, and Mexico. The demand-supply gap will turn out to be a major challenge from 2022 to 2030. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany.

The market in the region will be benefitted by technological developments as well as a rise in disposable income, suggests the report. Similarly, the petroleum sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the drill pipe market covers the Middle East and Africa. Forecast based on the reports findings are presented for the forecast period till 2030.

Competitive Landscape

The global drill pipe market research report brings a comprehensive study of grade and application market segments, regional analysis, and petroleum vertical based company details of key players. As the forecast period 2022 to 2030 will bring new opportunities for the market owing to the changing social behaviour and the increasing demand from various industry verticals, the market is set to grow at a compound annual growth rate of 3.9% and is predicted to reach a value of USD 1,143.8 Million during forecast period. 

With SWOT analysis of petroleum sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the growing penetration of alternatives in the market and the shifting preference for cheaper alternatives, companies in the petroleum sector can change the way business is done.

Industry News

Driconeq, a global provider of drill pipes and components for rotary, and reverse-circulation purposes, was purchased by Mincon Group, a drilling consumables firm. The Mincon Group will acquire 125 employees as a result of this purchase, according to the firm. In addition, the purchased net assets total $5.48 million. Sunne and Perth, Australia are all home to Driconeq factories. Due to their proximity to established Mincon facilities and leadership, the Driconeq factories, as per Mincon, are a good match for its manufacturing and market footprint.