The Drill Pipe Market size was valued at $1.3 billion in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.
A drill pipe is a seamless steel pipe that makes up around 95% of the length of drill string. Drill string is a tool that is used to drill into the earth to retrieve resources such as oil & gas, and petroleum. The Drill pipes are hollow, allowing drilling fluid to flow freely throughout a pipe and completing pumping operation properly.
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The drill pipe market growth is dominated by North America and Asia-Pacific. Countries such as China, the U.S., Japan, and Russia hold majority of the drill pipe market share in production and consumption of drill pipe, owing to high investments in oil & gas exploration activities.
According to the report, the American Petroleum Institute (API) grade drill pipes generated high revenue in 2021, owing to standardized design and manufacturing of these pipes. However, the necessity for deep drilling of rigs is expected to boost demand for heavy weight drill pipes (HWDP). Hence, the segment is expected to exhibit significant growth during the drill pipe market forecast period.
However, the COVID-19 pandemic led to shutdown of the drill pipe market in many countries, such as China, the U.S., and India. This has directly impacted the sales of drill pipe companies. In addition, lack of manpower and raw materials also constricted supply of equipment of drilling pipes, which negatively impacted the growth of the drill pipes market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of drill pipe industry.
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