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North America Drill Pipe Market Size (2024 - 2029)

The North American drill pipe market is experiencing growth, driven by increased exploration activities and the development of new oil and gas fields, despite previous setbacks due to the COVID-19 pandemic. The market size is influenced by the volatile nature of oil prices, which has occasionally slowed exploration activities. However, the expansion of offshore exploration and production projects presents significant opportunities for market growth. The United States holds the largest market share, largely due to heightened drilling activities in shale plays, which have spurred demand for drill pipes in the region.

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Market Size of North America Drill Pipe Industry

North America Drill Pipe Market - Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR > 2.00 %
Market Concentration Low

Major Players

North America Drill Pipe Market Concentration

*Disclaimer: Major Players sorted in no particular order

North America Drill Pipe Market Analysis

The North American drill pipe market is expected to register a CAGR of more than 2% over the period.

The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.

  • Over the long term, factors such as increased exploration activity and a focus on the development of new oil and gas fields are expected to help drive the market for drill pipe.
  • On the other hand, the volatile nature of oil prices in recent years has led to decreased exploration activity, causing a slowdown in the drill pipe market.
  • Nevertheless, the rise in offshore exploration and production projects is expected to create an excellent opportunity for the market players, as all the easy oil is already found and wells are moving towards deeper and more extreme offshore environments.
  • The United States is the biggest market for drill pipe, owing to the region's increased drilling activity in shale plays. The recent development of shale plays, horizontal drilling, and fracking has resulted in an increase in demand for drill pipe in the region.

North America Drill Pipe Industry Segmentation

Drill pipe is hollow, thin-walled steel or aluminum alloy piping that is used on drilling rigs. It is hollow to pump drilling fluid down the hole through the bit and back up the annulus. The North American drill pipe market is segmented by type and grade. By type, the market is segmented into standard drill pipe, heavy-weight drill pipe, and drill collar. By grade, the market is segmented into premium grade and API grade. By deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the North American drill pipe market across the major regions or countries. For each segment, the report offers market size and forecast for North America Drill Pipe Market (in USD billion). 

Type
Standard Drill Pipe
Heavy Weight Drill Pipe
Drill Collar
Grade
Premium Grade
API Grade
Deployment
Onshore
Offshore
Geography
United States
Canada
Mexico
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North America Drill Pipe Market Size Summary

The North American drill pipe market is poised for growth, driven by increased exploration activities and the development of new oil and gas fields. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The United States stands as the largest market within the region, fueled by heightened drilling activities in shale plays and the adoption of horizontal drilling and fracking techniques. These developments have significantly boosted the demand for drill pipes. Despite the challenges posed by volatile oil prices, the stabilization of prices is expected to foster market expansion. The rise in offshore exploration and production projects presents lucrative opportunities for market players, as the industry shifts towards deeper and more complex drilling environments.

In Canada, the presence of substantial oil sand reserves necessitates the use of high-pressure drilling techniques, further driving the demand for drill pipes. The country's oil transport challenges due to high-density oil and sand content require advanced wellbore intervention solutions. The fragmented nature of the North American drill pipe market sees key players like Hunting PLC, National-Oilwell Varco, Inc., Hilong Holding Ltd, Tenaris S.A., and TMK Group actively participating. Recent industry developments, such as the acquisition of advanced thread connection technologies and international drilling contracts, underscore the market's dynamic nature. As oil and gas exploration activities continue to rise, the North American drill pipe market is expected to experience sustained growth in the coming years.

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North America Drill Pipe Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Active Rig Count, till 2020

    4. 1.4 Historic and Demand Forecast of Upstream CAPEX in USD billion, by Onshore and Offshore, 2019-2027

    5. 1.5 Recent Trends and Developments

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 Porter's Five Forces Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitutes Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Standard Drill Pipe

      2. 2.1.2 Heavy Weight Drill Pipe

      3. 2.1.3 Drill Collar

    2. 2.2 Grade

      1. 2.2.1 Premium Grade

      2. 2.2.2 API Grade

    3. 2.3 Deployment

      1. 2.3.1 Onshore

      2. 2.3.2 Offshore

    4. 2.4 Geography

      1. 2.4.1 United States

      2. 2.4.2 Canada

      3. 2.4.3 Mexico

North America Drill Pipe Market Size FAQs

The North America Drill Pipe Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)

Hilong Holding Ltd , Hunting PLC , TMK Group , Tenaris SA and National-Oilwell Varco, Inc. are the major companies operating in the North America Drill Pipe Market.

North America Drill Pipe Report Snapshots

North America Drill Pipe Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)