The Asia Pacific Drill Pipe Market would witness market growth of 6.0% CAGR during the forecast period (2022-2028).
The demand for drill pipes is expected to increase as horizontal directional drilling (HDD) becomes more and more popular for drilling small-sized rigs, pipeline installation, utilities, and other uses. The need for environmental friendly drilling methods, such as HDD, is growing as environmental rules receive more attention. Additionally, it is projected that an increase in expenditures on new drilling and exploration operations would boost the usage of drill pipes significantly.
An increase in fossil fuel demand as a result of population growth and government policies that support raising oil production in a number of nations is pushing for more oil exploration. This has a positive impact on the expansion of the oil processing industries. The demand for innovative drill pipes is rising as worldwide oil exploration shifts to difficult geographic regions. The increasing energy demand and petroleum products are propelling the development of the drill pipe market.
In this region, China is a major oil and gas producer, and can solely cater to its energy needs. Most nations in this region, though, are dependent on imports to quench their energy needs. Due to the significant percentage of extremely energy-intensive businesses in Korea, the country's energy intensity is seen as being relatively high. As a result of Korea's insufficient natural energy resources, it is dependent on imported energy product sources to meet almost 95% of its needs for fossil fuel energy, maintaining its position as one of the world's major LNG importers.
The China market dominated the Asia Pacific Drill Pipe Market by Country in 2021; thereby, achieving a market value of $149.2 million by 2028. The Japan market is anticipated to grow at a CAGR of 5.3% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 6.6% during (2022 - 2028).
Based on Type, the market is segmented into Standard and Heavy Weight. Based on Application, the market is segmented into Onshore and Offshore. Based on Grade, the market is segmented into API and Premium. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Drill Pipe Market is Projected to reach USD 1.8 Billion by 2028, at a CAGR of 5.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hilong Group of Companies, Drill Pipes International LLC (Jindal Saw Ltd.). NOV, Inc., Oil Country Tubular Ltd., PetroMaterials Corporation, Tejas Tubular Products, Inc., Tenaris S.A., TEXAS STEEL CONVERSION, INC., PAO TMK and WEATHEROCK GROUP HOLDING LIMITED.
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