The North America Drill Pipe Market would witness market growth of 4.9% CAGR during the forecast period (2022-2028).
Rising investments for offshore production and exploration activities carried out in both developing and developed countries are raising the production of drill pipes. The innovation in drill pipes is being guided by the requirement of intricate products, like the development of drill pipes that can operate in environments with high pressure, high temperatures, permafrost, or high concentrations of poisonous compounds like hydrogen sulfide. Additionally, this involves the development of stronger tubular connections with higher torque as well as metallurgical qualities for increased robustness and longevity.
The amount of oilfield and hydrocarbon exploration has increased as a result of recent advancements in drilling methods and technology. The creation of new production and exploration sites boosts the demand for drill pipes, fueling market expansion. Moreover, objectives like lower emissions of carbon during drilling and extraction processes are promoting newer drilling methods. Several oil-producing companies have already set a target of producing net zero carbon emissions during operations in order to battle worries about global warming and climate change.
Significant demand for drill pipes exists in North America as a result of recent shale gas drilling across the continent. The demand for drill pipes in the area is being further complemented by increased exploration efforts in the Gulf of Mexico. The offshore oil output and offshore rig count in the United States increased dramatically as a result of increasing oil prices and falling drilling costs. This indicates expanding offshore oil exploration, which is considered to be a key factor in the country's drill pipe industry.
The US market dominated the North America Drill Pipe Market by Country in 2021; thereby, achieving a market value of $449 million by 2028. The Canada market is poised to grow at a CAGR of 7.3% during (2022 - 2028). Additionally, The Mexico market would experience a CAGR of 6.4% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Drill Pipe Market is Estimated to reach $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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