Report Published: "Drill Pipe Market - Global Trends & Forecast to 2020"

Drill Pipe Market by Application (Onshore and Offshore), by Grade (American Petroleum Institute (API) Grade and Premium Grade), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa) - Global Trends & Forecast to 2020

The drill pipe market is projected to grow at a CAGR of 3.8%.

This report forecasts the drill pipe market in terms of value. The market is projected to grow at a CAGR of 3.8% from USD 940.62 Million in 2015 to reach USD 1,133.80 Million by 2020. The growing energy demand coupled with the maturing onshore oilfields is leading to the requirement for the new oil & gas discoveries. Regions such as Africa and Latin America have emerged as attractive prospects for offshore E&P activities due to their vast unexplored hydrocarbon reserves. Unconventional resources such as shale oil & gas, tar sands, and tight oil have also contributed to the increased drilling activity over the last five years particularly in North America and Asia-Pacific.

Full Report Details at
- http://www.fastmr.com/prod/1073533_drill_pipe_global_trends.aspx?afid=301

Offshore drill pipe market is projected to grow faster as compared to the onshore application.

Offshore market for drill pipe is expected to have the fastest growth due to the ongoing and upcoming offshore exploration activities which include recent discoveries in Angola, Nigeria, and Saudi Arabia among others. Premium grade drill pipe market, which is mainly driven by the increase in deepwater and ultra deepwater explorations, is set to grow quickest in the forecast period. New ventures, especially offshore, require high grade drill pipes that can withstand challenging environment such as corrosive drilling conditions, high pressure, and high temperature. Moreover, with the advent of Arctic drilling in countries such as Russia and Alaska, the demand for premium grade drill pipe is set to grow further within the next five years.

Africa is projected to grow fastest while North America will continue to dominate the drill pipe market by 2020.

The discoveries of new oil & gas reserves in offshore Africa is one of the major drivers behind the growth of African drill pipe market which is expected to grow fastest. The presence of international oil companies (IOCs) such as Royal Dutch Shell (The Netherlands), British Petroleum (U.K.), and ENI SPA (Italy) among others has brought in technical expertise into the region. This will facilitate effective extraction of these new found resources. Countries such as Angola, Nigeria, Tanzania, and Mozambique are believed to contain some of the largest offshore reserves in the world. New discoveries in the Kwanza basin in Angola by Statoil ASA (Norway) have increased the expectations of the IOCs. This is also due to the fact that the geology of the Kwanza basin resembles that of the subsea pre-salt formations in offshore Brazil. Thus, it is believed to hold vast hydrocarbon reserves as in case of Brazil.

About Fast Market Research

Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget.

For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156 (1.413.485.7001 Int'l)

You may also be interested in these related reports:

- Motor Control Centers Market - Global Forecast and Trends to 2020
- AC Drives Market - Global Trends & Forecast to 2020
- Modular Substation Market - Global Trends and Forecast to 2020
- Busbar Trunking Market - Global Trends & Forecast to 2020
- Low Voltage Cable Market - Global Trends & Forecast to 2020