Rise in exploration & drilling activities for oil across the globe and increase in the redevelopment of mature oil wells drive the growth of the global drill pipe market.
Allied Market Research published a report, titled, “Drill Pipe Market by Type (Standard drill pipe, Heavy weight drill pipe (HWDP)), by Grade (API, Premium), by Application (Offshore, Onshore): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global drill pipe industry was estimated at $1.3 billion in 2021, and is anticipated to hit $2.2 billion by 2031, registering a CAGR of 5.4% from 2022 to 2031.