A three-pronged approach was followed for deducing the drill pipe market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for drill pipe market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of drill pipe market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The drill pipe market was categorized into four segments, namely grade (API Grade, Premium Grade), application (Onshore, Offshore), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa, Africa).
The drill pipe market was segmented into grade, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The drill pipe market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into sixteen countries, namely, the U.S.; Canada; Mexico; U.K.; Russia; Norway; China; Indonesia; India; Brazil; Venezuela; Argentina; Saudi Arabia; UAE; Qatar; Kuwait
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The drill pipe market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
The Hilong Group of Companies is a major corporate conglomerate that focuses on the production of oilfield equipment and comprehensive oil services for the development of petroleum and natural gas. The company’s primary operations are divided into four sectors: oilfield equipment and manufacturing services, line pipe technology and services, oilfield services, and offshore engineering services. Shanghai Hilong Drill Pipe Co., Ltd., a subsidiary of the group, is engaged in the production of drill pipes. It fabricates and provides a variety of drill pipes, including those resistant to sulfur and low temperatures, as well as alloy drill pipes.
National Oilwell Varco is a worldwide supplier of machinery and parts for oil and gas drilling and production activities, as well as oilfield services and upstream oil and gas industry supply chain integration services. The company is organized into three divisions: NOV Rig System, NOV Wellbore Technologies, and NOV Completion & Production Solutions. Grant Prideco, a subsidiary of NOV, supplies drill pipes and drill stem accessories, offering three kinds of heavy-weight drill pipes. These drill pipes are engineered to provide a smooth transition from drill pipe to drill collar.
Tenaris is a global manufacturer and supplier of tubes and related services for the energy industry and other industrial applications. Its product portfolio includes casing and tubing, line pipe, and various other mechanical and structural steel pipes for different applications. The company utilizes a seamless and welded pipe manufacturing process. The drill pipes are available with outside diameters (ODs) ranging from 2 3/8” to 5 7/8”.
Vallourec is a global player in tubular solutions primarily serving the energy markets. For the oil and gas industry, it designs and develops a comprehensive range of products including seamless tubes and premium connections for drilling operations, line pipes, and well equipment capable of withstanding extreme operating conditions. The company offers a wide range of products for drilling operations. Its product portfolio includes drill pipes, grades, connectors, drill collars, landing strings, and coatings.
TMK is a global manufacturer of tubular products for the oil and gas industry. It delivers its products along with a variety of services in heat-treating, protective coating, premium connections threading, warehousing, and pipe repairing. The company’s product portfolio includes line pipe, industrial pipe, welded large-diameter pipe, threaded drill pipe, casing, and tubing used in drilling, equipping, and operating oil & gas wells.
Oil Country Tabular Ltd. processes a broad array of Oil Country Tubular goods and drilling products necessary for the oil drilling and exploration sector. The extensive product line of OCTL includes drill pipes, heavy-weight drill pipes, drill collars, production tubing, casing, tool joints, couplings, pup joints, nipples, subs, and crossovers. The company also offers oil field accessories such as rotary subs, lift plugs and lift subs, crossovers (from drill pipe to drill collar or from drill collar to drill collar), stabilizer sleeves, welded blade stabilizers & integral stabilizers, and cast steel lifting bails. In addition, OCTL provides services such as hard banding of tool joints, assembly and disassembly of tool joints, internal plastic coating of drill pipe and tubing, refurbishment of drill pipe, re-threading of drill pipe, tubing, and casing, and on-site inspection of tubular goods.
Tejas Tubular Products, Inc. is a domestic manufacturer of drill pipes, drilling accessories, casing, tubing, and API line pipe products. The company has also developed several systems including Multi-Stage Frac Casing, Hot Sizing & Straightening after the Quench & Temper Process, Joint by Joint Serialization Utilizing RFID, and Hybrid Furnaces Utilizing Induction Heating and Natural Gas.
Texas Steel Conversion, Inc. is a manufacturer of drill pipes & pump joints and is a global player in the processing of API casing and tubing. It is a global heat-treating company. The company is also a supplier of technologies such as tubular steel forging, heat treating, and threading technology. The company’s product portfolio includes casing, tubing, drill pipe, drill stem, mechanical tubing, coupling material, and pup joints.
DP Master designs and manufactures drill pipes, heavy-weight drill pipes, drill collars, and drill stem accessories. The company’s current production capacity for drill pipe is 250,000 joints per year in addition to HWDP, Drill Collars, and Drill String Accessories. It also offers technology licenses, such as “connection technology”, which is licensed to service providers.
Jiangyin Long Bright Drill Pipe Manufacturing is a manufacturer of drill pipes, heavy-weight drill pipes, kellys, and drill collars. It annually produces 38,000 tons of drill pipes and 5,000 pieces of heavy drill pipes and collars. The company exports its products to oil fields and mines in China and exports those to Europe, America, East Asia, and the Middle East.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
revenue/volume
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.