According to the research report titled ‘Asia Pacific Drill Pipe Market Size By Product, Application, Industry Analysis Report, Regional Outlook, Competitive Market Analysis & Forecast 2020 a?? 2026’, available with Market Study Report, Asia Pacific drill pipe market is expected to register a healthy growth rate through 2026.
 

Increasing investment in upstream sector, coupled with focus towards exploration & production of unconventional resources is fueling the growth of Asia Pacific drill pipe market. Moreover, rising demand for effective well exploitation solutions, ever-growing energy demands particularly in developing nations, and favorable government initiatives are adding momentum to the industry growth.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2759485/
 

However, the Covid-19 pandemic has stifled the growth of drill pipe industry in APAC due to shutdown of various manufacturing sites and delays in E&P projects which have ultimately disrupted the entire supply chain.
 

Based on product type, APAC drill pipe industry is split into API grade and premium grade. As per the report, premium grade segment is anticipated to witness an increased demand owing to its application in deep water exploration and offshore oil production especially in the South China sea.  Besides, benefits such as extended product lifespan, high yield, and superior fatigue resistance are encouraging the deployment of premium drill pipes across extreme geographical terrain.
 

Meanwhile, API grade segment of Asia Pacific drill pipe market is slated to grow owing to the product’s cost efficiency, strength, and resistance to high torque, pressure, and temperature. Exceptional operational performance in extreme environmental conditions is favoring its use in offshore oil & gas production sites.
 

Speaking of the application spectrum, drill pipe industry in Asia Pacific is divided into onshore and offshore. Onshore segment is projected to grow significantly in the upcoming years, owing to rising rig count, reduced capital expenditure, and minimal operational risk. Innovative well exploitation programs in Canning & Beetaloo basins and Sichuan basin of Australia and China respectively will further aid business expansion. In addition, shifting focus towards extracting shale and tight oil, along with implementation of technologically advanced drilling techniques will boost the segment growth. On the other hand, offshore applications of drill pipe industry is driven by rising preference among various oil producers to undertake E&P activities from shallow to deep and ultra-deep waters.
 

Considering the regional analysis, China drill pipe market is reckoned to grow tremendously through 2026, due to inflowing investments for development of untapped oil and natural gas reserves. Moreover, favorable government policies, along with rising demand for natural gas across residential, industrial, and commercial sectors will augment the industry expansion in the nation.
 

Prominent players in Asia Pacific drill pipe market are TMK, JFE Steel Corp., Maharashtra Seamless Ltd., National Oilwell Varco, DP-Master, Oil Country Tubular Ltd., Vallourec S.A., Ferrostaal Piping Supply GmbH, Hilong Group, and RK Pipe & Supply Inc. LLC.