Drill Pipe Market Report 2026

The drill pipe market size has grown strongly in recent years. It will grow from $1.56 billion in 2025 to $1.64 billion in 2026 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to increasing exploration and production activities in oil and gas, rising demand for steel-based drill pipes, adoption of conventional heavy weight drill pipes, growth in onshore drilling operations, expansion of mining and agriculture industries.

The drill pipe market size is expected to see strong growth in the next few years. It will grow to $2.07 billion in 2030 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to increasing offshore drilling projects, rising adoption of enhanced heavy weight drill pipes, demand for advanced materials and composites, expansion of mining and agriculture applications, adoption of premium and high-performance drill pipes. Major trends in the forecast period include rising adoption of premium and api standard drill pipes, increasing use of composite and non-magnetic drill collars, expansion of offshore drilling activities, growth in onshore mining and agriculture applications, demand for high-performance drill pipe materials.

The anticipated growth of the drill pipe market is expected to be driven by the increasing operations of drilling rigs. A drilling rig, which serves as an integrated system, is designed for penetrating the subsurface to create wells, including those for water or oil extraction, as well as holes for various construction purposes. Drill pipes, a type of pipeline used on these rigs, are hollow, thin-walled tubes typically made of steel or aluminum alloy. As an illustration, in February 2023, Baker Hughes Company, a US-based oil field services company, reported a rise in the number of drilling rigs operating in the US, reaching 761 rigs for the week ending February 10. This marked an increase of 126 units from the 635 rigs operating at the same time the previous year. Consequently, the growth in drilling rig operations is a significant driver for the drill pipe market.

Major companies in the market are responding to evolving industry needs by developing innovative products such as the drill pipe swivel to enhance drilling efficiency, safety, and overall performance. The drill pipe swivel is a mechanical device used in drilling operations, enabling the rotation of the drill string while facilitating the flow of drilling mud, ensuring controlled and efficient drilling in the oil and gas sector. In May 2023, Deep Casing Tools, an energy development company based in Scotland, launched MechLOK-T, a fully mechanical drill pipe swivel designed to address challenges related to friction and buckling, particularly in long, horizontal extended reach drilling (ERD) wells. This advanced tool enhances efficiency, reliability, and offers significant time and cost savings by allowing operators to reach target depths on the first attempt. Operating independently of hydraulics, MechLOK-T effectively reduces drag, redistributes friction, and mitigates helical buckling of the work-string, enabling successful completions in complex well environments.

In June 2023, Knight Energy Services, a U.S.-based oilfield rental equipment company, acquired Platinum Pipe Rentals for an undisclosed sum. This acquisition aligns with Knight Energy Services' strategy of growth through consolidation within the energy sector, allowing the company to expand its service offerings and strengthen its position as a leading provider of rental tools for the oil and gas industry. Platinum Pipe Rentals, also based in the U.S., specializes in supplying drill pipes.

Major companies operating in the drill pipe market report are Hilong Group of Companies Ltd., Oil Country Tubular Ltd., Texas Steel Conversion Inc., Drill Pipe International LLC, National Oilwell Varco Inc., Tejas Tubular Products Inc., Tenaris S.A, TMK Steel Limited, DP-Master Manufacturing Ltd, Hunting PLC, Challenger International Inc, Premier Drill Products LLC, Vallourec SA, Jiangyin Long Bright Drill Pipe Manufacture Co. Ltd., TPCO Enterprise Inc., Superior Drillpipe Manufacturing Inc., ILJIN Steel Corporation, EVRAZ North America, JFE Steel Corporation, Shandong Molong Petroleum Machinery Co. Ltd., Shanxi Fenglei Drilling Tools Co. Ltd.

North America was the largest region in the drill pipe market in 2025.Middle-East and Africa are expected to be the fastest-growing region in the global drill pipe market report during the forecast period. The regions covered in the drill pipe market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the drill pipe market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The drill pipe market consists of sales of drill strings, N-class pipes, P-class pipes, and C-class pipes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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