GCC Drill Pipes Market

Growth opportunities in the GCC Drill Pipes Market look promising over the next six years. This is mainly due to the increasing initiatives and programs which need tools, including drilling collars and the rising production.

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GCC Drill Pipes Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The augmenting oil and gas exploration activities and governmental strategies, needing important equipment and tools, which includes pipe and drilling collars, are some of the major drivers responsible for the growth of the GCC drill pipes market. These pipes are considered an essential instrument for any oil and gas drilling projects. For example, Eni and OMV Austrian oil and gas producer, in 2019, signed a deal for USD 5.8 Billion in the Abu Dhabi state oil company's refining unit. The companies also agreed to merge in a trading unit of the refined products with Abu Dhabi National Oil Co with USD 19.3 Billion.

Moreover, the increasing activities for oil and gas production in Gulf Countries led by the surging demand across APAC have fuelled the market size. In accordance with the report published by Saudi Arabia, oil production touched 10.32 mb/d in 2018, which would improve the market growth. However, fluctuation in the prices of raw materials, pipes failed due to corrosion, exhaustion, and stress in the fields of oil & gas coupled with the insufficient interoperability of pipe impacting the implementation and sales will curb the market size.

Their rising application witnessed in gulf countries accompanied by the accelerating demand for gas, water, and oil in the APAC countries owing to the rise in the expansionary projects. Abu Dhabi's Supreme Petroleum Council, in 2020, was endorsed with USD 122 Billion budget for disbursing on oil and natural gas expansion over the next five years. Also, one of the major extraction companies in GCC Apicorp has raised the expenditure of a total of USD 185 Billion for extending and expanding the oil production capabilities between 2019 and 2023.

Furthermore, the demand for these pipes is impelling the investment for the exploration activities by the prominent players with Gulf countries. Government plans and initiatives have prompted market growth. Arab Gulf Nations, in 2000, declared an investment of approximately USD 10 Billion for the latest Oil and Gas projects in the Gulf Cooperation Council (GCC) including Saudi Arabia, Kuwait, Bahrain, Qatar, Oman, and the United Arab Emirates (UAE). It resulted in massive market demand.

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