The latest report by IMARC Group, titled “Drill Collar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, offers a comprehensive analysis of the industry, which comprises insights on the global drill collar market trends. The global market size reached US$ 1.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.
Drill collars are heavy-duty and thick-walled tubular components used with the drill string. They are produced of solid bars of modified alloy steel, plain carbon steel, and non-magnetic nickel-copper alloys. They are generally utilized in drill string by applying a downward force to effectively break through rocks during drilling operations. They form a vital part of the bottom hole assembly (BHA) and are positioned above the drill bit to exert downward pressure for drilling into the ground. These steel bars are designed with thick walls to provide durability and strength. In addition, they provide the passage for drilling and completion fluids through the collars and are heavier, have thicker walls, and function as shock absorbers, effectively dampening vibrations and mitigating the impact forces generated during drilling. As a result, drill collars are employed in onshore and offshore applications across the globe.
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Drill Collar Market Trends and Drivers:
The market is primarily driven by the significant expansion in the oil and gas sector. In addition, the exploration of unconventional resources such as shale gas and investments in the onshore oil and gas industry are contributing to the market growth. In line with this, the increasing number of new oil wells, the surging need for efficient drilling services, and the escalating energy demand are influencing the market growth. Additionally, drill collars are extensively employed in drilling applications to transmit weight-on-bit (WOB) and torque from the drill string to the bit while protecting the drill pipe from damage, thus driving the market growth. Moreover, numerous technological advancements encouraged various manufacturers to produce spiral drill collars, with grooves machined on the outside surface that prevents the drill string from getting stuck in the hole while enabling drilling debris and lubricant to pass more freely around the collar which represents another major growth-inducing factor. Besides this, the escalating demand for standard steel drill collars made of carbon steel due to their excellent resistance to tear and wear, robust strength, and durability, which can be employed in spiral and slick drilling applications, are accelerating the product adoption rate. Along with this, the widespread adoption of non-magnetic drill collars for their higher tensile strength and lower yield point compared to the standard steel drill collars, which minimize magnetic interference allowing for accurate navigation, are propelling the market growth. Apart from this, the drill collars market is growing at different rates in numerous regions, with North America being one of the largest markets due to rapid urbanization, increasing oil exploration activities, and rising energy demand. Moreover, the industry is expected to face competition in the coming years as various key players are implementing competitive strategies to sustain their presence in the market. Furthermore, the increasing investment in the onshore oil and gas industry, growing exploration of unconventional resources, and extensive research and development (R&D) activities to enhance the efficiency of drill collars are creating a positive market outlook.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Standard Steel Drill Collar
- Non-magnetic Drill Collar
Breakup by Application:
- Onshore
- Offshore
Breakup by Design:
- Spiral
- Slick
- Others
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Competitive Landscape with Key Players:
- American Oilfield Tools
- Challenger International
- Halliburton Hunting PLC
- International Drilling Services Ltd (IDS)
- National Oilwell Varco (NOV)
- Schlumberger
- Schoeller-Bleckmann
- Vallourec
- Weatherford International (Superior Energy Services)
- Workstrings International.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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