Global Oilfield Thread Protectors Market is driven by increasing demand for oil & gas in the forecast period, 2023-2027.
According to TechSci Research report, “Oilfield Thread Protectors Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, The global oilfield thread protectors market may show a robust growth in the forecast years, 2023-2027 with an anticipated CAGR value. The market growth can be attributed to the factors like increasing demand for the safety tool and equipment in the drilling machinery systems. Surge in the demand for the safer oil excavation is also a major driver for the growth of the global oilfield thread protectors market in the upcoming five years. Also, increasing demands for oil production due to excessive consumption of the oil and petroleum products in various end user industries like automotive industry, textile industry, chemical industry, etc. further supports the growth of the global oilfield thread protectors market in the next five years. With increasing investment, government support, and private financial aids to the oil & gas industry ensures advancement of the drilling rig equipment and tools. Increasing investment and technological advancement in the products and their development further substantiates the growth of the global oilfield thread protectors market in the future five years. Moreover, cost efficiency is a big challenge for the oil and gas industry. Cost of complete oil production process is high and market players often need heavy investment to sustain their procedures. Recent hikes in the oil prices confirm the increasing investment required for the processes along with the financial aid required for the equipment manufacturing and support, thereby aiding the growth of the global oilfield thread protectors market in the forecast period.
Also, rising concerns regarding oil spills and thus caused adverse effects also aid the growth of the global oilfield thread protectors market in the forecast years, until 2027. Oilfield thread protectors are responsible for the safety of the oil leaks and oil spills during the excavation of the oil from reserves and their transportation. Therefore, rising concerns among the excavators and environmentalists reflect on the market growth.
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The global oilfield thread protectors market segmentation is based on material type, type, design, location, protection component, regional distribution, and competitive landscape. Based on material type, the market is bifurcated into rubber, plastic, and metal. Plastic material is anticipated to hold the largest revenue shares of the market in the upcoming five years on the grounds of utilization of heavy duty plastic for the purpose of safety. Moreover, cost of the material along with the safety standards of the material is higher. Rubber material is also expected to register significant growth in the next five years on the grounds of its application in offshore rig pipes protection. Wear and tear of rubber casings decreases in the offshore excavation, and more preferred over metal thread protectors.
Segmentation based on location, analyzes the market growth between on shore and offshore location. Onshore locations are anticipated to hold the largest revenue shares of the market and dominate the segment in the upcoming five years on the account of increasing onshore oil excavation. Moreover, increasing concerns toward oil spills on the drill floors that may cause accidental slips and falls are further driving the growth of the subsegment and market.
Some of the market players, dominating the global market are :
- Hunting Energy Services
- National Oilwell Varco
- M&P Flange & Pipe Protection Inc.
- Norkram Limited
- Tri-Star Protectors
- Dongying Lake Petroleum Technology CO., Ltd.
- Venture Steels
- Thread Protectors, LLC
- Kannans Industrial Machinery Equipment LLC
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“North America region is anticipated to hold the largest market growth in the upcoming five years due to increased oil production and surging demand for the petroleum products in the countries like the United States, Mexico, and Canada. Increasing demand for the safety equipment looking at the alarming counts of oil spills and thus caused disasters to the marine life and human lives, is also anticipated to support the growth of the global oilfield thread protectors market in the next five years. Moreover, presence of difficult terrain in the region and surging demand for the higher production capacity of the existing reservoirs is also aiding market growth. Factors like government initiatives to support the industry and the equipment manufacturing segment further substantiates the growth of the global oilfield thread protectors market in the upcoming five years. Although various industries were affected due to regressed production and manufacturing of various equipment, the future growth for the market depends on further discoveries of oil reserves even in the fragile environments to sustain the growing demand for oil & gas. Thus, demand for safety equipment like oilfield thread protectors is bound to increase and sustain market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Oilfield Thread Protectors Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By Material Type (Rubber, Plastic, Metal), By Type (Pin Protectors, Box Protectors), By Design (Open End, Closed End), By Location (Onshore, Offshore), By Protection Component (Drill Pipe, Drill Collar, Tool joint, Casing, Tubing, Others), By Region”, has evaluated the future growth potential of global oilfield thread protectors and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global oilfield thread protectors market.
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