Over the past couple of decades, within the industrial goods domain, the demand side trends continue to evolve as per applications in various end-use sectors. The pup joint market is expected to witness considerable growth in the coming years, as a consistent and steady demand from the oil & gas, construction, and mining industries is expected. The oil & gas sector is likely to play a key role in the development of the global pup joint market during the forecast period. While crude oil prices were showing signs of recovery from the 2014 crash, the COVID-19 pandemic is likely to dent the demand for crude oil particularly in 2020. However, the pursuit of renewable energy sources is expected to gain considerable momentum over the coming years, owing to mounting concerns pertaining to environment safety. Oil & gas companies are projected to innovate and find new ways to ensure procure fuel from different sources to gain a competitive edge. Technological advancements in the oil & gas sector, particularly pertaining to offshore technologies will continue to drive the growth of the oil & gas sector over the coming years.
The growth of the oil & gas sector is expected to directly influence the pup joint market. The demand for pup joints to optimize wireline activities is on the rise. In addition, companies operating in the current pup joint market are increasingly focusing on offering customized products that are predominantly suited for downhole applications. Companies are also expected to focus on improving the quality of their products and ensure they can withstand corrosion and high-pressure environments. The consistent surge in demand for oil & gas, increase in the number of exploration projects, and technological advancements are expected to drive the global pup joint market past ~US$ 675 Mn by the end of 2027.
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Surge in Demand from Oil & Gas and Mining Industries
The growth of the pup joint market predominantly relies on the surge in demand from oil & gas and mining industries. While the oil & gas sector is expected to remain the most prominent end-use industry, the demand from other industrial sectors, including chemical, mining, and construction is projected to grow at a healthy pace. Economic development, industrialization, and focus on urbanization particularly in developing regions have played a key role in increasing the demand for electricity in these regions. The significant rise in demand for electricity has a direct impact on the demand for energy resources due to which offshore activities have increased worldwide. Increase in the number of offshore activities has led to a direct impact on the demand for pup joints– a trend that is expected to continue during the forecast period.
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The applications of pup joints in the mining sector continue to provide market participants with lucrative opportunities. The demand for advanced drilling tool services and solutions has played an important role in driving innovations in the pup joint market in recent times. While mining exploration techniques continue to advance at a steady pace, the demand for pup joints, crossovers, tubing cases, etc., from the end users is projected to witness a steady incline.
Companies Forge New Partnerships to Strengthen Market Position
Companies operating in the current pup joint market landscape are increasingly investing resources to optimize the performance and overall quality of their products. In their efforts to improve their position in the domestic as well as the international market, several companies are eyeing collaboration opportunities with regional market leaders to enhance their market position and brand presence. For instance, in February 2020, National Oilwell Varco announced that the company is collaborating with Doyon Drilling. The company also revealed that both companies have come together to develop one of the largest drilling rigs in the world in tune with evolving requirements of oil & gas consumers worldwide. Companies are also expected to lean toward inorganic growth strategies such as mergers & acquisitions. For instance, in May 2019, Smith-Cooper International and Anvil International announced their merger– a move aimed toward improving the distribution channels of their products and catering to local, regional, and national customers.
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