Focus on Optimizing Wireline Activities to Accelerate Market Growth

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.

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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.

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.

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.

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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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Analysts’ Viewpoint

The global pup joint market is expected to grow at a healthy CAGR of ~7% during the forecast period. The market growth can be primarily attributed to the flourishing oil & gas and mining sectors in different regions of the world, particularly in the Middle East & Africa. While oil & gas companies continue to focus on leveraging new exploration and drilling technologies, offshore applications of pup joint have widened at a rapid pace over the past couple of decades. Companies operating in the current market landscape should focus on inorganic growth strategies to improve their market position. Moreover, companies should also focus on marketing and selling their products on e-Commerce platforms such as Alibaba to expand their footprint.

Pup Joint Market: Overview

  • Pup joint is a pipe of non-standard length used to adjust the length of tubular strings to its exact requirement. They are used to adjust the length of drill string for drilling operations.
  • Geopolitical situations such as the ongoing troubles in Iran, and Venezuela and Qatar’s exit from OPEC is likely to influence oil and gas supply. Renewable and alternative energy, coupled with government pressure and environmental legislation is threat to traditional oil & gas companies.
  • The pup joint market is expected to grow during the forecast period due to rising investment in numerous exploration activities and advancement in drilling technologies

Pup Joint Market: Regional Overview

  • Middle East & Africa is likely to be the most attractive region in the pup joint market during the forecast period, due to rise in demand for oil & gas globally. Manufacturers are entering the Middle East & Africa region in order to gain significant market share.
  • North America and Europe are expected to be other major markets for pup joints. Technological advancements and increase in foreign direct investment for various exploration projects are anticipated to drive the pup joint market in these regions.
  • Increase in the population which has resulted in higher demand for oil and natural gas is expected to be a key factor fueling the growth of the pup joint market during the forecast period
  • The pup joint market in Asia Pacific and South America is expected to witness slow growth during the forecast period

Pup Joint: Market Trends

  • Manufacturers offering an extensive range of products and with customization capabilities are increasingly seeming high demand in the market. Apart from providing the desired product, manufacturers are now providing secondary services such as OCTG maintenance and threading repair.
  • Changing energy policies and increasing political tensions changes the market demand for pup joints and similar products
  • Increasing trend of opting for renewable energy as it is environment-friendly and cost effective and the demand to reduce greenhouse gases and dependence on fuels is seeing an upward trend
  • Increase in upstream activities has resulted in quality drilling equipment; also, demand for premium grade pup joint is expected to surge during the forecast period, as it is suitable for harsh environments

Pup Joint Market: Drivers, Opportunities, and Restraints

  • Dependence on oil & gas has increased as various emerging economies rely on petroleum-based products. Petroleum is used as a base material for various chemical products including fertilizers, pharmaceuticals, and solvents.
  • Government and private companies are showing keen interest in exploring new oil reserves to meet future demands. Investment by major companies in oil exploration is likely to boost the pup joint market.
  • Generating electricity from renewable offshore wind is becoming cheaper and cost effective. During the forecast period, it is expected that renewable energy will be cheaper than new oil & gas sources. This will act as a restraint to the global pup joint market.
  • It has been observed that corrosive attack by reservoir contaminants has created a strong demand for higher grade and strength material for pup joints.

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Pup Joint Market: Key Market Segments

  • The global pup joint market has been segmented based on product type, technology, end use, and region
  • In terms of product type, the global pup joint market has been segmented into crossover pup joint, drill pipe pup joint, and tubing pup joint
  • Based on Technology, the global pup joint market has been classified into hot rolled and cold rolled
  • In terms of end use, the global Pup Joint market has been segmented into oil & gas, chemical industry, mining, construction, and others
  • Based on region, the global pup joint market has been classified into: North America (U.S., Canada, and Rest of North America), Europe (U.K., Germany, France, and Rest of Europe), Asia Pacific (China, India, Japan, and Rest of Asia Pacific), Middle East & Africa (GCC, South Africa, and Rest of MEA), and South America (Brazil and Rest of South America)

Pup Joint Market: Competition Landscape

  • Established manufacturers operating in the global pup joint market are facing immense competition, owing to presence of many global and regional manufactures. Major players operating in the global pup joint market include
    • Anvil International
    • AZZ Inc.
    • Dmh United Steel Industry Co., Ltd
    • Forum Energy Technologies, Inc.
    • National Oilwell Varco
    • Oil Country Tubular Limited
    • Sledgehammer Oil Tools Pvt. Ltd
    • Stewart Tubular Products
    • Texas Pipe Works Inc.
    • TPS-Technitube Röhrenwerke GmbH.

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