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Rock Cutting Tools Market for Oil and Gas and Mining Industries - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023

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Heavy Industries have the major share in the market of machine tools and cutting tools being more than50% of the market’srevenue generator globally. The heavy industries primarily includes the machines used in energy and mining sector. The oil and gas and mining industries processes havehostile conditions that has severe effect on the material used in equipment. These conditions has led to the rise in demand for efficient equipment in cutting and machine tools categories.The exploration of new reserves, particularly of shale oil in several region around the world, has helped in increasing the demand for equipment used in oil and gas industry. The exploration and other upstream activities, requires cutting into the rock covering the digging surfaces on lands or sea beds. 

The rock cutting equipment such as drill bits are used in upstream activities for onshore as well as offshore exploration.These drill bits are placed on the tip of drillstring. Usually a rotating equipment, the drill bit has two or three cones made of hard materials such as steel, natural and synthetic diamonds, and tungsten carbide. The drill bits can be divided into category as rolling cutter bits and fixed cutter bits. The mining sector is another major user of the rock cutting tools. The mining is done for exploration for metals, minerals, precious stones, and coals among others. Apart from this, rock cutting tools are also used in the construction sector. 

Chisels, one of the oldest used tool in rock cutting, are mostly used in mining. The more advanced technology for rock cutting can be seen in the formof rock blasting, water hydraulic rock drills and vibration assisted tools. The diamond tipped tools and carbide tools are also used in mining industry. The efficiency in mining has increased due to the use of latest technology as they give precision as well as are time savers. Rock blasting uses the explosives, gas pressures or plasma pressures to breakdown the rock. It is mostly used in mining, civil engineering and quarrying. The rock blasting output are usually called as rock cut.

Rise in population has affected the demand ofpower supply. The demand for energy is more as compared to its supply. The developing nations such as India and China are trying to increase their supply capacity to curb the fluctuations in current power supply. However, the oil and gas industry is facing over capacity adversities due to which the prices of oil and gas have declined.This over capacity can be accounted due to decrease in demand for oiland gas energy supply. The world is facing economic slowdown especially due to reduction in growth rate of China and the economic crisis faced by Europe.Along with this, the dependency on non-conventional energy resources and regulation for reducing carbon emission are increasing worldwide. These factors combined with the efficient equipment being used have curtailed the demand for oil and gas sector. This may affect the market for rock cutting tools used in the oil and gas industry.

Oversized inventories of metals in countries of heavy demand has also hit the mining sector, where the reserves are in excess for important metals such as copper and iron ore. The biggest importer of copper and other mined metals, China is slowing down its import. This factors combined with the decreasing pace of infrastructure development have led to reduction in demand of metals. The policies to curb the carbon emissions along with the depletion of coal reserves has also affected the mining industry. Mining sector is projected to stabilize again in few years as most of the companies are trying to reduce their exploration activities and focus on handling reserves for few years. Thus the rock cutting tools market may show slower growth.

Some of the companies in rock cutting tools market are Sandvik Mining and Construction, Gandtrack Ltd.,PetroArc International, TFT-PNEUMATIC, LLC, Trow and Holden Company,Nakoda Machinery Pvt. Ltd., Mitsubishi Materials Corporation, and Widespread Industrial Supplies, Inc.

This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include 
  • North America 
  • Asia Pacific 
  • Europe
  • Middle East and Africa
  • Latin America
This report provides comprehensive analysis of 
  • Market growth drivers 
  • Factors limiting market growth
  • Current market trends 
  • Market structure
  • Market projections for upcoming years 
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis. 

Reasons for Buying this Report
  • This report provides pin-point analysis for changing competitive dynamics
  • It provides a forward looking perspective on different factors driving or restraining market growth 
  • It provides a six-year forecast assessed on the basis of how the market is predicted to grow 
  • It helps in understanding the key product segments and their future
  • It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
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  • It provides distinctive graphics and exemplified SWOT analysis of major market segments 
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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