COVID-19 Impact on Hardbanding Services Market
- The COVID-19 outbreak is hampering the hardbanding services demand in many applications. Many governments across the globe enforced lockdown measures to curb the spread of the coronavirus. The lockdown resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are hampering the demand for hardbanding services.
- Key players operating in the hardbanding services market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively affected the demand and supply chain of these services.
- The COVID-19 outbreak has directly affected the production and demand for hardbanding services. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
Key Drivers of Hardbanding Services Market
- Rapid industrialization and urbanization in developing economies is driving the demand for energy generation. Consumers' disposable income is increasing, allowing them to regularly purchase consumer electronic devices such as smartphones, tablets, smart devices with advanced features, and Internet of Things technologies. These devices run on electricity. Thus, artificial intelligence is driving the demand for energy generation. Rise in preference for vehicle ownership as well as the introduction of new models in attractive designs with better mileage and fuel efficiency are boosting the global demand for petroleum, diesel, and natural gas. Demand for oil and gas drilling is increasing in response to the rising energy demand.
- The global hardbanding services market is expected to expand in the near future due to the discovery of new oil and gas reserves as well as ongoing technological advancements
Restraints of Hardbanding Services Market
- Fluctuation in prices of raw materials is the key restraining factor of the hardbanding services market. In addition, development of substitutes due to research and development activities is estimated to hamper the market during the forecast period.
Asia Pacific to Constitute Significant Share of Global Hardbanding Services Market
- In terms of region, the global hardbanding services market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is expected to dominate the global market in the next five years due to an increase in the number of oil rigs in the region. The U.S. and Mexico have offshore drilling rigs. In addition, the Gulf of Mexico has the world's largest oil manufacturing capacity, which would be used to extract oil. The ability to protect drilling and casing components is in high demand. This is driving demand for hardbanding services across the globe.
- Asia Pacific is also one of the key consumers of hardbanding services. The market in the region is anticipated to expand at a faster pace than that in other regions during the forecast period. Expansion of the oil industry is expected to drive the hardbanding services market in Asia Pacific during the forecast period.
Competitive Landscape of Global Hardbanding Services Market
Major players operating in the global hardbanding services market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- National Oilwell Varco
- Castolin Eutectic
- Arnco Technology
- Sharpe Engineering
- Postle Industries
- D/F Machine Specialties Inc.
- Weatherford International
- Baker Hughes
- Oceaneering International
Global Hardbanding Services Market: Research Scope
Global Hardbanding Services Market, by Type
- Tungsten Carbide
- Chromium Carbide
- Titanium Carbide
- Niobium Boride
Global Hardbanding Services Market, by Application
- Open Hole
- Cased Hole
Global Hardbanding Services Market, by Component
- Drill Pipe
- Drill Collars
- Tool Joints
Global Hardbanding Services Market, by Location
Global Hardbanding Services Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Hardbanding Services Market Introduction
- Hardbanding is a technique for extending the life of oilfield tubulars by applying a wear-resistant alloy to the tool joints of drillpipe or drill collars. When rotational and axial friction from drilling and tripping causes excessive abrasive wear between the drillstring and the casing, or between the drillstring and the rock, hardbanding is used. Hard alloy overlays are typically applied using advanced welding techniques to the points of the greatest contact. Most common alloys used in this process are tungsten carbide, which is extremely wear resistant, as well as chromium carbide, titanium carbide, and borides, which are less abrasive. Some hardbanding processes use materials with a low coefficient of friction to protect the drillstring from abrasion. This is a different approach to reducing wear in tubulars.
- In drilling applications, hardbanding tool joints is the most cost-effective way to protect them. In the modern drilling environment, most operators drill for considerably longer time. As a result, demand for hardbanding services has surged of late.
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