COVID-19 Impact on Oilfield Thread Protector Market
The COVID-19 pandemic adversely impacted the market in 2020 owing to the halt in construction activities across the globe. The market is expected to be volatile in the next few years due to the increase in global trade tensions with China, which is one of the major countries in the market.
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 Oilfield Thread Protector Market
Demand for oilfield thread protector is increasing in the Oil Country Tubular Goods (OCTG) industry. Oilfield drill thread protector also provides protection against corrosion, debris, and shock damage that can lead to a compromised connection, ensuring all threads remain protected prior to installation.
Oilfield thread protector provides simple mechanism to install and uninstall thread protectors with any kind of thread type in a faster and safer manner due to the low-impact installation. It also increases efficiency.
Restraints of Oilfield Thread Protector Market
Oilfield thread protector’s impact resistant ability is relatively weak. It has high shrinkage rate of dimensions during -46ºC to 66ºC.
Oilfield thread protector has high hardness. It has poor sealing effect. These are hampering the global market.
Asia Pacific to Constitute Significant Share of Oilfield Thread Protector Market
In terms of region, the oilfield thread protector market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific dominated the global market in 2020. This can be ascribed to the continuous increase in construction activities in the region along with investments by major companies in the region to increase their production capacity. Asia Pacific is the hotspot for the majority of key players to enhance their market share. This can be ascribed to the increase in construction activities in developing economies such as India.
Middle East & Africa and Latin America are also some of the key consumers of oilfield thread protectors. This can be ascribed to the presence of capital-intensive companies and low cost of labor in these regions.
On the other hand, the market in Europe and North America has been expanding at a steady pace since the last few years. Companies operating in the market are shifting their manufacturing facilities to developing economies. Thus, the market in Europe and North America is expected to exhibit minor volatility in the next few years.
Key Players Operating in Oilfield Thread Protector Market
Hunting Energy Services
National Oilwell Varco
M&P Flange & Pipe Protection Inc.
Dongying Lake Petroleum Technology CO., Ltd.
Thread Protectors, LLC
Kannans Industrial Machinery Equipment LLC
Oilfield Thread Protector Market: Segmentation
Oilfield Thread Protector Market, by Material Type
Oilfield Thread Protector Market, by Type
Oilfield Thread Protector Market, by Design
Oilfield Thread Protector Market, by Location
Oilfield Thread Protector Market, by Protection Component
Oilfield Thread Protector Market, by Region
Middle East & Africa
Oilfield Thread Protector Market: Introduction
Oilfield thread protectors are capping-like tools that are utilized for the protection of pipe threads of oil rigs while transporting oil and gas. These tools are often made of heavy-duty plastic, rubber, or metal, depending on the area and type of pipelines that require such protection at the joints.
Oilfield thread protectors are counterparts of drill pipe, tubing, and casing that help save oil from spilling during transportation. During the process of loading and unloading of oil into the carrier vessels for further transportation, pipelines from the rigs to the vessel are established, and while the pipes are joined together, oil spills may occur if proper precaution is not taken.