Increasing Production and Demand for Oil and Gas to Fuel Growth of the Oilfield Thread Protector Market
Oilfield thread protectors are capping-like tools used to protect oil rig pipe threads while transporting oil and gas. The increase in transportation and increased incidents of leakage in oil and gas pipelines and storage tank production facilities can be attributed to the growth of the oilfield thread protector market. Oil and gas exploration and production activities are increasing globally, due to rising oil and gas consumption. Oilfield drill thread protector also protects against corrosion, debris, and shock damage. Faulty connection can result in a leakage, thereby major accident; thread protector ensures that all threads are properly secured prior to installation. Effective threading also boosts productivity. All these factors are driving the oilfield thread protector market over the forecast period. On the other hand, the oil and gas industry face headwinds in extremely volatile crude oil prices. The increasing demand for transportation of oil and gas is driving the global oilfield thread protector market.
The increased investments in forthcoming pipelines in the country, the pipeline is the most cost-effective way of moving natural gas, crude oil, and petroleum products over large distances, hence driving the oilfield thread protector market. For instance, in March 2020, there were approximately 10,419 kilometres of crude oil pipelines (onshore: 9,825 kilometres and offshore: 594 kilometres), 17,389 kilometres of natural gas pipelines (onshore: 17,365 kilometres and offshore: 24 kilometres), and 14,729 kilometres of refined products pipelines in iIndia.
Rising Investment for Onshore Category in Oil and Gas Industry to Drive Growth of Oilfield Thread Protector Market
The onshore category is expected to dominate the market over the forecast period. Onshore can refer to processes that take place on land in conjunction with offshore oil, gas, or condensate production. Pipelines transport oil, gas, and condensate from the offshore production facility to the onshore terminal and processing plant. Alternatively, oil might be transported to the onshore terminal by an ocean-going tanker. The increase in onshore exploration and production projects is projected to provide significant prospects for market participants in the coming years, since these projects are paving the way for the pipeline sector to expand.
Rising Offshore and Onshore Exploration Activities in Oil and Gas Industry in Asia Pacific to Drive Growth of Oilfield Thread Protector Market
North America is expected to dominate the segment over the next five years because of the region's rapidly increasing oil and gas exploration activities. The primary factors driving the growth of the global oilfield thread protector market in North America during the forecast period are rising offshore and onshore exploration activities in the oil and gas industry and increasing investments by oil and gas market players to prevent gas leakage. Moreover, oil prices have reached a six-year high, and the oil and gas industry has made a strong comeback. North America, for example, has the longest oil and gas pipeline network, totalling 834,152.5 km (beginning in 2023), with crude oil pipelines accounting for 154,200.9 km, petroleum products pipelines accounting for 103,106.3 km, natural gas pipelines accounting for 495,555.3 km, and NGL pipelines accounting for 81,290.0 km.
The market for oil and gas leak detection in Asia Pacific will expand at the fastest rate during the forecast period. Expansion of existing pipelines and development of new ones, increased incidents of oil and gas leakages in pipelines and storage tanks at production facilities, and government formulation of stringent regulations for the implementation of leak detection technologies and systems in various APAC countries are the key factors driving market growth in this region. For instance, China has taken a significant step toward reforming its national oil and gas pipeline network by committing to purchase pipelines and storage facilities worth USD 55.9 billion through the newly formed PipeChina (391.4 billion yuan). PipeChina, formerly known as China Oil and Gas Pipeline Network, will acquire oil and gas pipelines and storage facilities from PetroChina and Sinopec in exchange for cash and pipeline shares.
Global Oilfield Thread Protector Market: Competitive Landscape
Companies in the market are launching new products while also launching collaborations, alliances, and partnership agreements. Key businesses have taken strategic steps to increase their market presence and maintain a competitive edge. Furthermore, market participants are working on product development, cooperation and partnership models, agreements, business expansion, and merger and acquisition strategies to strengthen their product portfolio and meet demand for dipropylene triamine products.
A few of the players in the oilfield thread protector market include Hunting Energy Services, National Oilwell Varco, M&P Flange & Pipe Protection Inc., Norkram Limited, Tri-Star Protectors, Caplugs, Dongying Lake Petroleum Technology CO., Ltd., Venture Steels, Thread Protectors, LLC, and Kannans Industrial Machinery Equipment LLC.
Regional Classification of the Global Oilfield Thread Protector Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Oilfield Thread Protector Market
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