Rock Cutting Tools Market Research 2015 – 2023
The oil and gas industry relies heavily on rock cutting tools in both exploration and upstream activities. However, technologies used in the oil and gas sector have evolved rapidly in recent years and this has necessitated the use of advanced rock cutting tools. Greater emphasis is now being laid on equipment that is low on carbon emissions, is lighter yet rugged, and is high on the energy-efficiency quotient. Companies in the Global rock cutting tools market have been responsive to these changes in demand.
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However, according to market analysts, the rock cutting tools market will have to contend with several challenges, especially in the face of a very turbulent oil and gas sector.
Unsteadiness in Oil and Gas Sector will Impact Rock Cutting Tools Market
Onshore exploration activities are now slowing down and there is a simultaneous increase in offshore drilling activities. In any other situation, this would translate to the demand for rock cutting tools remaining steady. However, the current decline in the prices of oil and the shale gas boom in the U.S. have collectively resulted in a slowdown in the overall oil and gas industry.
This factor is already having a far-reaching effect on ancillary markets that supply products and services to the oil and gas industry. The rock cutting tools market is one such ancillary industry.
Moreover, the improved efficiency of rock cutting tools has markedly brought down the need for frequent replacements. This factor could further hamper the global rock cutting tools markets. As a result, the demand for rock cutting tools market could slow down. However, what comes as a consolation to companies in the rock cutting tools market is that stability is forecast to return to the mining sector in the next few years. This could mean a revitalized demand for rock cutting tools as mining activity gathers momentum anew.
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The energy, construction, and infrastructure development industry competes with the oil and gas industry in terms of demand for rock cutting equipment. This factor affects the bargaining power of buyers in the global oil and gas industry to a certain degree.
Rock Cutting Tools Market Faces Demand for Rugged, Durable and Energy-Efficiency Products
According to latest market estimates, heavy industries constitute nearly 50% of the total demand for rock cutting tools in the oil and gas sector globally. The major product types in the rock cutting tools market are drill bits, chisels, and hydraulic rock drills. Rock blasting is also a commonly employed method where other techniques are not feasible or economical. Drill bits are chiefly in demand in upstream activities for both offshore and onshore exploration activities. Companies in the rock cutting tools market rely heavily on raw materials such as synthetic and natural diamonds, steel and tungsten carbide. Thus, any variation in the supply of these raw materials affects manufacturing abilities of rock cutting tool manufacturers.
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Companies that have a stronghold over the global rock cutting tools market are: Mitsubishi Materials Corporation, Sandvik Mining and Construction, Nakoda Machinery Pvt. Ltd., Widespread Industrial Supplies, Inc., Gandtrack Ltd., PetroArc International, and Trow and Holden Company, among others.
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