Rock Cutting Tools Market Segment Forecasts up to 2023
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.
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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.
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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.
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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.
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