Wednesday, 20 January 2016

Dwindling Oil and Gas Market Limiting Growth of Global Oilfield Consumables Market

Used for purposes such as tightening, fixing, adjusting, and loosening major components in machines used in the industry, oilfield consumables play an important role in the overall production of oil and gas from a reserve and also affect the overall development of the global oil and gas industry.

The global oilfield consumables market has observed steady growth over the past few years. However, as the market depends directly on the developments in the global oil and gas market, which is currently following a rough growth patch due to continuously falling oil prices, the market for oilfield consumables is projected to be severely affected as well.

What is driving the Market?

The mounting demand for energy from the global population, discovery of new reserves of oil and gas across the globe, and rising prevalence of use of advanced hydraulic fracturing and horizontal drilling processes are the key factors driving the global oilfield consumables market. The rapidly shifting focus on more productive oil wells to boost oil and gas production is also expected to reinstate the global demand for oilfield consumables.

However, the continuously falling prices of fuel on a global front have led many major oil and gas producers wrap a number of their highly anticipated oil and gas recovery projects across the globe. The situation of uncertainty about future fuel prices that currently hovers upon the global oil market can pose restraints to the growth of the global oilfield consumables market to a certain extent. As major oil companies scrap recovery and drilling projects for cutting costs, the market for oilfield consumables is projected to go through a rough growth path for a few years in the future, until the market becomes stable and oil prices rise again to a decent level.

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Geography-wise, the global oilfield consumables market has the highest stake in the regions including U.S., Mexico, and Canada. Regions such as Europe, Middle East, and Latin America, which have major oil and gas producing countries such as Germany, U.K., Russia, Saudi Arabia, Ukraine, Argentina, Iran, and Algeria, are also huge markets for oilfield consumables. In the recent years, the market in Asia Pacific, especially the countries Australia, India, China, Indonesia, and Kazakhstan, has also presented major growth avenues for the oilfield consumables market.

Oilfield Consumables Manufacturing Companies Foray into Other Industries to Sustain Finances

Owing to the current uncertainty in the global oil and gas market, a situation that has severely affected the overall demographics of a number of industries directly dependent on it, many oilfield consumables manufacturers have started venturing out of the industry and have begun diversifying their portfolios. Thus, many oilfield consumables manufacturers now also offer products for industries such as construction and automobiles. Some of the key stakeholders in the market are Southwest Oilfield Products Inc., Accurate Oilfield Supply, Project Sales Corporation, HiTEK Urethane Global, Craig International Supplies Ltd., Gaffney-Kroese Supply Corporation, Wildcat Minerals LLC, Safar Oilfield Services, and Task Synergy Group

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