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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