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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