Impact of Outbreak of COVID-19 on Pup Joint Market

Pup Joint Market: Introduction

Transparency Market Research delivers key insights on the global pup joint market. In terms of revenue, the global pup joint market is estimated to expand at a CAGR of ~7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global pup joint market report.

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In the report, TMR predicts that the global pup joint market would be largely driven by factors such as increase in demand for oil & gas and increase in number of explorations. Rise in demand for high-grade pup joints, use of advanced drilling technology, and penetration in developing nations are set to drive the global pup joint market during the forecast period.

According to the pup joint market report, the product type segment includes crossover pup joint, drill pipe pup joint, and tubing pup joint; the technology segment includes hot rolled and cold rolled; the end use segment includes oil & gas, chemical industry, mining, construction, and others. Based on product type, drill pipe pup joint accounts for major share. Increase in drilling activities in various countries contributes maximum to this segment. The segment is projected to expand at a significant rate in the near future.

The oil & gas segment holds maximum share in the global pup joint market. Economic growth and high demand for electricity has increased the demand for offshore exploration and production activities worldwide.

Volatility in raw material prices has an obvious impact on pup joint manufacturers. Fluctuating prices of raw materials have impact on the production of pup joints.

Geopolitical situations such as the ongoing troubles in Iran, and Venezuela and Qatar's exit from OPEC is likely to influence oil and gas supply. Renewable and alternative energy coupled with government pressure and environmental legislation is another threat to traditional oil & gas companies. Government and private companies are showing keen interest in exploring new oil reserves to meet future demands.

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Rising demand for oil & gas is set to increase drilling activities. New drilling technologies such as horizontal drilling and hydraulic fracturing is expected to have a positive impact on the oil & gas market. These factors are expected to drive the demand for pup joints during the forecast period.

Pup Joint Market: Prominent Regions

Middle East & Africa holds a major share of the global pup Joint market followed by Europe. Key players largely depend on geographical expansion, promotions, and technological advancements to cater to customer demand and gain a competitive edge in the global pup joint market.

Middle East & Africa accounted for approximately 30% share of the global pup joint market in 2018, followed by North America and Europe. It is anticipated to maintain its dominance in the market during the forecast period. Domestic production capacity is increasing in several countries; exploring undeveloped sites and exploring new sites for drilling is projected to generate more options for business growth.

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This release was published on openPR.