Rock Cutting Tools Market to Increase at Steady Growth Rate upto 2023

Heavy industries hold over 50% revenue share in the rock cutting tools market for oil and gas and mining industries. To explore natural resources of oil and gas, these tools operate under severe conditions such as under the sea beds or landscapes. This factor is raising a requirement for more efficient equipment. In mining sector, these rock cutting tools are used to drill and extract metals and minerals but new technology such as rock blasting, water hydraulic rock drills, and vibration assisted tools are taking over. Moreover, use of other non-conventional energy resources and regulations to reduce carbon emission is on the rise worldwide. All these factors are expected to affect the market for rock cutting tools used in oil and gas industry.

This report is a thorough study of current trends in the market, growth drivers in the industry, and restraints. It provides market projections for the future. It includes analysis of recent developments in technology and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

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Global Rock Cutting Tools Market for Oil and Gas and Mining Industries: Opportunities and Restraints

The discovery of new reserves of natural resources, especially of shale oil in various regions around the world, is one of the prime factors raising the demand for rock cutting tools for the oil and gas and mining industries. Oil and gas and mining projects are carried out under hostile conditions and include cutting into the rock covering the digging surfaces on lands or sea beds. Only a few types of efficient equipment can perform these tasks and there is a need for more innovative tools. Only a few major players in the heavy industry hold more than 50% of the global revenue in the market. Both these conditions of discovery and lack of competition are creating an opportunity in the rock cutting tools market for oil and gas and mining.

Apart from discovery and exploration of natural resources, the mining sector is another major user of rock cutting tools. The mining is done for the extraction of metals, minerals, coal, and precious stones among others. Rock cutting tools are also frequently used in the construction sector. New shale oil resources found around the world need to be explored with the help of these rock cutting tools. Also, rise in population is raising the demand for oil and gas and mining byproducts. These two factors are expected to sustain the global demand for rock cutting tools.

Global Rock Cutting Tools Market for Oil and Gas and Mining Industries: Geographical Outlook

Economic slowdown due to reduction in growth rate of China and economic crisis faced by Europe is leading to a reduction in demand of rock cutting tools for oil and gas and mining industries. Moreover, several countries are shifting their focus on other non-conventional resources of energy, resulting in a slowdown in requirement of rock cutting tools.

Rise in population, especially in India and China, has affected the demand of power supply. These developing nations are trying to increase their supply capacity to control the fluctuations in power supply currently.

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Companies mentioned in the research report

In order to provide an insight into the competitive landscape, the report profiles some of the prominent names in the rocket cutting tools market for oil and gas and mining industries. They are: Gandtrack Ltd., Sandvik Mining and Construction, Mitsubishi Materials Corporation, TFT-PNEUMATIC, PetroArc International, LLC, Trow and Holden Company, Nakoda Machinery Pvt. Ltd., and Widespread Industrial Supplies, Inc.

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This release was published on openPR.