The non-magnetic drill collars market is projected to register a steady CAGR during the forecast period. Increasing investments in oil & gas exploration and production and geographical expansion of oilfield services are driving the demand for non-magnetic drill collars.
The global Non Magnetic Drill Collars Market is projected to exhibit considerable growth during the forecast period, 2022-2032. The usage of these tools in drilling oil and gas wells has grown extensively over the years owing to the numerous advantages they possess in comparison to traditional drill collars. These drill collars feature specially designed alloyed steel that is nickel, chromium, and molybdenum based which provides maximum corrosion protection and durability. Generally, they have thick wall thickness that increases torque while drilling, offering an improved precision and functioning. The high tensile strength properties of non-magnetic drill collars make them the best candidate for usage in difficult operations that are, drilling under extreme temperatures, and in hard and corrosive well environments. Besides, this, the introduction of steerable motor systems and the increase in horizontal drilling activities has augmented the market growth of the non-magnetic drill collars.
Furthermore, the superior grade offerings of non-magnetic drill collars and the rising demand for offshore drilling activities possess immense growth opportunities for the non magnetic drill collar market during the forecast period. The stringent regulations of environmental safety and usage of appropriate tools to perform energy exploration, is boosting the demand for nonmagnetic drill collars. Additionally, national oil companies and well development
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Region Segment Review:
Global nonmagnetic drill collars market can be divided into North America, Europe, Asia Pacific and Rest of the World. North America is the largest region in terms of utilisation of nonmagnetic drill collars. The increase in energy exploration activities in the US and Canada is likely to drive the regional market. In Europe, the UK and Norway are significant utilisers of nonmagnetic drill collars. Well logging activities in the North Sea and offshore activities by the Norwegian Oil and Gas company Statoil ASA are likely to provide a boost for the market in the region.
The Asia Pacific is estimated to be the second largest region in terms of market utilisation. Rising oil and gas production activities in China, Indonesia and Malaysia will help the regional growth in near future. Rest of the World (RoW) includes Latin America, Africa and Middle East countries. Brazil, Mexico and Columbia are leading utilisers of nonmagnetic drill collars in the region. Additionally, presence of petroleum reserves in Iraq, Qatar and Kuwait is likely to provide growth opportunities for the market in this region.
Key Company
Vallourec
Schoeller-Bleckmann
Drilling Tools International
NOV
Hunting Energy Services Inc.
Stabil Drill
RDT-USA
ACE O.C.T.G. Ltd
JA Oilfield Manufacturing, Inc.
API Engineering Ltd.
Zhong Yuan Special Steel
Shanxi Fenglei Drilling Tools
Shanxi YIDA Special Steel Group
Henan Shenlong Petroleum Drilling Tools
Dezhou Dana’s Petroleum Technology Service
Inner Mongolia North Heavy Industries Group
Jiangsu Elite Petroleum Technology
DP-MASTER
Market Segmentation (by Type)
Low Carbon Stainless Steel
Titanium alloy
Market Segmentation (by Application)
Oil Drilling
Underground Thermal Well
Others
Geographic Segmentation
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Impact of COVID-19 Pandemic on the Non Magnetic Drill Collars Market:
The COVID-19 pandemic has had a significant impact on the global non-magnetic drill collars market. The market has experienced decreased demand due to the pandemic as it has disrupted worldwide business activities. In 2020, the market was significantly hit as a result of reduced capital investments and restricted operations of the oil and gas sector. Furthermore, the pandemic has also caused delays in product delivery as shipping and other transport services have come to a standstill in some countries.
However, experts believe that once the pandemic is over, the non-magnetic drill collars market will experience a surge in demand from the oil and gas sector. The market is also expected to be driven by technological advancements in non-magnetic drill collars used for borehole operations.
Key Benefits for Stakeholders
- This report provides a detailed quantitative analysis of the current the non magnetic drill collars market trends and forecast estimations from 2022 to 2032, which assists to identify the prevailing market opportunities.
- An in-depth market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global the non magnetic drill collars market is provided.
- The projections in this report are made by analyzing the current trends and future market potential from 2022 to 2032, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of the non magnetic drill collars market.
- It can offer insights into the changing dynamics of the global non magnetic drill collars and identify key growth areas.
- The report can assist investors and manufacturers to identify key products and regions where investment should be made for maximum returns.
- It also provides insights into the competitive landscape and strategies of the key players in the non magnetic drill collars industry.
Non Magnetic Drill Collars Market Challenges:
- Difficulty of Installation: Installing non-magnetic drill collars can be difficult due to their smaller size and weight. The drill bits used to install them need to be designed specifically for these collars and require an experienced and skilled operator.
- Risk of Cross Threading: It is easy to cross thread the non-magnetic drill collar due to their smaller size. This can lead to extensive repairs and downtime.
- Risk of Damage Due to Heat: Non-magnetic drill collars can be damaged due to high heat exposure during drilling operations, which can cause the metal to become brittle and eventually fail.
- Increase in cost of raw materials: Non-magnetic drill collars are made with high grade steel which is a costly and expensive raw material. The increase in cost of raw materials affects the pricing of the product and restricts the market growth.
Non Magnetic Drill Collars Market Regional Analysis:
Non Magnetic Drill Collars market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. Asia Pacific is expected to be the major revenue share holder in the global Non Magnetic Drill Collars market. The growth of this region is driven by increase in demand for these
Outline of Major Chapters:
Chapter 1: Introduces the definition of Non Magnetic Drill Collars, market overview.
Chapter 2: Global Non Magnetic Drill Collars market size in revenue and volume.
Chapter 3: Detailed analysis of Non Magnetic Drill Collars manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Sales of Non Magnetic Drill Collars in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Global Non Magnetic Drill Collars capacity by region & country.
Chapter 9: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 10: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 11: The main points and conclusions of the report.
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