The North American region accounts for a significant share of the global oilfield roller chain market with rapid growth in the oil and gas industry in the region. The market in the Middle East and Africa is also likely to witness a lucrative growth in demand for casing spools due to the presence of high number of oil and gas industries in the region. The Asia-Pacific region is expected to witness surge in oil & gas consumption during 2022. Thus, increasing the rig count where oilfield roller chain is used primarily will create new opportunities for the market. Also, the global oilfield rolled chain market is expected to reach $430 million by 2022, attributed to the rising production and consumption across the globe.
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The rapid industrial developments and urbanization across the globe has led to an ever increasing rise in demand for fuel in the market. As a result, there is a surge in the number of exploration activities by the different oil and gas companies and this has played a major role in driving the demand for oilfield roller chain across the globe. These roller chains are important in lifting heavy loads during the exploration activities. The single and multi-stranded chains are mainly employed for hosting and mud pump drive operations. Several major manufacturers are investing on developing better quality roller change with high mechanical strength and durability and this is expected to boost the market in near future. However, the oilfield rollers are highly dependent over the exploration and drilling activities. The fluctuating prices of crude oil will eventually lead to the hike in operational cost of drilling & exploration. This may hamper the growth of the global oilfield roller chain market.
Companies covered in the market report are Diamond Chain Company , Tsubakimoto Chain Co., Rexnord Corporation, Emerson Bearing Company, Rombo, Zhejiang Gidi industrial Chain Co., Ltd. Flowtools Middle East LLC, Renold plc, Wippermann jr. GmbH, Daido Kogyo Co. Ltd., Hale Brothers Inc., Hengjiu Group, and Sugiyama Chain Co., Ltd..
COVID-19 scenario analysis:
The outbreak of the COVID-19 pandemic has severely affected the oilfield roller chain market.
- Due to the nationwide lockdowns imposed by the governments in order to contain the virus, major business activities and the normal outdoor lifestyle of common people were at a halt. This has caused a significant decrease in the demand for full and this has consequently affected the demand for oilfield roller chain in the market.
- Moreover, the exploration activities of major companies were also affected due to the lack of workforce caused as a result of the lockdowns and travel restrictions. This has also caused serious effects on the oilfield roller chain market.
- Also, demand and supply chain disruptions during the COVID-19 period may lead to price changes of the oilfield roller chain market. This may restrain the new players from entering into the market due to high investment risks and other economic constrains.
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Key benefits of the report:
- This study presents the analytical depiction of the global oilfield roller chain industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global oilfield roller chain market share.
- The current market is quantitatively analyzed from 2021 to 2029 to highlight the global oilfield roller chain market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global oilfield roller chain market analysis based on competitive intensity and how the competition will take shape in coming years.
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