- Tubing spools find utility in sealing the annular space between tubing and casing. Different types of tubing spools are available in the market, such as steel, carbon steel, and high manganese steel tubing spools.
Key Drivers of the Global Tubing Spools Market
- Increasing investment in drilling and exploration activities at the global level is expected to boost growth of the tubing spools market.
- Large number of countries are investing in oil drilling activities. The mature oil well redevelopment process is likely to have a positive impact on the tubing spools market. Demand for oil and natural gas products is increasing significantly, which considerably impacts the growth of the tubing spools market.
Rising Number of Small-Scale Companies to Create New Market Opportunities
- The increasing number of small-scale tubing spool manufacturers globally is expected to spur the market growth.
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Extensive investment in the oil and gas industry is expected to create opportunities in the tubing spools market in the coming years.
- Single tubing segment accounted for major market share in 2020 and is expected to expand at a high CAGR during the forecast period 2020 to 2030.
Rising Raw Material Cost to Restrict Market Growth
- Metal is one of the important raw materials for tubing spools. Change in metal price at the global level is a factor restricting the market growth.
North America to Dominate the Tubing Spools Market
- North America and the Middle East region accounted for significant share of the tubing spools market, with major players operating from these regions. The U.S. accounted for major market share in North America. Rising investment in Middle East & Africa is expected to have a significant impact on the market.
- The tubing spools market in Asia Pacific is expected to be one of the fastest growing markets in the coming years. Extensive offshore drilling is likely to boost the market. China is investing in offshore drilling activities heavily which is also projected to have a positive impact on the market.
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Key Players Operating in the Global Tubing Spools Market
The global tubing spools market is fragmented in nature. Companies are signing partnerships with governments to sell their products on a larger scale. Some of the key players operating in the global tubing spools market are listed below:
- Delta Corporation
- EthosEnergy Group Limited
- Integrated Equipment
- Jereh Oilfield Equipment
- Jiangsu Sanyi Petroleum Equipment Co., Ltd
- JMP Petroleum Technologies, Inc.
- MSP/Drilex, Inc.
- Sunnda Corporation