Global Tool Joint Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Tool Joint Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Tool Joint is a threaded joint of a drill pipe that offers high strength to the threaded connections. This helps to withstand multiple cycles of tightening that lead to loosening of the threads during the drilling process.

Market Overview:

The latest research study on the global Tool Joint market finds that the global Tool Joint market reached a value of USD 153.06 million in 2022. It’s expected that the market will achieve USD 184.15 million by 2028, exhibiting a CAGR of 3.13% during the forecast period.

Tool Joint Market Drivers

A drill string undergoes higher tensile, bending, and torque stresses than standard pipe; thus, the tool joints have shoulders that provide stiffness to prevent bending and breaking.
Tool Joint is usually made of high quality structural steel after special heat treatment. These Tool Joint have the characteristics of strong strength, good toughness and long service life. At the same time, because the threads of Tool Joint are processed by CNC lathe, this ensures interchangeability. The durability, functionality and interchangeability of Tool Joint make it an important part of drill pipe.
In addition, in recent years, oil well gas drilling and production, geothermal well development and hydrological well drilling operations have been developing continuously. Various complicated and harsh working conditions such as ultra-depth, ultra-high pressure and ultra-high temperature also increase. Tool Joint, as an important part of drill pipe, is a neck joint welded with drill pipe during oil and gas drilling. The continuous development of oil and gas industry has also promoted the further growth of downstream demand to a certain extent.

Tool Joint Market Challenges

Wear and tear of products
The failure of drilling tool thread occupies a large proportion in the whole drilling tool failure accident. On the premise of qualified drilling tools, most of these failures are caused by Tool Joint wear and too large or too small screwing torque. Therefore, reducing the wear of Tool Joint is the main challenge facing the market.

Product homogenization

Product homogenization means that in the same industry, products of different brands are similar in function, appearance, production process and transmission content. With the increasing demand in the downstream market, most Tool Joint manufacturers see the profits in the industry, and they tend to reduce the production cost by imitation in order to pursue a higher market share.
Imitation production leads to serious homogenization of products in the tool joint industry, and the phenomenon that bad money drives out good money is obvious: the appearance similarity is extremely high; In terms of performance, most tool joint products pursue the characteristics of durability and high connectivity. In addition, some small and medium-sized enterprises have a weak awareness of intellectual property protection, and a large number of infringements will disrupt the market order, which is not conducive to the sound development of the industry.

Region Overview:

China had the highest growth rate of all regions.

Company Overview:

The top three companies are National Oilwell Varco, DP Master, TSC Drill Pipe with the revenue market share of 15.16%, 12.46%, 7.85% in 2020.

National Oilwell Varco LP manufactures and distributes mechanical components and integrated systems. The Company offers mud pumps, centrifugal pump, fluid transmission tools, and oilfield drilling rigs.

DP-Master (DPM) is one of the largest drill pipe manufacturers in the world. The DPM manufacturing plant is located in Jiangyin, about a 2-hour drive from Shanghai. DPMS is headquartered in Singapore with Sales and Technical Support across four core geographic regions – Europe/Africa, Asia Pacific, Middle East & South America.

Segmentation Overview:

Among different product types, Threaded Screw-on Type segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Oil segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Tool Joint market covered in Chapter 3:

TONTAN
Hilong Group
Weilida
Foremost
Penguin Petroleum Services Pvt. Ltd
Rontech
National Oilwell Varco
Oilfield-OCTG
TSC Drill Pipe
Drill Pipe International LLC
EBIC Oilfield Equipment
Command-smfi
DP Master
Hacker International, LLC

In Chapter 4 and Chapter 14.2, on the basis of types, the Tool Joint market from 2018 to 2029 is primarily split into:

Threaded Screw-on Type
Counter-bore Weld Type
Flash or Inertia Weld Type

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Tool Joint market from 2018 to 2029 covers:

Oil
Gas
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)