Global Tool Joint Market Size By Product Type (Threaded Screw-on Type, Counter-bore Weld Type), By Application (Oil, Gas), By Geographic Scope And Forecast

Tool Joint Market Size And Forecast

Tool Joint Market size was valued at USD 674.2 Million in 2022 and is projected to reach USD 1.8 Billion by 2030, growing at a CAGR of 7.6% from 2023 to 2030.

Global Tool Joint Market growth is being primarily driven by increased drilling activity as well as the development of unconventional hydrocarbon resources which are expected to boost the demand for tool joints significantly. The Global Tool Joint Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Tool Joint Market Definition

The tool joints provide high-strength, high-pressure threaded connections that are strong enough to withstand drilling and multiple thread tightening and loosening cycles. Tool joints are typically made of heat-treated steel that is stronger than the steel used in the tube body. Individual lengths of drill pipe are joined together using tool joints, which are threaded rotary shouldered connections. There are four common types of tool joints or thread forms.

Single shoulder non-API tool joints are tool joints similar to and sometimes interchangeable with API tool joints. Extra holes (EH or XH), open holes (OH), and other non-API tool joints are examples. A shoulder on the nose of the pin contacts an internal shoulder in the box in a double-shoulder tool joint. These extra shoulders help to reduce axial deformation and increase torsional strength in the pin. There are other tool joints that do not fall into the preceding categories.

Global Tool Joint Market Overview

The market overview section of this report mainly consists of the basic dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. The Global Tool Joint Market report provides an outlook on the development of the market in terms of revenue throughout the prognosis period. The Global Tool Joint Market is expected to experience remarkable growth in the upcoming years owing to the increased drilling activity as well as the development of unconventional hydrocarbon resources which are expected to boost the demand for tool joints significantly.

Another factor driving demand for tool joints is rising energy demand in the Asia Pacific, as well as increased oil and gas production in oil-importing countries to reduce trade deficits. Moreover, technological advancement and innovation will further optimize the product’s performance, making it more widely used in downstream applications which are expected to provide profitable opportunities to the market players in the Global Tool Joint Market during the forecast period. However, a lack of skilled mechanics is expected to hinder the growth of the Global Tool Joint Market over the forecast period.

Global Tool Joint MarketSegmentation Analysis

The Global Tool Joint Market is segmented on the basis of Product Type, Application, And Geography.

Tool Joint Market, By Product Type

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

Based on Product Type, The market is segmented into Threaded Screw-on Type, Counter-bore Weld Type, and Flash or Inertia Weld Type. the Threaded Screw-on Type segment accounts for the highest revenue share of the Global Tool Joint Market in 2020 and is expected to dominate the market over the forecast period owing to its increased demand for wide applications in the oil and gas industry. These factors are driving the growth of this segment.

Tool Joint Market, By Application

• Oil
• Gas
• Others

Based on Application, The market is segmented into Oil, Gas, and Others. The Oil segment is expected to hold the largest revenue share of the Global Tool Joint Market during the forecast period. The increase in demand for tool joints is rising energy demand in the Asia Pacific, as well as increased oil production in oil-importing countries to reduce trade deficits which will drive the market growth of tool joints in this segment during the projected period.

Tool Joint Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, The Global Tool Joint Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Among the regional markets, Asia-Pacific accounts for the largest revenue share in Global Tool Joint Market in 2020 and is expected to retain its dominance throughout the forecast period. The revenue growth in the Asia-Pacific market is mainly attributed to the increase in demand for tool joint is rising energy demand, as well as increased oil production in oil-importing countries to reduce trade deficits across the region.

Key Players

The “Global Tool Joint Market” research report will offer useful information with a focus on the global market. The major players in the market are Hacker International, LLC, Penguin Petroleum Services Pvt. Ltd, Maier GmbH &Co. KG, EBIC Oilfield Equipment, Copeland Supply Co., Inc., TONTAN, Oilfield-OCTG, National Oilwell Varco, Arnco Technology Trust Ltd., TSC Drill Pipe.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In July 2020, Maier wined the Innovation Awards Ostwuerttemberg 2020 for Talents and Patents for their product “Link C” in the category “Patents”.
• In August 2019, Maier GmbH & Co. KG Maschinenfabrik expanded its international business by establishing the new subsidiary Maier Rotary Joints Singapore Pte Ltd. Following the establishment of subsidiaries in Italy (Maier Italia S.r.l.), the United States (Maier America LLC), and China (Maier Rotary Joints (Kunshan) Co. Ltd.), the fourth branch in Singapore completes Maier rotary joints’ global presence and availability.

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