The growth of the market can be attributed to several factors, including the increasing demand for safety tools and equipment in drilling machinery systems, the surge in demand for safer oil excavation, and the increasing demand for oil production due to excessive consumption of oil and petroleum products in various end-user industries such as automotive, textile, and chemical industries.

Additionally, the advancement of drilling rig equipment and tools is being ensured through increasing investment, government support, and private financial aid to the oil & gas industry. Technological advancements in product development further substantiate the growth of the global oilfield thread protectors market in the next five years. Furthermore, cost efficiency remains a significant challenge for the oil and gas industry, with the cost of the complete oil production process being high, and market players requiring heavy investment to sustain their procedures. Recent hikes in oil prices confirm the increasing investment required for the processes and the financial aid required for equipment manufacturing and support, thereby supporting the growth of the global oilfield thread protectors market in the forecast period.

Also, rising concerns regarding oil spills and thus caused adverse effects also aid the growth of the global oilfield thread protectors market in the forecast years, until 2027. Oilfield thread protectors are responsible for the safety of the oil leaks and oil spills during the excavation of the oil from reserves and their transportation. Therefore, rising concerns among the excavators and environmentalists reflect on the market growth.

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The global oilfield thread protectors market is categorized based on material type, type, design, location, protection component, regional distribution, and competitive landscape. Material type is divided into rubber, plastic, and metal, with plastic expected to hold the largest revenue shares of the market in the next five years due to its heavy-duty use for safety purposes and higher safety standards. Rubber material is also projected to grow significantly in the next five years because of its application in protecting offshore rig pipes, which experience less wear and tear than metal thread protectors.

Location-based segmentation analyzes the market growth between onshore and offshore locations. Onshore locations are expected to hold the largest revenue shares of the market and dominate the segment in the upcoming five years due to the increasing onshore oil excavation. The growing concerns about oil spills on the drill floors that can cause accidental slips and falls are further driving the growth of this sub-segment and market.

Some of the market players, dominating the global market are :
• Hunting Energy Services
• National Oilwell Varco
• M&P Flange & Pipe Protection Inc.
• Norkram Limited
• Tri-Star Protectors
• Caplugs
• Dongying Lake Petroleum Technology CO., Ltd.
• Venture Steels
• Thread Protectors, LLC
• Kannans Industrial Machinery Equipment LLC

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“North America region is anticipated to hold the largest market growth in the upcoming five years due to increased oil production and surging demand for the petroleum products in the countries like the United States, Mexico, and Canada. Increasing demand for the safety equipment looking at the alarming counts of oil spills and thus caused disasters to the marine life and human lives, is also anticipated to support the growth of the global oilfield thread protectors market in the next five years. Moreover, presence of difficult terrain in the region and surging demand for the higher production capacity of the existing reservoirs is also aiding market growth. Factors like government initiatives to support the industry and the equipment manufacturing segment further substantiates the growth of the global oilfield thread protectors market in the upcoming five years. Although various industries were affected due to regressed production and manufacturing of various equipment, the future growth for the market depends on further discoveries of oil reserves even in the fragile environments to sustain the growing demand for oil & gas. Thus, demand for safety equipment like oilfield thread protectors is bound to increase and sustain market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Oilfield Thread Protectors Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By Material Type (Rubber, Plastic, Metal), By Type (Pin Protectors, Box Protectors), By Design (Open End, Closed End), By Location (Onshore, Offshore), By Protection Component (Drill Pipe, Drill Collar, Tool joint, Casing, Tubing, Others), By Region”, has evaluated the future growth potential of global oilfield thread protectors and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global oilfield thread protectors market.
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