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Global Superhard Materials Market To Witness Augmented Demand From Oil And Gas Drilling Activities, Escalating Number Of Mining Projects To Propel The Industry Trends

Author : Rahul Varpe | Published Date : 2019-03-26 

Rapid expansion of the automobile, manufacturing and other industrial sectors have consistently provided a positive impetus to the overall superhard materials market revenue, which reached nearly USD 4.5 billion in 2017 owing to the high performance characteristics of these materials. Superior strength, resistance to wear against tough surfaces and better mechanical performance have made different superhard materials ideal for utilization in cutting as well as shaping and scratching of any parts or objects.

The superhard materials industry has been thriving on account of the extensive drilling, mining, grinding and turning activities across various segments and also in protective coatings for metal surfaces. Widescale oil drilling and mining activities have created immense opportunities for the superhard materials market, where drilling hard onshore and offshore surfaces for oil, natural gas and minerals necessitate the use of unbreakable drill bits and equipment.

Report Metric                                  Details
Market Size available for years    2018-2025.
Base year considered                   2017
Forecast period                              2019–2025
Forecast Value                               6.5 Bn (USD).
Segments covered                         Form, End-user, Application and Region
Geographies covered                     Asia Pacific, North America, Europe, The Middle East, Africa, and South America.
Companies covered                        ement Six, Zhongnan Diamond, JINQU Superhard, Huanghe Whirlwind, Zhengzhou Zhong Peng, Yalong Superhard Materials, Anhui HongJing, and  SF-Diamond.

To access a sample copy or view the Superhard Materials Market report in detail along with the table of contents, please click the link below: www.gminsights.com/request-sample/detail/1598

Superhard materials such as polycrystalline diamond are vastly used for drilling operations throughout the world, as they enable exploration of oil and natural gas near remote areas of the earth. The huge revenue potential for the superhard materials market can be surmised from the fact that the daily consumption of oil globally is expected to reach 109 million barrels by 2035, with the continuous evolution of the transportation and manufacturing industries. Drilling operations are largely carried out in the Gulf and near desert regions in the Middle East, in different areas of the Asia-Pacific, Northern parts of Europe, near the U.S.-Mexico Gulf coasts and other resource-rich sites. Distinct surface features and weather conditions present challenging tasks for oil companies to perform drilling activities and the superhard materials market has benefited from the enormous requirement of sturdy drill rigs.

The announcement by Saudi Aramco, emphasizing the gradual recovery of oil prices around the globe, is supposedly aligned with the targets and compliance of the grand Saudi Vision 2030 which is aimed at an overall development of the region. Similar missions and goals followed by other oil conglomerates across different regions will further advance the superhard materials market over the coming years. Other factors will affect the industry growth as well, for instance the increasing frequency of natural disasters striking the U.S. and other American coasts. The National Ocean Industries Association in the U.S. has been propagating offshore oil drilling away from the Gulf of Mexico, since most of the offshore drilling by U.S. is done in hurricane prone areas.

As nearly 94% of the U.S. Continental Shelf is not yet allowed to be drilled, the U.S. administration’s January announcement, which revealed a five-year plan to expand the drilling in U.S. continental waters, will generate additional demand for the superhard materials industry. The remarkable growth of the mining sector will also contribute towards the earnings of the superhard materials market, as high-level technologies and majority of industries support the mining of minerals and metals ores. Countries like Russia, Finland and Turkey in Europe have prime mining locations of the region, where the industry has become one of the most modern and innovative sectors. Efforts to boost the industry, such as Turkey’s USD 1.06 billion funds allocation for the energy and mining sector, will provide notable returns for the superhard materials market.

Development of improved materials that rival the hardness of diamond or boron nitride products will drive innovations in the superhard materials industry, for cutting and drilling in situations where the above materials could fail. With accelerated progress of the oil & gas drilling sector along with the highly critical mining industry, the superhard materials market is estimated to witness a robust 5.5% CAGR from 2018 to 2025. Companies like Sandvik, FUNIK, Element Six, Zhongnan Diamond, Zhengzhou Zhong Peng, ILJIN Diamond, Huanghe Whirlwind and Besco Superabrasives are some of the key players sustaining the dynamic 
 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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