Registering a CAGR of 1.0% over the forecast period of 2022-2027, the global sucker rod market is anticipated to reach the market value of US$ 860.2 million in the year 2026 from US$ 854.2 million in the year 2020.
Sucker Rod Market Overview
The oil and gas business is a major engine of the global economy, and it is undergoing substantial changes that are increasing global demand. The oil and gas business is growing due to improved break-even points, increased demand for energy, and the use of technology to cut production costs. The key market dynamics fueling the oil and gas business are an increase in oil and gas production and exploration activities, increased merger and acquisition tendencies, and rising oil demand. Sucker rods are divided into two categories: type and application. The market is divided into three types: steel sucker rod, FRP sucker rod, and hollow sucker rod. The market is divided into onshore and offshore segments depending on the application. The upstream section of the sucker rod market is dominated by onshore and offshore production and exploration activities, which necessitate production equipment, structural steel, and a variety of other products and components.
Sucker rod demand is driven by rising oil and gas production and exploration operations, as well as rising investments in the services industry. During the projected period, the market is driven by an increasing demand to improve productivity from mature and new deposits, rising investments in deepwater and ultra-deepwater projects, and a growing focus on exploiting unconventional hydrocarbons. Increasing investment in the Asia-Pacific oil and gas industry, as well as major technological advancements, are promising growth prospects for the sucker rod market over the forecast period.
Industry News and Updates
02/11/2019: Tenaris to open sucker rods manufacturing facility in Conroe, Texas--
Tenaris will open its sucker rods manufacturing facility in Conroe, Texas, in July, offering customers high quality sucker rods and accessories, produced domestically, further streamlining the US supply chain. Tenaris will start preparing the mill in March, training plant employees, activating mill systems and equipment to ensure a safe startup for operations and in line with the company’s integrated principles for quality, health, safety and the environment.
What are the major Applications, Types, and Regions for Sucker Rod Market?
By Type, Sucker Rod Market has been segmented into
- Steel sucker rod
- FRP sucker rod
- Hollow sucker rod
By Applications, Sucker Rod Market has been segmented into
- No corrosion or effective suppression oil well
- Corrosive oil well
Sucker Rod Market Regional Analysis:
North America is dominating the market due to an increase in oil and gas manufacturing from the U.S. New exploration of oilfields and oil reserves in North America also propels the call for the sucker rod marketplace all through the forecast duration. Asia-Pacific is anticipated to be the second one-largest marketplace inside the global call for owing to an increasing increase in industrialization and the developing demand for natural gasoline at some stage in the forecast duration. center East & Africa is followed by the Asia-Pacific area as a result of the boom in oil & fuel exploratory tasks and the brand new improvement of oilfields within the middle East vicinity. subsequently, large growth in demand for oil & gas hurries up the call for the sucker rod market at some stage in the forecast length.
North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East & Africa
- Latin America
What is our Sucker Rod Market report scope?
Report Attributes
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Report Details
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Forecast Period 2022 to 2027 CAGR
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CAGR of 1.0% during the review period (2022 to 2027).
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By Type
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- Steel sucker rod
- FRP sucker rod
- Hollow sucker rod
- Others
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By Application
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- No corrosion or effective suppression oil well
- Corrosive oil well
- Others
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By Companies
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Tenaris, McDermott, Dover, Weatherford, Nine Ring, Kerui Group, Jiyuan Petroleum Machinery, Ocher Machinery, DADI Petroleum Machinery, John Crane, Shengli Oilfield Highland, Shengli Oilfield Freet, Yanan Shoushan, Dongying TIEREN, Shouguang Kunlong, CNPC Equipment, Shandong Molong and others.
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Regions Covered
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- North America
- Europe
- Asia-Pacific
- Rest of the World
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Countries Covered
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- US
- Canada
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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Base Year
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2022
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Historical Year
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2017 to 2021
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Forecast Year
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2022 to 2027
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Number of Pages
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118
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Customization Available
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Yes, the report can be customized as per your needs
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Key Takeaways from this Sucker Rod Report
- Evaluate Sucker Rod market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market - key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor's performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the Sucker Rod market entropy - M&As, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.
Frequency Asked Questions
What is the study period of this market?
The Sucker Rod Market is studied from 2017 - 2027.
What is the growth rate of Sucker Rod Market?
The Sucker Rod Market is growing at a CAGR of 1.0% over the next 5 years.
What regions does this Sucker Rod Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
What are the significant types of Sucker Rod Market?
Steel sucker rod, FRP sucker rod, Hollow sucker rod, Others
What are the major end-use applications of Sucker Rod Market?
No corrosion or effective suppression oil well, Corrosive oil well, Others
All our reports are customizable to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
