Oil & Gas Milling Market – Global Industry Analysis and Forecast (2023-2029) by Type, Application and Region

Oil & Gas Milling Market was valued at US$ 133.81 Bn. in 2022. The Global Oil & Gas Milling Market size is estimated to grow at a CAGR of 6.2% over the forecast period.
Oil & Gas Milling Market Overview:
Milling is the machining technique of removing material from a work piece with rotary cutters that advance in a direction that is at an angle to the tool's axis. From small individual pieces to huge heavy-duty milling operations, it encompasses a wide range of procedures and machinery. Milling operations are crucial in the oil and gas industry to reduce natural resource loss and offer a safer working environment for employees.

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2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2021 is a year of exception and analysis, especially with the impact of lockdown by region.
Oil & Gas Milling Market Dynamics:
Both personal and process safety are crucial for the continued development of natural gas and oil, which provide the basic items that make contemporary living possible. The rise of the oil & gas sector to offer a safer workplace for employees is driving the global oil & gas milling market. Government agencies such as the United States Department of Labor's Occupational Safety and Health Administration (OSHA) have put laws on the oil and gas industry in an attempt to limit the number of fatal incidents.

Due to milling operations requiring a variety of components, the milling equipment market can be divided into types such as end mills, roughing end mills, slab mills, thread mills, hollow mills, shell mills, cement mills, taper mills, and pilot mills. The rise of the oil and gas industry is primarily responsible for the milling equipment market. The milling equipment market reflects the oil and gas industry's growth tendencies. As a result of new offshore explorations, these equipment are in high demand as a safety precaution. As a result, the market for these devices is expected to grow at respectable rates through the forecast period.

New entrants to the market are expected to face a number of challenges, including high operational costs and differing environmental legislation in different nations across the globe. In addition, the market is developing new technologically advanced items as a result of increased research spending in this sector. In order to determine the need for proper milling gear, technically skilled individuals must evaluate and present actual evidence of good pressure and extraction procedures.

Impact of Covid-19:

The new coronavirus is an unprecedented worldwide pandemic that has spread to over 180 nations and resulted in massive human and economic losses across the globe. Because of its reliance on the oil & gas, energy, and power industries, the oil and gas milling market has been significantly impacted by the COVID-19 epidemic. With an average decrease of -2.87% in 2020, the oil and gas sector is one of the hardest hit. More than a hundred nations have closed their international borders to non-essential trade and transit, causing demand-supply disruptions in the oil and gas processing industry.

The prolonged shutdown of oil refineries during the COVID-19 era lowered the consumption of oil and gas milling in onshore sites for pressure recovery applications. In April 2020, the refineries of the central public sector enterprise (CPSE) produced 7,036.12 thousand metric tonnes (TMT) of crude oil, which is 28%less than the target for the month and 37% less than the production in the same month of 2019. However, the oil and gas milling market is expected to develop in the post-COVID-19 scenario due to rising global energy demand and fuel consumption.
Oil & Gas Milling Market Segment Analysis:
The Oil & Gas Milling Market is segmented into type and Application. The type segment is further segmented into End Mill, Roughing End Mill, Slab Mill, Thread Mill, Hollow Mill, Shell Mill, Cement Mills, and Taper Mills. The Application segment is further segmented into Oil and Gas. The End Mill segment held the largest market share, accounting for 29% in 2021, and continue to dominate the worldwide market over the forecast period. The Characteristics like low rigidity, excellent chip disposability, and low cutting resistance are boosting the product demand.
Oil & Gas Milling Market Regional Insights:
The North American region held the largest market share accounting for 36% in 2021. Strong industry growth in North America is driven by rising demand for commodities and energy in the region. The Asia Pacific region is expected to witness significant growth at a CAGR of 5.9% during the forecast period. The market for oilfield services in the APAC region is expected to grow as the efficiency of exploration and production activities in onshore and offshore locations improves. China, Australia, Malaysia, and Indonesia have traditionally had a high demand for oil and gas output. During the forecast period, this is expected to present an opportunity for the Global Oil & Gas Milling Market.

The objective of the report is to present a comprehensive analysis of the global Oil & Gas Milling Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Oil & Gas Milling Market dynamic, structure by analyzing the market segments and projecting the Oil & Gas Milling Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Oil & Gas Milling Market make the report investor’s guide.
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Oil & Gas Milling Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 133.81 Bn.


Forecast Period 2023 to 2029 CAGR:
6.2%
Market Size in 2029:
US $ 203.87 Bn.


 Segments Covered:
by Application
• Oil
• Gas


by Type
• End Mill
• Roughing End Mill
• Slab Mill
• Thread Mill
• Hollow Mill
• Shell Mill
• Cement Mills
• Taper Mills



Oil & Gas Milling Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Oil & Gas Milling Market Key Players
• ISCAR Ltd.
• Schlumberger Limited
• SECO Tools India (P) Ltd.
• BIG KAISER Precision Tooling Inc.
• Sandvik Coromant.
• National Oilwell Varco Inc.
• Bittekhnika
• Kennametal
• Halliburton

Frequently Asked Questions:

1] What segments are covered in the Oil & Gas Milling Market report?
Ans. The segments covered in the Oil & Gas Milling Market report are based on the Type and Application.

2] Which region is expected to hold the highest share in the Oil & Gas Milling Market?
Ans. The North America region is expected to hold the highest share in the Oil & Gas Milling Market.

3] What is the market size of the Oil & Gas Milling Market by 2029?
Ans. The market size of the Oil & Gas Milling Market by 2029 is expected to reach nearly US$ 203.87 Bn.

4] What is the forecast period for the Oil & Gas Milling Market?
Ans. The forecast period for the Oil & Gas Milling Market is 2023-2029.

5] What was the market size of the Oil & Gas Milling Market in 2022?
Ans. The market size of the Oil & Gas Milling Market in 2022 was valued at US$ 133.81 Bn.