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A pup joint is a pipe of basically a type of non-standard length, which is used to adjust the length, specifically tubular strings to its customization requirement. Furthermore, API casing and tubing pup joints are manufactured generally according to API Spec 5CT using prime API monogrammed, seamless oil country tubing. It is also used to adjust the height of full-length casing and tubing. These joints are mainly used as a depth identifier, such as the drill string, production tubing, or casing. A pup joint offers a wide range of applications in the energy sector, including renewable, coal, and gas, such as interconnect flowline, full traceability, and customized length adjustment according to their needs.
The COVID-19 has extremely affected the economy in the world in a negative way, hence the pup joint market also got affected abruptly and experienced a slowdown in the generation of revenue. There were strict regulations by governments of various countries, which caused reduction in demand for pup joints in the current scenario. Furthermore, industries are focusing on innovations during the lockdown situation, such that it could help gain attention of majority of the players during the forecast period.
The key factors affecting the industry include the recent technological advancements in drilling techniques, and quicker industrialization in the developing countries, is anticipated to boost the industry in the forecast period. Furthermore, the rise in the population which would boost in the demand for the natural gas and the oil are anticipated to help the pup joint market flourish in the next few years. The growth in the demand for high-grade pup joints within various industry verticals would boost the market in the coming years. Additionally, the growth in the energy consumption, economic development of the shipping industry, and surge in the seaborne trade are the major factors that propel the demand for pup joints in the next few years.
The global pup joint market trends are as follows:
Major companies are focusing on the up gradation according to the need in the market in the coming years. The key players are focusing on bringing up the products which are the need of the hour which would help the industry in the next few years. For instance, Ace Oil Tools had launched its new Ace Splice Clamp (ASC) to the completions market. Allowing multiple lines to be spliced with a single clamp, the ASC is a “sub-less” downhole product that protects the control lines during completion.
Combining the functionality of a shrouded crimp clamp with a splice sub into one single product, the Ace Splice Clamp accepts a flat pack control line assembly. The design protects bare control lines and houses the splice blocks. The splice blocks can be provided by different vendors installing monitoring devices or can be hydraulically operated. By attaching the ASC to the tubing or a pup joint, the Ace Splice Clamp provides the same reliability and functionality that is usually offered by subs. The boost in the number of launches would help the industry propel in the coming years.
The boom in the demand for the pup joint to be utilized for the untapped business, are the main arena focused by the key players, and hence are bringing up the advancements in the coming years. The major players are focusing over bringing up increase in the number of acquisitions, such that there is an increase in the revenue generation, by utilizing the distribution channels of the acquired companies. This would help the industry propel in the next few years.
For instance, Forum Energy Technologies, Inc. (FET) announced the acquisition of SVP Products Inc., a leading provider of high pressure flow control equipment and products utilized in hydraulic fracturing and flow back of oil and gas wells. The company sells Forum’s Wood Flowline and Phoinix product lines, including swivels, plug valves, relief valves, chokes, pup joints and manifold trailers from three facilities in North, East and West Texas.
SVP also performs critical repair and recertification services of these products from its stores as well as from its fleet of mobile units. SVP’s customer relationships and service capabilities strengthen Forum’s Production and Infrastructure division, which provides completion products, engineered process and production systems, measurement and monitoring systems, construction and field services, and a full range of valve and other flow control products.
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Key Market Segments
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