Supply gap due to production halt brought about by COVID-19 pandemic is expected restrict sales growth. However, the rising demand for coal tar products from the healthcare sector is expected to stabilize market growth during the forecast period.

Increasing raw material prices is expected to hinder market growth. Furthermore, short term demand drops from the industrial segment due to COVID-19 lockdowns is expected to decline circuit breaker sales.

The expanding offshore drilling operations carried out under high-pressure and high temperature conditions, has resulted in the demand for choke and kill manifolds to witness a significant rise.

Oil country tubular goods are likely to be accelerated through an anticipated recovery of crude oil prices and strategic measures taken by the companies operating in the upstream sector to increase the E&P activities.