Global Well Casing Market 2024 – 2033

Reports Description

According to Custom Market Insights (CMI), Well Casing Market offers a comprehensive and deep evaluation of the market’s stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis. Research shows that the Well Casing market was estimated at around USD 8.45 billion in 2021, growing at a CAGR of nearly 7.5% from 2022-2030. The market is projected to reach approximately USD 18.23 billion by 2030.

Well Casing Market: Overview

Large-diameter tubing placed into the bore well’s drill area is called casing. Cement and other materials between the casings and wellbore are typically used to hold this casing. Well-casing is regarded as a key component of the well-completion process. It reinforces the well’s walls and provides structural support. Additionally, it stops other fluids or gases, such as groundwater, surface water, and others, from entering the well. Furthermore, it guards against damage to machineries like pumps and rising mains.

Well Casing Market: COVID–19 Impact Analysis

The rapid spread of the coronavirus pandemic has significantly influenced the demand for gas in the major natural gas-consuming states and cities of developing economies. Due to the decreased demand and disruptions throughout these regions with extensive gas pipeline networks, LNG imports have also been impacted. These and other factors have made the prognosis for the good casing sector difficult in recent months.

However, the mining industry’s recovery from the COVID-19 issue may help the economy recover shortly. Additionally, the positive financial Outlook is anticipated to support mining businesses’ resilience as they deal with the pandemic’s effects on their daily operations. This aspect can increase the need for casing pipes and other equipment for mining wells worldwide.

Well Casing Market: Growth Drivers

The Surge in Demand for Energy Worldwide

The well-casing market share will benefit from the rising domestic electricity consumption during the projection period. Consider the widespread use of domestic equipment in developing countries, such as refrigerators, toasters, kettles, microwaves, and blenders. In the coming years, the market will notice robust expansion thanks to the expanding adoption of several government programs to promote electrification.

High Capital Investments in Developing Economies

The well-casing market trends will pick up speed due to increased income in developing countries and capital expenditure in the power sector. The market will expand quickly in the next year thanks to the increasing investment made by major offshore oil and gas development participants. In the Arabian Gulf, for instance, Kuwait Oil Company (KOC) won a contract for integrated offshore drilling services for six high-pressure, high-temperature exploratory wells on two jack-up rigs. For managing drilling, fluids, wireline and perforating, well testing, cementing, and all offshore logistics services, KOC will receive help from the Halliburton firm.

Well Casing Market: Segmentation Analysis

The Well Casing market is segmented into equipment and application. By 2030, the well-casing market segment will have the biggest market share. The well is primarily supported by the casing equipment since, without support, the well’s raw side would collapse. Conductor casing, surface casing, intermediate casing, production casing, and liner are a few of the several types of casing. They are utilized in line with the well’s characteristics. The casing is an expensive technique since it must be done on several layers. So, the casing has a bigger market share in the well-casing industry.

The offshore category is anticipated to increase the fastest during the projected period. The main factors driving this segment’s growth are the offshore oil and gas projects’ cost-cutting and digitalization. In the end, this would open up new revenue opportunities for the well-casing and cementing industry during the anticipated timeframe. As a result of their planned exploration and drilling initiatives for the upcoming years, new oilfield finds in offshore regions are likely to expand drilling activities, particularly in North America. These offshore advancements are propelling the well-casing market.

Report Scope

Key Insights:

• As per the analysis shared by our research analyst, the Well Casing market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2022-2030).
• In terms of revenue, the well Casing market size was valued at around USD 8.45 billion in 2021 and is projected to reach USD 18.23 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on equipment segmentation, the well-casing segment was estimated to hold the largest market share in the year 2021.
• Based on application segmentation, the offshore segment is projected to notice tremendous growth during 2022-2030.
• On the basis of geography/region, the North American region was the leading revenue generator in 2021.

Recent Development

• September 2022: Vecta Oil and Gas Ltd., a joint venture partner, and AMI operator, has made progress on the Sammons 315310C well at the Serenity discovery in Las Animas County, Colorado. The Sammons 315310C well’s casing has now been positioned 1,270 feet down in the shale that divides the upper and lowers Lyons sands by Vecta.
• August 2022: The TTCBM Project Permit that independently evaluated the Gross Prospective Resource of 1 Tcf of gas has prospective regions. Jade Gas Holdings has increased its drilling program to target natural gas from three coal seams of interest (IV, III, and 0) across these areas.

Regional Landscape

The North American region is projected to take the lead in 2021 and experienced rapid expansion over the next five years. The increase in demand for hydrocarbons to support power generation is credited with the region’s growth. Opportunities will arise for the market in the region as a result of the expansion of the transport sector and ongoing hydrocarbon projects in the United States and Canada. Due to the high demand for gasoline and natural gas brought on by the region’s private and passenger automobiles, the market will increase favorably. For instance, more than 5% of primary consumption in the United States is powered by petroleum and gas.

Due to the enormous need for energy from China and India, Asia Pacific is expected to rise quickly in the years to come. The region’s well casing market will expand as a result of the region’s increasing urbanization, industrialization, and population increase. Opportunities will arise for the Asia Pacific market as a result of the rising investment in exploration and production (E&P) to lower the foreign exchange spent on oil and gas imports as well as hydrocarbon consumption.

Competitive Landscape

The market is moderately competitive, and the major competitors are concentrating more and more on gaining a competitive edge. The leading Well Casing companies concentrate on R&D to create cutting-edge technology solutions.

List of the prominent players in the global Well Casing market:

• Akzo Nobel N.V.
• Celanese Corporation
• Wasco Energy Group of Companies
• LyondellBasell Industries Holdings B.V.
• The Dow Chemical Company
• Arkema S.A.
• I. Du Pont De Nemours & Co.
• Tenaris SA.
• BASF SE Covestro AG

The global Well Casing market is segmented as follows:

By Type

• Cementation Equipment
• Casing Equipment

By Application

• Onshore
• Offshore

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America