Oil Well Casing and Cementing Market, By Type (Casing, Cementing), By Service (Casing Equipment and

Published Date: | Report Code : EP2058759

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The Global Oil Well Casing and Cementing Market is projected to reach USD 19.30 billion by 2028, growing at a CAGR of 6.2% during the forecast period.

Oil Well Casing & Cementing Market

Oil Well Casing & Cementing Market

Well casing is lining such as a hollow steel pipe which is installed in an oil well after drilling in order to support the well whereas well cementing is the process of using cement between the annular space of well-bore and casing to support vertical and radial loads applied to the casing. The ever increasing demand for oil and gas is the key factor driving the growth of the global oil well casing and cementing market. Increasing demand for well casing owing to low cost and digitalization of oil and gas offshore projects is also a major factor expected to augment the growth of the oil well casing and cementing market in the coming years. Additionally, development in shale gas and increasing investments in the oil and gas industry are factors expected to proliferate the growth of the oil well casing and cementing market in the next 10 years. Furthermore, increasing demand for well casing and cementing of new offshore drilling services in emerging countries is among some factors expected to fuel the growth of the global well casing and cementing market in the next coming years.

Based on operation, the oil well casing and cementing market is classified into primary, remedial, and other services, including advanced cementing. Of these, primary well cementing accounted for the major share in the oil well casing and cementing market. This can be mainly attributed to the increase in EandP activities coupled with the need for zonal isolation during well cementing, which led to the demand for primary services. The market for this category is further expected to increase on account of the revival in crude oil prices since 2017.

On the basis of well type, the oil well casing and cementing market is segmented into horizontal and vertical. Among these, the horizontal drilling segment is expected to dominate the oil well casing and cementing market. This main reason being the increasing drilling activities in the Middle East and Europe, where horizontal drilling is more prominent.

The global oil well casing and cementing market is also bifurcated into onshore and offshore applications. Between the two, services for onshore wells hold a larger share in the market. This can be mainly attributed to the presence of a large number of onshore reserves globally, which can be drilled at a low operational cost. In addition, the development of advanced exploration technologies is further facilitating deep drilling operations of existing onshore wells, thereby boosting the oil well casing and cementing market for onshore well cementing. But the offshore segment is expected to be the fastest-growing application sub-segment during the forecast period, owing to the new discoveries in the deepwater and ultra-deepwater locations.

 

Oil Well Casing & Cementing Market

The Asia Pacific is expected to have a significant share in the oil well casing and cementing market. China and India are expected to drive the oil well casing and cementing market during the forecast period. The drilling activity in China and India, after the oil-price crisis in mid-2014, has remained relatively stable, as both countries are one of the largest consumers and net importers of oil and gas. To reduce the imports, governments of both countries are encouraging exploration and production activity. During the forecast period, increasing oil prices and growing oil and gas consumption are expected to drive the drilling activities of both of the countries, in turn, driving the oil well casing and cementing market in the region. In addition, China has recently started exploring its unconventional reserves. Sinopec Ltd reported that Fuling shale gas field in Southwestern China produced a cumulative 3.76 billion cubic meter (bcm) of gas in 2016. With the growing consumption of gas in the country, the drilling activity in shale gas fields is expected to increase, driving the growth of oil well casing and cementing services market in the region.

North America is expected to have the largest market share of oil well casing and cementing services market. The United States had the highest number of active drilling rigs, i.e., 946, as of January 2018, highest in the region. The government policies, such as allowing exploration and production activity in almost all the US waters, increasing production in Permian basin and the Gulf of Mexico, decreasing oil breakeven price in shale plays, an increase in oil prices after 2016, are expected to drive the drilling and production activity in the country, in turn, driving the oil well casing and cementing market.

Key Factors Impacting the Growth of Oil Well Casing and Cementing Market Growth:

  • High number of onshore wells and discovery of new offshore locations
  • Increasing demand for oil and gas
  • Developments in the shale gas industry
  • Government support in exploration and production activities

Key Developments in the Oil Well Casing and Cementing Market:

  • In June 2017, Trican Well Services (Canada) acquired Canyon Technical Services, an oilfield services company. The acquisition will strengthen Trican Well Services product and services portfolio
  • In December 2018, Baker Hughes (UK) built an oilfield services facility to serve Saudi Aramco and the region. The facility provides customer support activities for wireline services, drilling services, and pressure pumping services
  • In March 2019, Tenaris (Luxembourg) acquired IPSCO Tubulars. The acquisition will help Tenaris to expand its product portfolio and enhance its position and local manufacturing presence in the US market

What Does This Report Provide?

This report provides a detailed understanding of the global oil well casing and cementing market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Type:

  • Casing
  • Cementing

By Service:

  • Casing Equipment and Services
    • Casing Pipe
    • Conductor Casing
    • Surface Casing
    • Production Casing
    • Intermediate Casing
    • Liner
  • Casing Support
    • Float Equipment
    • Casing Collar
    • Centralizer
    • Scratcher
    • Linear Systems
    • Others
  • Cementing Equipment and Services
    • Cementing Head
    • Wiper Plug
    • Stage Tool
    • Others

By Operation:

  • Primary
  • Remedial
  • Others

By Well Type:

  • Horizontal
  • Vertical
  • Others

By Application:

  • Onshore
  • Offshore

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Type
    • By Service
    • By Operation
    • By Well Type
    • By Application
  • Western Europe
    • By Country (Germany, UK, France, Spain, Rest of Western Europe)
    • By Type
    • By Service
    • By Operation
    • By Well Type
    • By Application
  • Eastern Europe
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Type
    • By Service
    • By Operation
    • By Well Type
    • By Application
  • Asia Pacific
    • By Country (China, Japan, India, Rest of Asia Pacific)
    • By Type
    • By Service
    • By Operation
    • By Well Type
    • By Application
  • Middle East
    • By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
    • By Type
    • By Service
    • By Operation
    • By Well Type
    • By Application
  • Rest of the World
    • By Region (South America, Africa)
    • By Type
    • By Service
    • By Operation
    • By Well Type
    • By Application

Companies Covered: Major Companies profiled in the report which are key players in the global oil well casing and cementing market include Nabors Industries Ltd., Halliburton, Baker Hughes, Centek Group, Innovex Downhole Solutions, National Oilwell Varco, Schlumberger Limited, TMK Group, Vallourec, Weatherford, Trican Well Service Ltd., and Frank’s International.

Years Considered In The Study

Historic Year

2016, 2017

Base Year

2018

Forecast Period

2019-2028 

CAGR % (2019-2028)

6.2 %

Reasons To Buy This Report:

  • Market size estimation of the global oil well casing and cementing market on a regional and global basis.
  • Unique research design for market size estimation and forecast.
  • Profiling of major companies operating in the oil well casing and cementing market with key developments.
  • Broad scope to cover all the possible segments helping every stakeholder in the market.

Customization:

We provide customization of the study to meet specific requirements:

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