Well Casing & Cementing Market: Current Analysis and Forecast (2021-2027)

Well Casing & Cementing Market: Current Analysis and Forecast (2021-2027)

Well Casing & Cementing ensures the durability of well casing and allow for greater efficacy. As oil well cementing plays a crucial role in providing zonal isolation and bonding the casing pipe in oil and gas E&P activities. The demand for oil and gas resources has risen dramatically in recent years, accounting for the constantly rising global population that positively influenced the industry outlook.

In addition, recent advancements in hydrocarbon exploration techniques will aid the growth of the market in the coming years. The increasing investment in hydrocarbon drilling, coupled with the exponentially rising demand for oil and gas will constitute an increase in the well-cementing market size in the forthcoming years. Furthermore, technological advancements in well-drilling processes and new oilfield discoveries are factors expected to offer lucrative opportunities for manufacturers operating in the market.

Based on type, the well casing & cementing market is bifurcated into casing equipment services and cementing equipment services. The casing equipment services catered to significant demand in the global market. Casing is a series of steel pipes that are run into a drilled oil well to stabilize the well, keep contaminants and water out of the oil stream, and prevent oil from leaching into the groundwater. Furthermore, as casing is performed at multiple levels, making it an expensive procedure. Thus, casing equipment and services category to hold significant market share in the well casing & cementing market.

Based on operation type, the well casing & cementing market is segmented into primary cementing, remedial cementing, and others. The primary cementing segment holds a considerable market share in the well casing & cementing market. As primary cementing is a critical process in the well construction process. The surging oil and gas exploration and processing activities in various developing economies are driving the market size for well casing and cementing.

Based on well type, the well casing & cementing market is bifurcated into the horizontal well and vertical well. The horizontal well segment holds an extensive market share in the well casing & cementing market. Horizontal wells are high-angle wells (with an inclination of generally greater than ~80°) drilled to enhance reservoir performance by placing a long wellbore section within the reservoir. This technique has become increasingly common and productive in recent years.

Based on the application, the well casing & cementing market is classified into offshore and onshore. The offshore segment to witness exponential growth during the forecast period. This is primarily driven by the cost reduction and digitalization of the oil & gas offshore projects. This is further expected to create new opportunities in the market during the forecast period. In addition, new oilfield discoveries in offshore regions are expected to increase the drilling operations. Such developments in the offshore are driving the well casing & cementing market.

For a better understanding of the market adoption of fatty alcohol, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), South America (Brazil, Columbia, and Rest of SA), Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), Middle East & Africa (UAE, Saudi Arabia and Rest of MEA). The Middle East and Africa caters to a significant share in the well casing & cementing market. It is mainly predominant due to the surging investment in oil and gas offshore exploration activities coupled with growing energy consumption in the region is accentuating the market size of well casing and cementing market.

Some of the major players operating in the market are Halliburton, Schlumberger, BHGE, Weatherford, Tenaris, Vallourec, TMK Group, Trican, Nabors Industries, Frank’s International. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.