The global well casing market size was evaluated at $11.12 Billion in 2022 and is slated to hit $29.05 Billion by the end of 2030 with a CAGR of nearly 9.2% between 2023 and 2030.
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➤ An increasing global demand for oil and gas is expected to stimulate the demand for well casing activities.
The global well casing market will experience growth as a result of the increased awareness of the advantages of well-casing pipelines in ensuring the safety of borewells by preventing the entry of contaminants. The demand for well casing is expected to increase in the future years due to the substantial demand for shale oil production. In addition, the market will expand globally as a result of the large-scale deployment of oil and gas rigs and the increase in crude prices. As an illustration, in 2021, the installation of new oil and natural gas rigs by U.S. energy corporations occurred for nearly six weeks in response to an increase in oil prices. The demand for well casing pipelines for drilling oil wells has been significantly increased as a result of these actions.
➤ The global industry’s development may be hindered by fluctuations in crude oil prices.
The demand for well casing activities worldwide may be hindered by the economic downturn and fluctuating crude oil costs. In addition, the global well casing industry may be further affected by the increase in greenhouse gas emissions and the development of renewable energy.
➤ The global market may be presented with new growth opportunities due to the advantageous characteristics of well casing.
The depletion of underground water reservoirs has mandated that private and public entities safeguard operations beneath the earth during drilling operations. This has resulted in a substantial demand for well casing activities, which has subsequently opened up new opportunities for growth in the global market. Additionally, the global well casing market will be presented with new growth opportunities due to the favorable characteristics of well casing, including thickness and tensile strength.
➤ The most significant obstacle to the global industry’s expansion may be the rapid depletion of crude oil resources and fossil fuels.
The global well casing industry may face the most significant challenge in its development trajectory due to fluctuations in component costs and stringent government regulations that limit the exploration of oil and gas from the earth’s crust in order to mitigate fossil fuel depletion.
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The Global Well Casing Market is segmented based on product, application and region
Global Well Casing Market: Product Segment Analysis
● Production Casing
● Conductor Casing
● Intermediate Casing
● Surface Casing
Global Well Casing Market: Application Segment Analysis
● Onshore
● Offshore
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The global Well Casing market profiles key players such as:
● Akzo Nobel N.V.
● E.I. Du Pont De Nemours & Co.
● BASF SE
● Covestro AG
● LyondellBasell Industries Holdings B.V.
● Wasco Energy Group of Companies
● The Dow Chemical Company
● Celanese Corporation
●Arkema S.A.
● Tenaris SA.
???? Recent Developments
• Vallourec S.A., a prominent entity in the geothermal sector, was awarded a five-year contract by Abu Dhabi National Oil Company to supply casing and tubing, with an option to extend the contract by nearly two years. The expansion of the global well casing industry will be facilitated by this action.
• In the third quarter of 2019, Weather International plc entered into a nearly $80 million agreement with Equinor to increase the penetration of this linger-hanger technology. This will enhance the well casing’s global penetration.
➤ By 2030, the Asia-Pacific region is expected to make substantial contributions to the global well casing market.
The Asia-Pacific region, which accounted for a substantial portion of the global well casing market in 2022, will continue to dominate the market in the years ahead. The anticipated development of the well casing market in the Asia-Pacific region may be attributed to the favorable laws that encourage exploration and drilling activities in the subcontinent. The Government of India facilitated exploratory oil and natural gas drilling activities in the intertidal regions of the coastal regulation zones, as an example.
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