Global Well Casing Market

Well Casing Market: Overview

According to Custom Market Insights (CMI), The Global Well Casing Market  Size 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.

A well drilled to explore for oil or gas cannot support itself on its unfinished sides. The casing is therefore done to stabilize and prevent the well’s sides from collapsing. Additionally, the casing shields the good stream from outside contaminants and stops produced oil and gas from contaminating groundwater. Running a steel pipe down the interior of a newly drilled well is known as capping it. To permanently fix the casing, cement fills the space between the well’s untreated sides and the casing. With increased oil and gas exploration operations, the good casing market is growing positively globally.

Casing typically takes place in 40-foot sections. Casing strings are created by screwing together a number of these casings. The global well casing market has been widely divided into cementation equipment and casing equipment. The float equipment, liners, centralizers, and wiper plug categories of casing and cementation equipment have been further divided.

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Well Casing Market: Growth Drivers

The steadily rising demand for oil and gas is the primary element propelling the expansion of the worldwide well casing market. The need for good casing has increased due to offshore and onshore oil and gas exploration activities. Furthermore, it is crucial to safeguard groundwater and aquifers during drilling operations due to diminishing groundwater sources.

The global well casing market has grown due to regulatory organizations like the American Petroleum Institute implementing numerous oil and gas casing standards. These standards, frequently used for selected oil and gas casing, establish the length, tensile strength, composition, and thickness of casing for a certain well.

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Well Casing Market: Regional Analysis

Due to rising governmental guidelines on advancing exploratory drilling activities in the region’s intertidal zones, the Asia Pacific well casing market is expected to generate sizable profits by 2030. For example, the Indian Union government suggested allowing exploratory oil and natural gas drilling in the CRZ’s intertidal areas in 2021. (Coastal regulation zones). This aspect will accelerate the installation of casing equipment in gas wells over the anticipated timeline, together with the significant increase in natural gas consumption in the nation.

Well Casing Market: Recent Developments

• 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.

Key Players:

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

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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

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• 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

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