Well Casing Market Size, Share, Trends, Growth 2030

Well Casing Industry Perspective:

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.

The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketplace. The well casing market report covers the geographical market along with a comprehensive competitive landscape analysis. Additionally, the report explores the investor and stakeholder space to help companies make data-driven decisions.

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Well Casing Market: Overview

A well casing is a lining that is deployed in an oil well after drilling activities. Reportedly, the lining surrounds the entire well. Moreover, for oil & gas exploration activities, the wells are drilled but the sides of the wells are not able to support them. Hence, for stabilizing and preventing the sides of the well from caving, the casing is done. Through caving, the well can offer protection against pollutants and it can prevent the well from getting polluted due to contact with the oil or gas that is produced. Moreover, when a recently drilled well is cased it means that a steel pipe is fitted inside the well. Furthermore, the casing and the gap between the untreated well sides are cased permanently by cementing them.

Key Insights

• As per the analysis shared by our research analyst, the global well casing market is projected to expand annually at the annual growth rate of around 9.2% over the forecast timespan (2023-2030)
• In terms of revenue, the global well casing market size was evaluated at nearly $11.12 billion in 2022 and is expected to reach $29.05 billion by 2030.
• The global well casing market is anticipated to record massive growth over the forecast period owing to surging awareness about the benefits offered by well-casing pipes in maintaining the safety of borewells through obstruction of contaminants.
• Based on casing type, the production casing segment is predicted to account for the major share of the global market over the forecast timeline.
• On basis of application, the offshore segment is projected to account for the major share of the global market over 2023-2030.
• Region-wise, the Asia-Pacific well casing market is projected to account for the highest growth during the assessment period.

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Well Casing Market: Growth Factors

Growing demand for oil & gas across the globe to spur the demand for well casing activities  

Surging awareness about the benefits offered by well-casing pipes in maintaining the safety of borewells through obstruction of contaminants will drive the growth of the global well casing market. Humungous demand for shale oil production will expedite the demand for well casing in the forthcoming years. In addition to this, large-scale deployment of oil & gas rigs and surge in oil costs will proliferate the size of the market across the globe. Citing an instance, in 2021, the U.S. energy companies installed new oil & natural gas rigs for nearly six weeks with a rise in the costs of oil. Such moves have elevated the demand for well casing pipes for drilling oil wells. In addition to this, the optimistic outlook of metal mining in a slew of countries such as the U.S. will increase the acceptance of well casing pipes in the mining industry. This, in turn, will prop up the growth of the well casing market across the globe.

Furthermore, an increase in the production of hydrocarbons along with humungous demand for upstream activities as a result of the growing need for oil & gas across the globe will boost the global market trends. Large-scale urbanization witnessed in emerging economies is likely to play a pivotal role in energy dynamics in the near future. Additionally, a huge investment in recovering unexplored hydrocarbon reserves will boost the growth of the market globally.  

Well Casing Market: Hindrances

Changing costs of crude oil can put brakes on the global industry growth

Fluctuating crude oil costs and economic slowdown can impede the demand for well casing activities across the globe. Apart from this, the rise in GHG emissions and green energy trends can further impact the expansion of the global well casing industry.

Well Casing Market: Opportunities

Beneficial features of well casing can open new growth opportunities for the global market

Depleting underground water reservoirs has made it mandatory for private & public firms for protecting operations beneath the earth at the time of drilling operations. This has translated into huge demand for well casing activities and thus opened new vistas of growth for the global market.  Furthermore, favorable features of well casing such as tensile strength and thickness will further open new growth opportunities for the global well casing market.

Well Casing Market: Challenges

Rapidly exhausting crude oil resources and fossil fuels can prove to be the highest challenge to the global industry surge

Oscillations in the costs of the components and strict government laws restricting exploration of oil & gas from the earth’s crust to reduce the depletion of fossil fuels can prove to be the biggest challenge in the growth path for the global well casing industry.

Well Casing Market: Segmentation

The global well casing market is sectored into the casing type, application, and region

In terms of casing type, the global well casing market is divided into production casing, conductor casing, intermediate casing, and surface casing segments. Furthermore, the production casing segment, which accounted for more than 50% of the global market share in 2022, is predicted to dominate the segmental surge over the analysis timeline. The segmental growth over the next eight years can be due to the ability of production casing in preventing fluid migration and protecting freshwater aquifers. Moreover, it provides structural integrity and pressure control during hydrocarbon production.

Based on the application, the global well casing industry is bifurcated into onshore and offshore segments. Furthermore, the onshore segment, which accounted majorly for the global industry share in 2022, is projected to lead the application space during the upcoming years. In addition to this, the growth of the segment during the assessment timeframe can be due to a rise in the onshore exploration and production activities globally. Feasibility & cost-effectiveness of onshore operations and easy availability of equipment for performing these operations will boost the segmental growth.

Recent Breakthroughs

• In the second half of 2019, Vallourec S.A., a key player in the geothermal industry, secured a contract from Abu Dhabi National Oil Company for supplying casing and tubing for five years with a nearly two years extension period. The move will boost the scope of the growth of the global well casing industry.
• In the third quarter of 2019, Weather International plc entered an agreement with Equinor of nearly $80 million for expanding the penetration of this linger-hanger technology. This will increase the penetration of the well casing across the globe.
• In the second half of 2019, Abu Dhabi National Oil Company, provided a contract of about $3.6 billion for procuring tubing and casing to Habshan Trading Company, Abu Dhabi Oilfield Service Company, and Tenaris SA products. The strategic move will aid the expansion of the well casing business across the globe.

Well Casing Market:Report Scope:

Well Casing Market: Regional Insights 

Asia-Pacific to make notable contributions toward the global well casing market size by 2030

The Asia-Pacific region, which contributed to a major share of the global well casing market in 2022, will retain its domination status in the ensuing years. The growth of the well casing market in Asia-Pacific during the anticipated timeframe can be due to favorable laws promoting exploration and drilling activities in the sub-continent. Citing an instance, the Government of India facilitated exploratory oil and natural gas drilling activities in the intertidal regions of the coastal regulation zones. This aspect will notably increase the use of natural gas in the country, thereby further augmenting the deployment of casing equipment in oil & gas wells during the assessment period.

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Furthermore, the Middle East and African well casing industry is expected to register the fastest CAGR of about 6.5% over the analysis timeline. The regional market growth over 2023-2030 can be owing to an exponential increase in the exploration activities in the oil and gas industry and the presence of key industry players in the region. This will enhance the demand for well casing in the region.

Well Casing Market: Competitive Space

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.

The global well casing market is segmented as follows:

By Casing Type

• Production Casing
• Conductor Casing
• Intermediate Casing
• Surface Casing

By Application

• Onshore
• Offshore

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa