Well Casing & Cementing Market Report Scope & Overview:

The Well Casing & Cementing Market size was valued at USD 10.22 billion in 2022 and is expected to grow to USD 15.21 billion by 2030 and grow at a CAGR of 5.1 % over the forecast period of 2023-2030.

To stabilise and prevent the well's sidewalls from collapsing within, well casing and cementing are utilised. To permanently fix the casing, cement is used to fill the space between the well's untreated sides and the casing. Fluid flow across underground formations is aided by this. The market for well casing and cementing is expanding as a result of more drilling activities. The need for well casing and cementing is also being driven by technical development and an increase in offshore drilling activities.

Oil and gas well drilling require casing and cementing. After a hole has been bored, lining it with casing prevents it from collapsing and seals the wellbore from encroaching fluids and gases. The casing is securely fastened to the wellbore wall and stabilised by cementing it in place. Cement and casing both have extra, crucial uses in the well. Casing and cementing techniques have become more advanced dictated in recent years as wells are drilled deeper and into increasingly hostile environments, such as deep water, high pressures, and temperatures, in pursuit of new hydrocarbon sources. Metallurgists and engineers are always at work. Establishing practises and designs that are closely related to offshore and isolated places at extreme depths, and extreme circumstances.

MARKET DYNAMICS

KEY DRIVERS:  

• Growing Energy Demand

• Increasing demand for natural gas and oil

Casing and cementing techniques have become more advanced dictated in recent years as wells are drilled deeper and into increasingly hostile environments, such as deep water, high pressures, and temperatures, in pursuit of new hydrocarbon sources.

RESTRAIN:

• High cost

OPPORTUNITY: 

• Increasing exploration activities

• Rise in energy consumption

The rising demand for natural gas and oil, which has led to a rise in exploration operations both onshore and offshore, is the main market driver for the worldwide well casing and cementing industry. Further, the global well casing and cementing market is expanding as a rising upstream expenditure and reviving oil prices.

CHALLENGES:

• Increasing demand for renewable sources

• Lack of Technical Professionals

IMPACT OF RUSSIAN UKRAINE WAR

Indian cement producers, who are already struggling with growing costs of raw materials and energy, would be harmed by the rising fuel prices as a result of the tensions between Russia and Ukraine, the cost of Brent crude rose 3.08% to $110 a barrel. Major companies Ultratech, Ambuja, and ACC saw increases in their power and fuel prices of 39%, 58%, and 26% in the December quarter, respectively. Fuel prices will also have an impact on businesses' logistical expenses, which are having trouble with decreasing demand.

KEY MARKET SEGMENTS

By Type

• Casing

• Cementing

By Service Type

• Casing Equipment & Services

  • Casing pipes

    • Conductor casing

    • Surface casing

    • Intermediate casing

    • Production casing

    • Liner

• Casing supporting equipment & services

  • Casing supporting equipment & services

    • Float equipment

    • Casing collar

    • Centralizer

    • Scratchers

    • Liner systems

    • Others (casing slips/spiders, power casing tongs, elevator, and services)

• Cementing equipment & services

  • Cement head

  • Wiper plug

  • Stage tools

  • Others (cementing unit, pumping unit, and services)

By Operation Type

• Primary Cementing

• Remedial Cementing

• Others (Others includes stage cementing and inner string cementing)

By Well Type

• Vertical

• Horizontal

By Application

• Onshore

• Offshore

REGIONAL ANALYSIS

Acia Pacific is dominating the market due to the increase in energy consumption and exploration activities occurring in the area, the well casing and cementing market is expected to experience considerable expansion in the Asia Pacific and Middle East regions. New unconventional hydrocarbon finds have been made, and China, India, and Indonesia have dominated the Asia Pacific area reserves. Saudi Arabia, Kuwait, Iraq, Qatar, and the UAE are the Middle Eastern nations with the highest levels of exploration activity and development potential for the world markets for well casing and cementing. Rise a description of the sun and wind, especially in Germany and Turkey.

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

KEY PLAYERS 

Archer Limited, Trican Well Service, Baker Hughes Inc, Basic Energy Services, Forum Energy Technologies, China Oilfield Services Limited, Schlumberger Ltd., Superior Energy Service Inc., FMC Technologies Inc, Halliburton, Weatherford International, Weir Oil and Gas, Emerson, National Oilwell Varco, Siemens, Weletc, and other players are listed in a final report.

Baker Hughes Inc-Company Financial Analysis