Well Casing & Cementing Market Size, Share and Trends 2028

Report Description

Global well casing & cementing market is anticipated to grow at a steady pace in the forecast period, 2024-2028. The demand for oil and gas is growing quickly, for instance, the oil consumption worldwide reached approximately 94.1 million barrels per day in 2021, due to which the demand of oil extraction is gaining traction worldwide. Companies are moving their investment towards well optimization process, as part of the oil extraction process wells need to undergo extra methods such as casing and cementing after being drilled.

As oil and gas production, well drilling involves casing and cementing. Casing liner prevents a hole from collapsing after it has been drilled and seals the wellbore from encroaching fluids and gases. The wellbore wall and the casing are securely connected with cement, which also stabilizes the hole. Cement and casing both have extra and important advantages in the well. Additionally, float equipment, centralizers, wiper plugs, and liners are some of the different kinds of equipment utilized in the process of well casing and cementing. On parts that are 40 feet long, casings are often constructed. Long-length casing strings are generated by screwing together several casings. As the well-casing demands that were implemented have further accelerated the market's expansion.

Growing Oil & Gas Industry Propelling the Market Growth

As world's demand for oil and gas is rising every day because of the fast industrialization and economic expansion. Oil and gas are the primary energy sources for modern society. Both the generation of electricity and the transportation industry use refined petroleum products as fuel.

Oil and gas have near-total domination in the market, despite the advent and rapid advancement of renewable energy. To meet the expanding demand for oil and gas, new oil fields and natural gas resources are being exploited worldwide. The most significant end-user of casing and cementing is in the oil and gas industry and now a days oil fields areis gaining traction; hence the demand for casing and cementing is also growing.

For instance, in 2020, North America's crude oil reserves were estimated to be 36 billion metrics tons. Of this, the oil reserves of Canada, including its oil sands deposits, accounted for 75%. One of the largest oil shale reserves in the world is found in the United States. The U.S. crude oil and contract condensate proved reserves increased by (16%), from 38.2 billion barrels to 44.4 billion barrels, at the end of 2021. Since oil reserves are being explored worldwide, the casing and cementing market is also anticipated to grow.

Worldwide Increasing Number Oil & Gas Production Activities

The rising demand for natural gas and oil, which has led to a rise in exploration activities in both onshore and offshore locations, is the main market driver for the worldwide well casing and cementing industry. Some examples of oil & gas production activities are the Marjan increase plan of USD 12 billion combined development project for the Marjan offshore field's oil, associated gas, non-associated gas, and cap gas. The project seeks to process 2.5 BSCFD of gas, generate an extra 360 MBCD of C2+NGL, and increase Marjan Field output of Arabian Medium Crude Oil by 300,000 barrels per day (bpd). In addition to 24 offshore oils, the gas and water injection platforms, the development will include a new offshore gas oil separation facility.

Additionally, the Johan Sverdrup Phase 1 development project in Norway's North. On the Norwegian Continental Shelf (NCS), Johan Sverdrup is one of the five greatest oil fields ever found. One of the most significant industrial projects in Norway over the next 50 years, the project is predicted to have resources equivalent to 2.7 billion barrels of oil. In November 2019, production is planned to begin, with peak output expected to exceed 660,000 bpd. Daily production throughout Phase 1 is anticipated to be 440,000 bpd. Equinor projects that Phase 1 investment will total 86 billion Norwegian crowns, which translates to around USD11 billion, according to Rystad. As a result of these factors, the offshore and onshore locations will control the worldwide well casing and cementing market in the projected period because of the many offshore exploration operations that have been conducted. The development of the market in offshore/ onshore areas has also been influenced by the digitization of the oilfields.

Environmental Impact of Well & Casing

Casing and cementing, then, are essential steps in oil and gas exploration. However, the entire process is extremely harmful and causes several environmental issues. To soften up the layers of earth below, chemicals are poured into the ground under high pressure. After the casting process, the structure is stabilized by cement injection under pressure. The entire operation degrades the rock strata, and cement and chemicals put into the earth could get into the groundwater. If the procedure is carried out erroneously the earth may cave in, and they can cause damage and loss of life. The practice has been prohibited in several countries due to the operation's considerable environmental effect, and restricted laws is being implemented to limit its usage.

Acceptance of New Technology & Growing Investment in the Market

The environmental effect of drilling wells could be reduced by 44% due to a new technology called may-ductor, which was released in June 2019 by the Norwegian company Neodrill. Asplan Viak, a consulting engineering and architectural firm, recently examined the technology and collected its findings. Additionally, the Trump administration, which initially floated the trump proposal in 2018, stated in April 2019 that it will allow fracking on over one million acres of public and private land in California. This move will help the well casing and cementing industry globally.

A liner-hanger frame arrangement for USD 80 million was signed by Weatherford International plc and Equinor in August 2019. One of the biggest contracts the company has ever signed. The final liner inserted into the hole is several hundred meters shorter due to the company's liner-hanger technology. Modern engineering makes it possible to hang the liner below the surface. In comparison to a normal run, savings are important, especially when the company considers the time and money needed for cementing. Due to this advancement in liner hanger systems and growing investments in the oil sector, the market is growing rapidly.

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Recent Developments

· In May 2019, the largest independent oil and gas company in Europe was found because of a multibillion-euro merger between the energy division of German chemicals major BASF company and competitor Exploration operations, which would boost the market for well casing and cementing.

· In September 2019, Vallourec successfully negotiated a five-year contract with a two-year extension option with Abu Dhabi National Oil Company for the supply of tubing and casing. The USD 900 million deal includes a broad spectrum of goods for conventional and complicated wells and onshore and offshore oilfields, ranging from normal API to high-end premium OCTG.

· Talos Energy has announced plans to drill the Tornado Attic well in the deepwater Gulf of Mexico using Seadrill's West Neptune drillship in May 2021. The Tornado Attic well is boosted the company's waterflood enhanced oil recovery project in the Tornado field, increasing production by 25 to 35 million barrels of oil equivalent (MBOE) from the field.

· In May 2021, TechnipFMC announced a contract with Ithaca Energy for the Captain enhanced oil recovery (EOR) project in the North Sea, UK. TechnipFMC company decided to build, produce, and install subsea equipment such as umbilicals, flexible water injection flowlines, stiff riser caissons, and other associated equipment.

· In August 2021, J-Power and Schlumberger planned to collaborate and investigate the feasibility of manufacturing CO2-free hydrogen using coal gasification technology.

· LUKOIL and Gazprom Neft inked a collaboration agreement in October 2021 to conduct oil recovery enhancement projects. The agreement calls for collaboration on enhancing chemical techniques of increased oil recovery.

· Future ADNOC, Takreer, and Zadco projects in Abu Dhabi include engineering, procurement, and construction (EPC), petrochemical plants, and a refining complex, Saudi Aramco, SABIC, and Arabian Oil Company have announced new projects for EPC contracts, gas field development, onshore projects, and oil storage facilities.

Market Segmentation

The global well casing & cementing market is segmented into type, well type, service, application, company, and region. Based on type, the market is segmented into casing and cementing. Based on well type, the market is divided into horizontal and vertical. Based on service, the market is segmented into casing pipe, casing equipment & service, and cementing equipment & service. Based on application, the market is segmented into offshore and onshore. Based on region, the market is segmented into North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.

Market Players

Major market players in the global well casing & cementing market are 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 Co, and Weatherford International.

Attribute	Details
Base Year	2022
Historic Data	2018 – 2022
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
Report Coverage	Revenue forecast, company share, growth factors, and trends
Segments Covered	Type Well Type Service Application
Regional Scope	North America, Asia-Pacific, Europe, South America, and Middle East
Country Scope	United States, Canada, Mexico, China, Indian, Japan, South Korea, Indonesia, Germany, United Kingdom, France, Russia, Spain, Brazil, Argentina, Saudi Arabia, South Africa, UAE, and Israel
Key Companies Profiled	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 Co, and Weatherford International
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, the global well casing & cementing market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

· Well Casing & Cementing Market, By Type:

o Casing

o Cementing

· Well Casing & Cementing Market, By Well Type:

o Horizontal

o Vertical

· Well Casing & Cementing Market, By Application:

o Offshore

o Onshore

· Well Casing & Cementing Market, By Service:

o Casing Pipe

o Casing Equipment & Service

o Cementing Equipment & Service

· Well Casing & Cementing Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Asia-Pacific

§ China

§ India

§ Japan

§ South Korea

§ Indonesia

o Europe

§ Germany

§ United Kingdom

§ France

§ Russia

§ Spain

o South America

§ Brazil

§ Argentina

o Middle East

§ Saudi Arabia

§ South Africa

§ UAE

§ Israel

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global well casing & cementing market.

Available Customizations:

Global well casing & cementing market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

· Detailed analysis and profiling of additional market players (up to five).

Global well casing & cementing market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.3. Markets Covered

1.4. Years Considered for Study

1.5. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

4. Voice of Customers

5. Global Well Casing & Cementing Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (Casing and Cementing)

5.2.2. By Well Type (Horizontal and Vertical)

5.2.3. By Service (Casing Pipe, Casing Equipment & Service, and Cementing Equipment & Service)

5.2.4. By Application (Offshore and Onshore)

5.2.5. By Region

5.3. By Company (2022)

5.4. Market Map

6. North America Well Casing & Cementing Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Well Type

6.2.3. By Service

6.2.4. By Application

6.2.5. By Country

6.3. North America: Country Analysis

6.3.1. United States Well Casing & Cementing Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Well Type

6.3.1.2.3. By Service

6.3.1.2.4. By Application

6.3.2. Canada Well Casing & Cementing Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Well Type

6.3.2.2.3. By Service

6.3.2.2.4. By Application

6.3.3. Mexico Well Casing & Cementing Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Well Type

6.3.3.2.3. By Service

6.3.3.2.4. By Application

7. Asia-Pacific Well Casing & Cementing Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Well Type

7.2.3. By Service

7.2.4. By Application

7.2.5. By Country

7.3. Asia-Pacific: Country Analysis

7.3.1. China Well Casing & Cementing Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Well Type

7.3.1.2.3. By Service

7.3.1.2.4. By Application

7.3.2. India Well Casing & Cementing Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Well Type

7.3.2.2.3. By Service

7.3.2.2.4. By Application

7.3.3. Japan Well Casing & Cementing Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Well Type

7.3.3.2.3. By Service

7.3.3.2.4. By Application

7.3.4. South Korea Well Casing & Cementing Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Well Type

7.3.4.2.3. By Service

7.3.4.2.4. By Application

7.3.5. Indonesia Well Casing & Cementing Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type

7.3.5.2.2. By Well Type

7.3.5.2.3. By Service

7.3.5.2.4. By Application

8. Europe Well Casing & Cementing Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Well Type

8.2.3. By Service

8.2.4. By Application

8.2.5. By Country

8.3. Europe: Country Analysis

8.3.1. Germany Well Casing & Cementing Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Well Type

8.3.1.2.3. By Service

8.3.1.2.4. By Application

8.3.2. United Kingdom Well Casing & Cementing Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Well Type

8.3.2.2.3. By Service

8.3.2.2.4. By Application

8.3.3. France Well Casing & Cementing Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Well Type

8.3.3.2.3. By Service

8.3.3.2.4. By Application

8.3.4. Russia Well Casing & Cementing Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type

8.3.4.2.2. By Well Type

8.3.4.2.3. By Service

8.3.4.2.4. By Application

8.3.5. Spain Well Casing & Cementing Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Type

8.3.5.2.2. By Well Type

8.3.5.2.3. By Service

8.3.5.2.4. By Application

9. South America Well Casing & Cementing Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Well Type

9.2.3. By Service

9.2.4. By Application

9.2.5. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Well Casing & Cementing Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Well Type

9.3.1.2.3. By Service

9.3.1.2.4. By Application

9.3.2. Argentina Well Casing & Cementing Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Well Type

9.3.2.2.3. By Service

9.3.2.2.4. By Application

10. Middle East & Africa Well Casing & Cementing Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type

10.2.2. By Well Type

10.2.3. By Service

10.2.4. By Application

10.2.5. By Country

10.3. Middle East & Africa: Country Analysis

10.3.1. Saudi Arabia Well Casing & Cementing Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Well Type

10.3.1.2.3. By Service

10.3.1.2.4. By Application

10.3.2. South Africa Well Casing & Cementing Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Well Type

10.3.2.2.3. By Service

10.3.2.2.4. By Application

10.3.3. UAE Well Casing & Cementing Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Well Type

10.3.3.2.3. By Service

10.3.3.2.4. By Application

10.3.4. Israel Well Casing & Cementing Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2. Market Share & Forecast

10.3.4.2.1. By Type

10.3.4.2.2. By Well Type

10.3.4.2.3. By Service

10.3.4.2.4. By Application

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

13. Company Profiles

13.1. Archer Limited

13.1.1. Business Overview

13.1.2. Key Revenue and Financials (If Available)

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2. Trican Well Service

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3. Baker Hughes Inc

13.3.1. Business Overview

13.3.2. Key Revenue and Financials (If Available)

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services

13.4. Basic Energy Services

13.4.1. Business Overview

13.4.2. Key Revenue and Financials (If Available)

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services

13.5. Forum Energy Technologies

13.5.1. Business Overview

13.5.2. Key Revenue and Financials (If Available)

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6. China Oilfield Services Limited

13.6.1. Business Overview

13.6.2. Key Revenue and Financials (If Available)

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7. Schlumberger Ltd

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

13.8. Superior Energy Service Inc

13.8.1. Business Overview

13.8.2. Key Revenue and Financials (If Available)

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services

13.9. FMC Technologies Inc

13.9.1. Business Overview

13.9.2. Key Revenue and Financials (If Available)

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services

13.10. Weatherford International

13.10.1. Business Overview

13.10.2. Key Revenue and Financials (If Available)

13.10.3. Recent Developments

13.10.4. Key Personnel

13.10.5. Key Product/Services

13.11. Halliburton Co

13.11.1. Business Overview

13.11.2. Key Revenue and Financials (If Available)

13.11.3. Recent Developments

13.11.4. Key Personnel

13.11.5. Key Product/Services

14. Strategic Recommendations

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

Who are the leading players in Global well casing & cementing market?

Some of the major market players in the global well casing & cementing market are 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 Co, and Weatherford International.

What are the main drivers of the global well casing & cementing market?

Deepwater drilling is becoming increasingly common, and this is driving demand for well casing and cementing services. Deepwater wells are more challenging to drill and cement, and this requires specialized equipment and expertise. These factors are driving the market growth in the forecast period.

Write about well casing and cementing in oil and gas sector.

A large diameter pipe called a casing is used to put together into a borehole's most recent section of drilling. The wellbore's interior is often lined with casing, which is a hollow steel pipe. The well is supported by casings since its unsupported bare sides would collapse. Additionally, oil-well pumping cement slurry down the annulus between the casing and wellbore is known as cementing. This is referred to as the first cementing. The goal is to create a cement sheath that will support, shield, and provide zonal isolation of the casing.

What are the significant challenges faced by the global well casing & cementing market?

The high operational and equipment costs associated with well casing and cementing are major market limitations for the industry worldwide. Moreover, the entire process is extremely harmful and causes several environmental issues.