PUBLISHER: The Business Research Company | PRODUCT CODE: 1425934
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425934
Well Casing And Cementing Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on well casing and cementing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for well casing and cementing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The well casing and cementing market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Well casing and cementing involve the process of pumping cement slurry into the annulus between the casing and the wellbore, known as primary cementing. The primary goal is to create a cement sheath that provides support and protection to the casing, ensuring the integrity of the well. This process is crucial for preventing the penetration of water into oil and gas wells.
The main components of well casing and cementing include casing and cementing. Casing is used to stabilize drilled oil wells, involving the insertion of metal pipes into the drilled section of a wellbore hole to protect against unwanted fluid passage and provide support to well streams. Operations in this context include primary cementing, remedial cementing, and other operations like stage cementing and string cementing. Applications of well casing and cementing are seen in both onshore and offshore settings.
The well casing and cementing market research report is one of a series of new reports from The Business Research Company that provides well casing and cementing market statistics, including well casing and cementing industry global market size, regional shares, competitors with an well casing and cementing market share, detailed well casing and cementing market segments, market trends and opportunities, and any further data you may need to thrive in the well casing and cementing industry. This well casing and cementing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The well casing and cementing market size has grown strongly in recent years. It will grow from $11.10 billion in 2023 to $11.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth observed in the historic period can be attributed to various factors, including a focus on safety and risk mitigation, the implementation of rigorous well construction standards, efforts to enhance well productivity, industry consolidation, and the overall increase in global energy demand. These factors collectively contributed to the development and adoption of well casing and cementing practices during the historical period.
The well casing and cementing market size is expected to see strong growth in the next few years. It will grow to $14.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period can be attributed to various factors, including the demand for remote operations, a focus on cost efficiency within the industry, geopolitical considerations, activities related to well abandonment and decommissioning, and the impact of the ongoing energy transition. These trends highlight the industry's response to evolving dynamics and the exploration of innovative solutions to address challenges and optimize operations. Major trends expected in the forecast period include ongoing product innovations, the implementation of risk mitigation strategies, the development of solutions for well abandonment, considerations of geopolitical factors influencing the industry, and an overarching emphasis on efficiency and cost optimization. These trends underscore the dynamic nature of the well casing and cementing sector as it adapts to changing market conditions and industry requirements.
The surging demand for oil and natural gas stands as a driving force behind the anticipated growth of the well casing and cementing market. Oil and natural gas, pivotal energy resources derived from the decomposition of prehistoric organisms, serve as crucial components in meeting global energy needs. Well casing and cementing operations play a vital role in preventing external contaminants from entering the well stream, thus safeguarding oil and gas production. For instance, India Brand Equity Foundation (IBEF) projects a doubling of oil demand in India to reach 11 million barrels per day by 2045, reflecting the escalating need for these resources. Consequently, the increasing global demand for oil and natural gas serves as a primary catalyst driving the expansion of the well casing and cementing market.
The growing demand for energy is anticipated to further propel the growth of the well casing and cementing market. Energy efficiency, denoting the proficient utilization of energy resources with minimal waste, holds substantial significance in various industries, including well casing and cementing operations. Implementing energy-efficient practices within this market offers multifaceted benefits, encompassing financial savings, environmental stewardship, compliance with regulations, and long-term sustainability. For instance, Eurostat reported the European Union's ambition to enhance energy efficiency, aiming for a minimum of 32.5% improvement by 2030. This emphasis on energy demand underscores its pivotal role in steering the growth trajectory of the well casing and cementing market.
Product innovation emerges as a prominent trend driving growth within the well casing and cementing market. Key market players are actively introducing innovative products to maintain a competitive edge. Halliburton Company, for instance, introduced IsoBond in September 2021-a dry blended cement system boasting rapid gel strength development, minimal fluid loss, enhanced shear bonding, and reduced susceptibility to degradation from corrosive fluids. IsoBond not only mitigates sustained casing pressure but also minimizes costs, risks, and the necessity for future remediation, thereby curtailing carbon footprint and aligning with sustainability objectives. This emphasis on innovation and advanced product offerings signifies a pivotal trend shaping the evolution of the well casing and cementing market.
Prominent players within the well casing and cementing market are strategically focusing on innovative products, particularly the geopolymer cement-free system, to drive revenue growth. This pioneering construction material revolutionizes traditional portland cement by employing geopolymers-synthetic inorganic aluminosilicate materials derived from various industrial by-products. For example, in March 2023, Schlumberger NV, a US-based provider of well casing and cementing services, introduced the geopolymer cement-free system. This groundbreaking technology aims to reduce the carbon footprint in drilling operations by eliminating the reliance on geopolymer cement, potentially curbing up to 5 million metric tons of CO2 emissions annually, equivalent to removing 1.1 million automobiles from the roads. Compared to conventional well cementing systems using portland cement, the EcoShield technology showcases the potential to slash embodied CO2 emissions by up to 85%.
In July 2022, Varel Energy Solutions, a US-based manufacturer specializing in downhole drilling and completion products, acquired Sledgehammer Oil Tools Pvt. Ltd. for an undisclosed sum. This strategic acquisition signifies Varel Energy Solutions' concerted efforts to fortify its product portfolio, particularly in concrete and coating products. The acquisition of Sledgehammer Oil Tools Pvt. Ltd., an India-based manufacturer of cementing products, augments Varel's ability to offer top-tier, cost-effective, and high-quality cement equipment to its clientele. This strategic move positions Varel Energy Solutions as a leading source of comprehensive solutions within the cementing products segment of the well casing and cementing market.
Major companies operating in the well casing and cementing market report are Halliburton Company, Schlumberger Limited, Baker Hughes Company, Weatherford International PLC, NOV Inc., Tenaris SA, Vallourec SA, TMK Group, Trican Well Service Ltd., Nabors Industries Limited, Frank's International N V, Innovex Downhole Solutions Inc., Centek Inc., Antelope Oil Tool & Manufacturing Company, Forum Energy Technologies, Archer Well Company Inc., Basic Energy Corporation, China Oilfield Services, Emerson Electric Co., Cemex S.A.B. de C.V., Hilong Petroleum Technology Service Co. Ltd., Precision Drilling Corporation, Parker Hannifin Corporation, SPT Energy Group, Sinopec Oilfield Service, National Oilwell Varco, Superior Energy Services, C&J Energy Services, Keane Group, Nine Energy Service
North America was the largest region in the well casing and cementing market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the well casing and cementing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the well casing and cementing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The well casing and cementing market includes revenues earned by entities by casing pipes, conductor casing, surface casing, intermediate casing, and production casing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.