Overview and Scope
The well casing and cementing refer to the process of pumping cement slurry to the annulus that is between the casing and the wellbore. This is known as primary cementing. The objective is to form a cement sheath that will ensure support and protect the casing. The well casing and cementing is used in the lining and sealing of wells that help to stop the penetration of water into the oil and gas wells.
Sizing and Forecast
The well casing and cementing market size has grown strongly in recent years. It will grow from $11.1 billion in 2023 to $11.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to safety and risk mitigation, rigorous well construction standards, well productivity enhancement, industry consolidation, global energy demand.
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 growth in the forecast period can be attributed to demand for remote operations, focus on cost efficiency, geopolitical factors, well abandonment and decommissioning, energy transition impact. Major trends in the forecast period include product innovations, risk mitigation strategies, well abandonment solutions, geopolitical factors, efficiency and cost optimization..
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Segmentation & Regional Insights
The well casing and cementing market covered in this report is segmented –
1) By Type: Casing, Cementing
2) By Operation: Primary Cementing, Remedial Cementing, Other Operations
3) By Applications: Onshore, Offshore
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.
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Major Driver Impacting Market Growth
The increasing demand for oil and natural gas is expected to propel the well casing and cementing market going forward. Oil and natural gas are used as energy resources that are derived from fossil fuels formed from the underground decomposition of prehistoric organisms for several to tens of millions of years. The well casing and cementing inhibit the entry of external toxins and contamination of the groundwater in the well stream and safeguards the production of oil and gas. For instance, according to India Brand Equity Foundation (IBEF), an India-based government export promotion agency, in India, the oil demand is expected to register double growth to reach 11 million barrels per day by 2045. Therefore, the increasing demand for oil and natural gas is driving the growth of the well casing and cementing market.
Key Industry Players
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
The well casing and cementing market report table of contents includes:
1. Executive Summary
2. Well Casing And Cementing Market Characteristics
3. Well Casing And Cementing Market Trends And Strategies
4. Well Casing And Cementing Market – Macro Economic Scenario
5. Global Well Casing And Cementing Market Size and Growth
…..
31. Global Well Casing And Cementing Market Competitive Benchmarking
32. Global Well Casing And Cementing Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Well Casing And Cementing Market
34. Well Casing And Cementing Market Future Outlook and Potential Analysis
35. Appendix
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