Well Casing Market - Global Industry Analysis, Size & Share : 2024

Global Well Casing Market

Once a well is drilled for oil or gas exploration, the raw sides of the well cannot support themselves. Hence, casing is done to stabilize and keep the sides of the well from caving in. Furthermore, casing protects the well-stream from external contaminants and prevents groundwater from getting polluted by oil or gas produced. Casing a recently drilled well includes running a steel pipe down the insides of the well. The gap between the untreated sides of the well and casing is cemented to set the casing permanently. The global well casing market is witnessing a positive growth with increase in number of oil and gas exploration activities.

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Casing usually occurs in sections that are 40 feet long. These casings are screwed together to form a long length of casing known as casing strings. In terms of equipment, the global well casing market has been broadly categorized into casing equipment and cementation equipment. Casing and cementation equipment has been further segmented into float equipment, liners, centralizers, and wiper plugs. On the basis of application, the global well casing market has been divided into offshore and onshore casing. With depleting onshore oil and gas reserves, the demand for offshore oil and gas exploration is increasing.

Global Well Casing Market: Overview

The ever increasing demand for oil and gas is the key factor driving the growth of the global well casing market. Increase in both offshore and onshore oil and gas exploration activities has propelled the demand for well casing. Furthermore, depleting reserves of groundwater have made it essential to protect groundwater and aquifers during drilling operations. The implementation of various standards for oil and gas casing by regulatory authorities such as the American Petroleum Institute has also augmented the growth of the global well casing market. These standards specify the length, tensile strength, composition, and thickness of casing for a given well and are widely used for the selection of oil and gas casing.

Casing of vertical or horizontal oil and gas wells is carried out through multiple steps, usually from the largest diameter casing to the smallest. In the first step, conductor casing is set to prevent the sides of the well from caving in. Once conductor casing is set, depending on regulatory requirements, drilling continues inside the conductor casing string to reach the lowest groundwater zone. Surface casing is done next with cement being pumped down to fill up the space between outside of the casing and raw sides of the well. Though the circulation of cement on surface casing is usually done across oil and gas wells, it is not mandatory. The main objective of surface casing is to isolate the groundwater zones.

Global Well Casing Market: Region-wise Outlook

The global well casing market has been segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. In North America, the rise in exploration of shale reserves has boosted the growth of the well casing market. In Asia Pacific, countries such as China and Australia are witnessing significant rise in mining and drilling activities, thereby fuelling the demand for well casing.

Global Well Casing Market: Vendor Landscape

The global well casing market is highly fragmented. Some of the key players in the global well casing market are Weatherford International Ltd. (Ireland), Antelope Oil Tool & Manufacturing Company (U.S.), Vallourec S.A. (France), and Centek Group (U.K.). The market players are increasingly adopting innovative well casing technologies, along with focusing on partnerships and joint ventures, to expand their businesses. The market players are also shifting their focus on emerging economies where rapid industrialization is creating a huge scope for the growth of the global well casing market.

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