A recent report published by Infinium Global Research on well casing and cementing market provides in-depth analysis of segments and sub-segments in the global as well as regional well casing and cementing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional well casing and cementing market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global well casing and cementing market. According to the report, the global well casing and cementing market is projected to grow at a CAGR of 4.7% over the forecast period of 2019-2025.
The oil and gas industry is constantly seeking cost-effective methods of drilling and producing oil and gas wells to optimize production and maximize profits. After drilling for oil or gas exploration casing is done to stabilize and keep the sides of the well from caving in. It protects the well stream from external contaminants and prevents groundwater from getting polluted by oil or gas produced. Well cementing is the most significant aspects of the drilling activity and its complete process. It holds the well, preventing the slurry from coming out of the walls. The key function of well cementing is to cover the inner line of the well, control corrosion, and provide uniformity and strength to pipes.
Worldwide new oilfield discoveries are the major driving factor of the well casing and cementing market. Furthermore, increasing demand for oil and gas is also one of the major driving factors of the market. The demand for well casing and cementing is increasing due to increased drilling activities along with shale developments in North America, Asia Pacific, and some parts of South & Central America. The factors such as rise in both offshore and onshore oil and gas exploration activities, shale developments, stimulating oil prices expediting upstream investments are also driving the market growth. However, decreasing oil demand from Europe hamper market growth. Moreover, technological developments in carrying out well-drilling processes are anticipated to provide growth opportunities to the market players in the future.
Geographically, North America dominates the global well casing and cementing market. The casing activities in North America is rapidly growing due to the stabilized WTI crude oil prices since 2016. The continuous shale activities are driving the demand for well casing and cementing in this region. The presence of major industry players is also driving the market growth in the North America region.
The report on the global well casing and cementing market covers segments such as type, equipment & service type, operation type, well type, and applications. On the basis of type, the sub-markets include casing, and cementing. On the basis of equipment & service type, the sub-markets include casing equipment & services, and cementing equipment & services. On the basis of operation type, the sub-markets include primary cementing, remedial cementing, and other operation types. On the basis of well type, the sub-markets include horizontal well, and vertical well. On the basis of applications, the sub-markets include onshore, and offshore.
The report provides profiles of the companies in the market such as Halliburton, Schlumberger Limited, Weatherford International plc, National Oilwell Varco, Tenaris S.A., Vallourec S.A., TMK Group, Trican Well Service Ltd., Frank’s International N.V., Innovex Downhole Solutions, Inc., and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of well casing and cementing market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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