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The oilfield casing spools market size is estimated to grow at a CAGR of 6.56% between 2024 and 2028. The market size is forecast to increase by USD 45.22 million. The growth of the market depends on several factors such as the increasing investments in upstream oil and gas operations, the rise in global demand for oil and gas, and the increasing active rig count.
This oilfield casing spools market report extensively covers market segmentation by type (stainless steel and low alloy steel), application (onshore and offshore), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 to 2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing active rig count is the key factor driving the growth of the market. Governments across the globe recognize the economic significance of the oil and gas business and are investing extensively to enhance their energy infrastructure. For instance, in the US, attempts to stimulate domestic energy production, such as the America First Energy Plan, have resulted in an increase in rig counts. Similarly, in the Middle East, countries such as Saudi Arabia and the UAE have begun ambitious programs to expand their drilling operations, adding to an increase in rig count.
Furthermore, countries such as APAC, particularly China and India, are experiencing significant expenditures in offshore drilling, which is driving up demand for oilfield casing spools. These investments highlight the critical importance of rig count as a growth driver in the global oilfield casing spools market, with governments actively pushing and supporting these activities. Thus, such factors will drive the growth of the global oilfield casing spools market during the forecast period.
The declining cost of raw materials of oilfield casing spools is the primary trend in the market. Casing spools are basic components in oil and gas well drilling and completion activities to support and seal the intermediate casing string, a pipe that is used below the surface casing string. The essential costs incurred during the manufacturing of casing spools include the cost of raw materials, primarily steel. Thus, the global trends in steel prices have a significant impact on the global oilfield casing spools market.
Moreover, the global oilfield casing spools market is expected to benefit significantly from the decline in raw material prices. The reduction in raw material costs will further increase the profits for casing spools manufacturers and, subsequently, drive the growth of the global oilfield casing spools market during the forecast period.
Fluctuation in oil and gas prices is a challenge that affects the growth of the market. The global oilfield casing spools market is restricted by the inherent volatility of oil and gas prices. This variation has an effect on the stability and profitability of the market in focus. For instance, the COVID-19 pandemic in 2020 caused a dramatic drop in oil prices, with West Texas Intermediate (WTI)crude oil momentarily falling into negative territory, reaching as low as -USD 37 per barrel in April 2020.
In addition, to ensure market resilience, the oil and gas industry must constantly react to price volatility through risk mitigation methods and diversification. Failing to be resilient to such fluctuations will impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Oilfield Casing Spools Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 11 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The stainless steel segment is estimated to witness significant growth during the forecast period. In the global oilfield casing spools market, stainless steel casing spools have emerged as the leading type. This dominance is the result of various reasons. Further, global governments, particularly the US Department of Energy (DOE), have emphasized the need for ecologically responsible and sustainable practices in the oil and gas industry. These objectives are met with stainless steel casing spools, which decrease the danger of leaks and spills, thus lowering environmental effects.
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The stainless steel segment was the largest segment and was valued at USD 69.93 million in 2018. Furthermore, due to its strength in extreme temperatures and pressures, stainless steel is important for difficult drilling operations, such as those in deepwater or high-pressure reservoirs. Stainless steel casing spools are projected to maintain their dominant position as the market continues to prioritize safety, sustainability, and efficiency. Thus, such factors are expected to witness significant growth during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US, Canada, and Mexico are the leading markets in the region. These countries are among the largest oil and gas producers in the world. Canada and the US are among the top five crude oil producers in the world and one of the major suppliers of reliable crude oil to international markets.
In addition, the increase in onshore and offshore oil and gas projects, along with increasing investments and initiatives being launched by various governments, will lead to an increase in oil and gas drilling and completion activities in the region. This will boost the demand for casing spools and, thereby, drive the growth of the oilfield casing spools market in North America during the forecast period.
The oilfield casing spools market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Oilfield Casing Spools Market Scope |
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Report Coverage |
Details |
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Page number |
150 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.56% |
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Market growth 2024-2028 |
USD 45.22 million |
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Market structure |
Concentrated |
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YoY growth 2023-2024(%) |
6.28 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 44% |
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Key countries |
US, Canada, Saudi Arabia, China, and Russia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Baker Hughes Co., Delta Corp., Jiangsu HongFei Petroleum Machinery Manufacturing Co. Ltd., Parveen Industries Pvt. Ltd., Sakward Oilfield Manufacturing Co. Ltd., Schlumberger Ltd., Sentry Wellhead Systems LLC, Shaanxi FYPE Rigid Machinery Co. Ltd., UZTEL SA, Worldwide Oilfield Machine Inc., and Yantai Jereh Oilfield Services Group Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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