USD 28.11 Million
Global Oilfield Casing Spools Market Size, Share, Growth Analysis, By Type(Stainless steel, and Low alloy steel), By Application(Onshore and Offshore), By Casing Size(8, 1), By End-User(Organizations, Manufacturer) - Industry Forecast 2024-2031
Report ID:
SQMIG10A2025 |
Region:
Global |
Published Date: April, 2024
Pages:
178
|
Tables:
118 |
Figures:
73
Global Oilfield Casing Spools Market Insights
Global Oilfield Casing Spools Market size was valued at USD 28.11 Million in 2022 and is poised to grow from USD 29.91 Million in 2023 to USD 49.17 Million by 2031, growing at a CAGR of 6.41% in the forecast period (2024-2031).
The outlook for the global oilfield casing spools market appears highly promising throughout the forecast period from 2023 to 2030, primarily propelled by escalating safety concerns and security imperatives within the industry. This growth trajectory is further amplified by the increasing potential of market segments to expand and generate substantial revenue. Notably, the North America region is poised to experience a significant surge, with an anticipated growth rate of 44%.
The casing spool stands as a pivotal element in drilling operations, serving a critical role in regulating pressure at the wellhead. Its fundamental function in controlling pressure underscores its indispensable role within the intricate processes of oilfield drilling, reinforcing its significance within the industry's operational framework.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Onshore
Growth Rate
6.41% CAGR
Global Oilfield Casing Spools Market ($ Bn)
Country Share for North America Region (%)
Global Oilfield Casing Spools Market By Application (%)
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Global Oilfield Casing Spools Market Segmental Analysis
Global Oilfield Casing Spools Market is segmented into various segments. Based on Type, the global market is segmented into Stainless steel, and Low alloy steel. Based on Application, the global market is segmented into Onshore and Offshore. Based on Casing Size, the global market is segmented into 8" to 10", 1" to 12", 1" to 15", 1" to 18", and Above 18". Based on End-User, the global market is segmented into Organizations, Manufacturer, Research Institute, Education Institute, and Potential Investors. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Application
The offshore segment stands as a pivotal cornerstone within the oilfield casing spools market, specifically designed to address the unique challenges and demands of drilling and completion activities conducted in marine environments. Offshore drilling operations entail a distinct set of complexities, including harsh environmental conditions, extreme depths, and corrosive elements inherent to marine settings. Casing spools tailored for offshore applications are engineered to withstand these challenges, ensuring structural integrity, pressure control, and effective sealing within the wellbore.
The onshore segment stands as a cornerstone within the oilfield casing spools market, playing a pivotal role in supporting drilling and completion activities in terrestrial environments. This segment caters to the distinctive needs of oil and gas exploration and production conducted on land-based sites. Onshore drilling operations typically involve diverse geological formations and varied well depths, requiring a versatile range of casing spools to accommodate these specifications.
Analysis by Type
The forecast for the oilfield casing spools market projects notable growth within the stainless steel segment over the coming period. Among the array of casing spools available globally, stainless steel variants have surfaced as the frontrunner. This ascendancy owes itself to a myriad of factors contributing to their leading position in the market. Additionally, global governmental bodies, notably the US Department of Energy (DOE), have underscored the imperative for eco-conscious and sustainable practices within the oil and gas sector.
The low alloy steel segment plays a crucial role in catering to specific industry needs within the oilfield casing spools market. These low alloy steel casing spools offer a unique set of properties that make them highly relevant in diverse operational contexts within the oil and gas sector. Their composition, which includes alloying elements in controlled quantities alongside carbon, provides enhanced mechanical properties such as improved strength, toughness, and corrosion resistance compared to standard carbon steel.
Global Oilfield Casing Spools Market By Application , 2022 (%)
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Global Oilfield Casing Spools Market Regional Insights
North America stands as a pivotal revenue generator within the global oilfield casing spools market, propelled by escalating demand across diverse industries. This surge in demand is complemented by continuous technological advancements in oilfield casing spools, particularly in Canada and the US. These advancements serve as catalysts, actively fostering market growth and expansion throughout the region.
Asia-Pacific spearheaded by influential contributors such as China, is experiencing remarkable strides in the oilfield casing spools market. China's escalating energy consumption coupled with focused endeavors to bolster domestic oil and gas production, significantly fuels the demand for crucial wellhead equipment, including casing spools. The region's vibrant oil and gas sector, accompanied by a surge in exploration and drilling initiatives, serves as a driving force propelling the expansion of the market.
Global Oilfield Casing Spools Market By Region, 2024-2031
- Largest
- Fastest
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Global Oilfield Casing Spools Market Dynamics
Drivers
Increasing Demand for Oilfield Casing Spools
- The burgeoning demand for oilfield casing spools is catalyzing an expansion in the utilization of waterproof pads and tools within the marine sector, presenting a lucrative opportunity for industry players. This trend is notably fostering a surge in the adoption of weatherproof pad hand tools equipped with protective features like shielded keyways and robust plastic covers. Highlighting the market's trajectory, a senior analyst specializing in the Energy industry at Technavio underscores that the primary impetus behind the oilfield casing spools market's growth stems from heightened investments in upstream oil and gas operations. Moreover, the global surge in oil and gas demand stands as a pivotal driver propelling this market forward, indicating a trajectory of sustained expansion in response to industry needs and market dynamics.
Restraints
Rise in Threats
- The landscape of the oilfield casing spools market is encountering an upsurge in threats arising from the availability of substitutes within the global market, posing a considerable challenge to market players. This emergence of alternative options represents a significant factor that could potentially curtail the projected growth of the oilfield casing spools market in the foreseeable period. The existence of viable substitutes presents a pivotal concern, creating a landscape where the market's expansion could be hindered by the competitive offerings available to consumers.
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Global Oilfield Casing Spools Market Competitive Landscape
The competitive environment of the Global Oilfield Casing Spools Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- 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.
- Yantai Jereh Oilfield Services Group Co. Ltd.
- CCSC Petroleum Equipment LTD CO.
- Jereh Group
- Sentry Wellhead Systems
- Integrated Equipment
- The Weir Group PLC
- Tiger Valve Company
Recent Developments
- In July 2023, Renesas Electronics Corporation and Wolfspeed, Inc. forged a significant partnership, marked by the signing of a wafer supply agreement accompanied by a substantial $2 billion (USD) deposit from Renesas. This agreement secures a 10-year commitment from Wolfspeed to supply Renesas with silicon carbide bare and epitaxial wafers, focusing on 150mm variants projected to scale by CY2025. The collaboration signifies a strategic initiative aimed at fostering an industry-wide shift from silicon to silicon carbide semiconductor power devices, underlining their joint commitment towards technological advancement in the semiconductor domain.
- In May 2023, MTE Corporation, a globally recognized provider of electrical power quality solutions, announced the release of its highly anticipated microNexus motor safety filter. This innovative device marks the latest addition to MTE's distinguished portfolio of motor protection filters. Specifically engineered to eradicate hazardous electrical harmonics originating from Variable Frequency Drives (VFDs), the microNexus ensures comprehensive protection for motor bearings against potential electrical damage.
Global Oilfield Casing Spools Key Market Trends
- Casing spools serve as fundamental elements within the realm of oil and gas well drilling and completion processes, providing essential support and sealing for intermediate casing strings deployed beneath the surface casing string. Notably, the production of these critical components incurs essential costs primarily driven by raw material expenses, with steel standing as a predominant material. Consequently, fluctuations in global steel prices wield a substantial influence over the dynamics of the global oilfield casing spools market.
Global Oilfield Casing Spools Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. Oil and gas operators are strategically directing their efforts toward bolstering profits to maintain market viability amidst substantial investments. This pursuit involves a deliberate focus on augmenting crude oil production across oilfields. The heightened investments pouring into the upstream oil and gas sector are poised to act as a driving force behind the escalation of drilling and production activities within the industry. Casing spools, crucial components facilitating pressure control throughout drilling and completion processes, stand poised for increased prominence.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 28.11 Million |
| Market size value in 2031 | USD 49.17 Million |
| Growth Rate | 6.41% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Oilfield Casing Spools Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Oilfield Casing Spools Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Oilfield Casing Spools Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oilfield Casing Spools Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Oilfield Casing Spools Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Oilfield Casing Spools Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Oilfield Casing Spools Market Report Snapshots
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