Oilfield Casing Spools Market Size & Share, by Type (Stainless Steel, Low Alloy Steel); Working Pressure (Below 2000 PSI, 2001 PSI to 3000 PSI, 3001 PSI to 5000 PSI, Above 5000 PSI); Application (Onshore, Offshore); Casing Size (8 to 11, 1 to 12); End-User (Organizations, Manufacturer) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5611
  • Published Date: Feb 06, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Oilfield Casing Spools Market size is expected to reach USD 46 Million by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of oilfield casing spools crossed around USD 26 Million. The primary reason behind this massive growth of the market is the increasing exploration of oil and gas fields across the world. The biggest international producers of oil are the United States, Saudi Arabia, and Russia. These three countries generated roughly 40 million barrels of oil daily in 2022. That is 43% of the entire global production for a total of 43.29 million barrels daily. The oil and gas industry is in conversion. In most organizations, decision-makers are concentrated on quickly reshaping exploration portfolios into short-cycle and low-carbon strength scopes, mainly through divestment and M&A activity.

Another reason behind the massive growth of the oilfield casing spools market is the increasing connectivity of world oil and gas fields through pipelines. For instance, the planned Trans-Saharan pipeline will carry gas from Nigeria to Algeria via Niger. If the project is fulfilled, the new pipeline will link to the existing Trans-Mediterranean, Maghreb-Europe, Medgaz, and Galsi pipelines that deliver Europe from conveyance hubs on Algeria’s Mediterranean coast. The Trans-Saharan pipeline would be over 2,500 miles long. It could deliver as much as 30 billion cubic meters of Nigerian gas to Europe annually--similar to about two-thirds of Germany’s 2021 imports.


Oilfield Casing Spools Market overview
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Oilfield Casing Spools Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

∼6%

Base Year Market Size (2023)

~USD 26 Million

Forecast Year Market Size (2036)

~USD 46 Million

Regional Scope

  • North America (North America, Canada, Mexico)
  • Europe (Germany, Spain, UK, France, Italy, Russia, Others)
  • Asia Pacific (Japan, China, India, Australia, Others)
  • Middle East and Africa (South Africa, UAE, Others)
  • Latin America (Brazil, Argentina, Others)
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Oilfield Casing Spools Market: Growth Factors and Challenges

Market-Growth-Drivers

Growth Factors

  • Increasing Use of Green Fuels in Industries - Within the industrial sector, manufacturing accounts for the largest share of yearly industrial energy utilization, usually followed by mining, construction, and agriculture. Mining comprises the extraction of minerals, and nonmineral products like stone and gravel, coal, oil, and natural gas. Agriculture comprises farming, fishing, and forestry. Manufacturing is the physical, mechanical, or chemical conversion of components or substances into new products. The U.S. Energy Information Administration (EIA) makes projections for energy utilization by these four major industrial activities in the Annual Energy Outlook (AEO), comprising the types and amounts of energy utilized by industry and manufacturers. Natural gas is noticed in both related formations, meaning it is created and generated with oil, and non-related reservoirs. Gas can either be dry (pure methane) or wet (is placed in other hydrocarbons like butane). Although wet gas must be handled to eliminate the other hydrocarbons and other aftereffects before it can be carried, it can raise producers' profits because they can sell those eliminated products.
  • Shortage of Fossil Fuels - The gradual elimination of fossil fuel subsidies is a basic component of successful clean energy transitions, as underscored in the Glasgow Climate Pact. However, the recent international energy crisis has also underlined the political difficulties of doing so. Russia’s infringement of Ukraine caused the crisis, but 2022’s subsidy jump carries some wider lessons on the requirement for organized and people-focused transitions.
  • Increasing Consumption of Natural Gas - Past international supply crises have typically been restricted to oil, but fast-moving natural gas markets are in difficulties as well. An increasing and more pliable liquified natural gas (LNG) market has offered intentional competition for gas supply, a condition that wasn’t feasible when gas was delivered by pipeline or LNG under permanent contracts. Europe and Asia are contesting for a similar LNG supply, driving prices up in both markets and expanding the recent tight market to the United States. In a sense, natural gas is the prey of its success: deflection coal-fired power production for economic or environmental factors has been an essential source of gas requirement.

Challenges

  • Increasing Inflation in Oil Prices - Oil prices have since increased acutely to approximately USD 100 per barrel following tough economic recovery post-lockdowns. As the economy rises so does the oil need. Fur, rising geopolitical tensions between Russia and Ukraine and in the Middle East are fueling supply fears. This is leading to increasing inflation and problems with economic restoration. An international shift towards renewability may in time change the low price elasticity of oil requirements. But while the energy shift persists apace it's significant to comprehend how supply and requirement factors influence the price of oil and thus the broader economy. Black, Brown, endemic, and low-income communities are unevenly influenced since these groups are inclined to live in neighborhoods with more pollution. In Greeley, Colorado, residents of a mainly Latino and migrant community are trying to close an oil and gas process situated two blocks from a public school in the US. 
  • Lack of Skillful Technicians
  • Problem with Oilfield Casing Tools


Oilfield Casing Spools Segmentation

Application (Onshore, Offshore)

The offshore segment in the oilfield casing spools market will increase the most during the forecast period and will hold almost 80% of the revenue share. This growth will be noticed due to the increasing number of oil and gas production in offshore fields across the world. Globally, during the prospect period 2021-2025, an amount of 355 key crude and natural gas offshore projects are projected to begin operations in 48 countries. Among these, 130 show the number of strategized offshore projects with detected growth strategies and 225 show the number of early-stage declared offshore projects that are enduring speculative studies and that are yet to be accepted for development. In terms of the number of strategized offshore oil and gas projects, Brazil drives among countries with 17 projects, tracked by China with 14 projects. The UK drives in terms of declared offshore projects with 33, tracked by Norway with 19 projects. Among regions, Africa and Asia are projected to drive international offshore capital expenses. Global crude, condensate, and natural gas generation from active and structured offshore reserves are projected to rise from 46.0 million barrels of oil per day (mmboed) in 2019. The generation from both declared and structured offshore oil and gas projects is projected to rise by 2025.

Type (Stainless Steel, Low Alloy Steel)

The stainless-steel segment will dominate the oilfield casing spools market during the forecast period with almost 85% of the revenue share. This growth of the segment will be noticed primarily due to the increasing use of stainless steel casing spools in oilfields across the world to avoid the danger of leaks and spills. The oil and gas industry is a shifting industry with updated needs. To match these requirements, stainless steel grows to maximize industrial operations by confirming durable and trustworthy execution. The work of stainless steel in petroleum refining is extensive. Stainless steel comprises 10.5% chromium which develops a passive layer of chromium oxide outcoming in effective corrosion opposition.

Our in-depth analysis of the global oilfield casing spools market includes the following segments:

          Type

  • Stainless Steel
  • Low Alloy Steel

          Working Pressure

  • Below 2000 PSI
  • 2001 PSI to 3000 PSI
  • 3001 PSI to 5000 PSI
  • Above 5000 PSI

          Application

  • Offshore
  • Onshore

         Casing Size

  • 8” to 11”
  • 1” to 12”

          End-User

  • Organizations
  • Manufacturer

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Oilfield Casing Spools Industry - Regional Synopsis

North American Market Statistics

The oilfield casing spools market in the North America region is expected to hold 44% of the revenue share by 2036. This growth will be noticed due to the increasing growth of energy infrastructure in this region. During the last five years, U.S. oil and gas infrastructure growth continued at a quick pace, and a lot have questioned whether the trend can go on. Moreover, the investment space in the American energy infrastructure is projected to increase to an accumulated USD 197 billion by 2029. As hackers pose gradually sophisticated hazards to critical infrastructure and the influences of climate change proceed to raise the prevalence and concentration of weather events, the American energy infrastructure requires a serious overhaul to both raise resiliency and promote the transition to cleaner energy resources.

European Market Analysis

The oilfield casing spools market in the European region will also increase massively during the forecast period and will hold the second position during the forecast period. This growth will be noticed because of the increasing offshore oil and natural gas production in the European region. Turkey has also delighted success in this domain and currently started building the underwater pipeline network that will link the offshore Sakarya gas field with the onshore gas processing aptitude in the northern Black Sea domain of Zonguldak. Gas generation is projected to start in the first quarter of 2023, with height generation of over 3,5 bcm yearly.

Research Nester
Oilfield Casing Spools Market size
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Companies Dominating the Oilfield Casing Spools Market

top-features-companies
    • Delta Corp.
      • Company Overview
      • Business Planning
      • Main Product Offerings
      • Financial Execution
      • Main Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Jiangsu HongFei Petroleum Machinery Manufacturing Co. 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.
    • Sentry Wellhead Systems
    • Japan Petroleum Exploration Co., Ltd.
    • Japan Drilling Co., Ltd.
    • JGC Holdings Corporation
    • Kawasaki Kisen Kaisha, Ltd.

In-the-news

In The News

  • January 10, 2024: SLB declared an investment and technology collaboration deal with Geminus AI that will give SLB exclusive availability to utilize the first physics-advanced artificial intelligence (AI) model builder for oil and gas operations. The Geminus model builder combines physics-depended techniques with process data to generate highly precise AI models that can be utilized at scale, far quicker, and at much less cost than conventional AI techniques.
  • January 11, 2024: SLB and Nabors Industries declared cooperation to scale the agreement with programmed drilling solutions for oil and gas operators and drilling contractors. The deal will allow customers to smoothly unify the organizations’ drilling automation applications and rig operating systems to provide modified well construction execution and effectiveness.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5611
  • Published Date: Feb 06, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing use of oil and gas across the world will majorly drive the market growth of the oilfield casing spools market.

The market size of the global subsea well access and blowout preventer system market is expected to get a CAGR of approximately 6% over the forecast period, i.e., 2024-2036.

The major players in the market are Delta Corp., Jiangsu HongFei Petroleum Machinery Manufacturing Co. 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., Sentry Wellhead Systems, Japan Petroleum Exploration Co., Ltd., Japan Drilling Co., Ltd., JGC Holdings Corporation, Kawasaki Kisen Kaisha, Ltd., Mitsubishi Gas Chemical Company.

The offshore segment is anticipated to reap the largest market size with almost 80% by the end of 2036 and demonstrate substantial growth scopes.

The market in the North American region is expected to have the largest market share by the end of 2036 and provide more business opportunities in the future.
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