Transparency Market Research (TMR) presents insights into the potential of the global well casing market in its new market research report. The research report, titled “Well Casing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024,” offers an insightful overview of the drivers and barriers impacting the growth of the overall market. The report also discusses the region wise outlook of the global well cell casing market, along with the other key segments. As per analysts, the rising demand for oil and gas worldwide is the key factor propelling the market.
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The rising demand for energy, technological advancements, and increase in drilling activities globally are projected to boost the demand for well casing technology in the forecast period. According to analysts, the growth in the global well casing market is also due to the implementation of several standards for oil and gas casing imposed by regulatory authorities, including the American Petroleum Institute, encouraging the growth of the global well casing market. These standards specify the composition, tensile strength, length, and thickness of casing for a given well and are broadly used for the selection of oil and gas casing.
The global well casing market faces challenges such as a decline in oil prices and the limited access to oil and gas reserves. The shortage of skilled and experienced professionals and rising environmental concerns are also expected to dampen the growth of the well casing market worldwide. However, the new shale discoveries in Africa and other regions are projected to act as opportunities and help the market to grow.
From the geographical perspective, the global well casing market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. At present, North America holds a substantial number of shale reserves, making it a leading segment in the global market. The increasing number of exploration activities in North America is projected to accelerate the growth of the market in the coming years. Asia Pacific is also expected to offer lucrative opportunities in the market, thanks to the significant rise in mining and drilling activities in Australia and China.
The global well casing market is fragmented in nature with the presence of several companies. TMR analysts have observed that the leading companies in the market are opting for joint ventures and partnerships, to establish their presence around the world. Moreover, leading players are shifting their focus on developing nations to avail the benefits of swift industrialization, which hold substantial scope for growth in the coming years. Key players profiled in the global well casing market are: Vallourec S.A., Centek Group, Antelope Oil Tool and Manufacturing Company, and Weatherford International Ltd.
