Rockville , Oct. 25, 2023 (GLOBE NEWSWIRE) -- A recent study by Fact.MR, a market research and competitive intelligence provider, asserts that worldwide demand for casing centralizers is valued at US$ 510 million in 2023. The global casing centralizer market is predicted to advance at a CAGR of 4% and reach US$ 755 million by 2033. Growing use of casing centralizers as a pivotal component in the oil & gas industry is contributing to rising revenue streams.
Demand for casing centralizers is projected to be driven by their role in maintaining uniform and even gaps between the wellbore and the casing. In addition, they also prevent differential sticking, promote effective cementing of the well, and reduce friction during casing replacement.
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Casing centralizers are vital for the integrity and successful construction of oil & gas wells. Proper centralization ensures even distribution of cement around the casing, which is pivotal in preventing gas mitigation and other potential problems. This, in turn, is projected to enhance well longevity and productivity.
| Report Attribute | Details |
| Value Projection (2033) | US$ 755 Million |
| Growth Rate (2023-2033) | 4% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 72 Tables |
| No. of Figures | 108 Figures |
Key Takeaways from Market Study
- The global casing centralizer market was valued at US$ 490 million in 2022.
- Worldwide sales of casing centralizers have reached US$ 510 million in 2023.
- The global market is set to climb to US$ 755 million by the end of 2033.
- Sales of casing centralizers are projected to rise at a CAGR of 4% from 2023 to 2033.
- Demand for casing centralizers for offshore activities is predicted to increase at a CAGR of 7% through 2033.
- North America is forecasted to hold a significant share of global market revenue in 2023.
“Rising exploration and production activities taking place in the oil & gas industry are predicted to boost the need for wellbore integrity and stability, which is in turn projected to drive demand for effective casing centralization for safety and environmental reasons,” says a Fact.MR analyst.
Increased Demand for Steel-based Casing Centralizers Attributed to Their Constant Casing Support
Based on material, worldwide demand for steel-based casing centralizers is projected to increase owing to their ability to withstand high axial loads. They are specifically designed for highly deviated, vertical, and horizontal wells. These centralizers offer constant casing support. In addition, these steel centralizers can minimize the resistance and torque of the casing during operation.
Leading Market Players:
Key manufacturers of casing centralizers are:-
- Halliburton,
- Moonshine Solutions AS,
- Maxwell Oil Tools Ltd.,
- NeOz Energy,
- Summit Casing Equipment,
- National Oilwell Varco,
- Equip Outlet Inc.,
- Centek,
- NOV,
- Avantgarde Oil Services Limited,
- Amroc Bremse,
- Weatherford International.
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Country-wise Insights:
Until 2033, it is expected that demand for casing centralizers in North America will grow at a CAGR of 4.2%. The market for casing centralizers is expected to be moderated by the increasing demand for hydrocarbons from the transportation and power generating sectors. Furthermore, opportunities in the area are being fueled by the increasing shale gas development and production.
What elements contribute to the prominence of the US market?
Unconventional resources are present in both offshore and onshore fields.
The availability of several unconventional resources in both offshore and onshore areas is anticipated to drive casing centralizer sales in the United States. Additionally, it is anticipated that rising exploration and production operations will increase demand for casing centralizers.
Explore More Related Studies Published by Fact.MR Research:
Steel Pipe Coatings Market: The global steel pipe coatings market is estimated to be valued at US$ 8.8 billion in 2023 and it is expected to grow at a CAGR of 4.7% to reach US$ 14.0 billion by the end of 2033.
Steel Casing Pipes Market: Demand for steel casing pipes is likely to grow at a CAGR of 5.4% through the forecast period.
Fibrous Casings Market: The market stands at US$ 3.5 billion in 2023 and is this expected to reach a valuation of US$ 5.7 billion by 2033-end.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the casing centralizer market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on product (bow-spring casing centralizers, rigid-blade casing centralizers, semi-rigid casing centralizers, inter-casing centralizers), application (offshore, onshore), and material (steel, aluminum, zinc, polymer, resin), across major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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