NEWARK, Del, July 11, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI), the casing pipe market value is expected to rise from USD 12,939.30 Million in 2024 to USD 22,738.90 Million by 2034. This market is analyzed to expand at a CAGR of 5.80% over the next decade.
Growing demand for structural steel pipes and tubes in multinational markets is spurring market growth. The market value is further expected to improve owing to hefty government expenditure on infrastructure apart from public and private capex.
Increasing demand for casing pipes from the energy industries to facilitate exploration and production activities is further enhancing the market growth. In line with this, the surging adoption of unconventional oil and gas extraction methods is anticipated to promote casing pipe sales.
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Key Takeaways from the Casing Pipe Market Report:
- Based on material type, the steel casing pipes are a leading segment, acquiring a share of 45.50% in 2024.
- By end use, the oil wells segment holds a 60.30% value share in 2024.
- The casing pipe market in United States is expected to expand at a 4.40% CAGR through the forecast period.
- Germany is estimated to grow at a 4.80% CAGR over the upcoming period.
- In China, the casing pipe industry is anticipated to move forward at a 6.2% CAGR.
“Key players are expected to allocate funds for research and development activities to provide breakthrough technologies that help tackle the challenges of the energy industry,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Casing Pipe Market Trends and Analysis:
Increased Demand in Oil and Gas Industry: The casing pipe market is experiencing robust growth due to the rising demand for oil and gas exploration and production activities. The need for reliable and durable casing pipes to ensure well integrity and prevent contamination is driving market expansion.
Technological Advancements: Innovations in manufacturing processes and materials, such as the development of high-strength steel and corrosion-resistant alloys, are enhancing the performance and longevity of casing pipes. These advancements are making casing pipes more efficient and cost-effective for end-users.
Shift Toward Horizontal Drilling: The increasing adoption of horizontal drilling techniques, particularly in unconventional oil and gas reserves, is boosting the demand for casing pipes. Horizontal drilling requires more extensive casing to support the wellbore and prevent collapse, leading to higher consumption of casing pipes.
Environmental Regulations and Sustainability: Stringent environmental regulations and a growing emphasis on sustainability are influencing the casing pipe market. Companies are focusing on eco-friendly materials and manufacturing processes to reduce environmental impact and comply with regulatory standards.
Strategies Adopted by Market Players to Stay Buoyant in the Competitive Marketspace:
Key players are delivering customized solutions, designed uniquely to the customer's specifications. Additionally, they are focusing on responsive customer service to offer prompt technical assistance and support as and when it is required.
Companies in the casing pipe market are offering highly competitive pricing structures without sacrificing the product’s reliability and quality. This approach has resulted in partnerships with leading industry players searching for top-notch casing pipes at competitive prices.
Players are further investing in research and development activities to develop breakthrough technologies and enhance product performance.
Casing Pipe Manufacturers Insights:
- Northwest Pipe Company
Northwest Pipe Company, based in the United States, is a prominent manufacturer of engineered welded steel pipes. The company provides high-quality products that meet extremely challenging and exacting specifications. The manufacturing units of this company are strategically positioned across North America to meet the increasing demand for water and wastewater infrastructure.
- Tenaris S.A.
Tenaris S.A., headquartered in Luxembourg, is a manufacturer and supplier of steel pipes and allied services. The company develops products mainly for the energy industry and leads in quality, safety, and innovation.
- Vallourec
Vallourec, headquartered in France, is a multi-national manufacturing company, that specializes in expandable tubular technology, hot rolled seamless steel tubes, stainless steel, and automotive parts. These products are mainly developed to serve the automotive, construction, energy, and mechanical industries.
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Key Players Operating in the Casing Pipe Industry:
- EVRAZ
- Hannon Hydraulics
- Offshore Energy Services Inc.
- Titan Tubulars & Well Service
- Nippon Steel Corporation
- Desco International
- Essar Steel
- Mid-Continent Group
- Edgen Murray
- TMK
- Radius Systems Ltd.
- National Pipes & Plastics
- Georg Fischer Ltd.
- REHAU
- Uponor
- Astral Pipes
- Others
Regional Insights:
North America: Leading the market due to significant shale gas exploration activities, particularly in the U.S. and Canada.
Middle East and Africa: Also a major market player due to the vast reserves and ongoing exploration activities.
Asia-Pacific: Witnessing growth with rising investments in oil and gas infrastructure, especially in China and India.
Casing Pipe Market Segmentation Analysis:
By Material Type:
- Steel
- Plastic
- Fiberglass
- Composite
By Casing Type:
- Conventional Casing (Non-Slotted)
- Slotted Casing
- Perforated Casing
- Screen Casing
By End Use:
- Oil Wells
- Gas Wells
- Geothermal Wells
By Different Regional Markets are as follows:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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About Future Market Insights – Industrial Automation
The Industrial Automation division of Future Market Insights offers a novel approach and innovative perspective in analyzing the industrial automation domain. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI):
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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