Casing Centralizers Market to Exceed US$ 675 Mn as Sales of Bow Spring Casing Centralizers Rise at 3.7%

NEW YORK, Dec. 13, 2021 /PRNewswire/ -- According to the latest Fact.MR analysis, the global casing centralizers market is projected to create an absolute $ opportunity of over US$ 215.9 Mn.

With rising adoption of casing centralizers in oil and gas drilling activities, the market is pegged to be valued at over US$ 675 Mn by the end of 2030.

Increasing consumption of oil and gas from various end use industries and rapid rise in both offshore and onshore oil & gas exploration activities are some of the major factors driving the casing centralizers market.

Casing centralizers are being increasingly used to keep the casing from contacting the borehole, while providing a good standoff clearance around the casing to aid cementing operations.

Increasing investments by government for exploring new oil and gas reserves is creating new growth avenues within the casing centralizers market. New projects are being launched across multiple regions to cater to the rising demand for crude oil.

For instance, in 2020 Egypt announced the investment of US$ 1.4 Bn for exploring oil and natural gas at nine new sites in the Mediterranean and Red Sea. The state's Ministry of Petroleum and Mineral Resources announced the news, and expects to drill a total of 23 new wells across both seas.

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As per Fact.MR, bow spring casing centralizers is expected to remain the most preferred product type across oil and gas applications. These casing centralizers generate a restoring force by using flexible bows that provide the separation between casing and wellbore.

According to the report, demand for casing centralizers in onshore segment is projected to increase substantially over the forecast period. This is attributable to an increase in exploration and production activities in onshore oil & gas fields. Moreover, onshore drilling wells accounts for around 80% of the global oil and gas production.

Regionally, North America will continue to dominate the casing centralizers market due to increasing government initiatives for exploring new oils and gas reserves. Besides this, strong presence of key market players is also supporting the growth in the region. 

As per the study, North America casing centralizers market is projected to create absolute $ opportunity worth US$ 108.1 Mn during the forecast period.

"As the global demand for oil and gas intensify, exploration of more oil and gas reserves has become necessary. Hence, governments across the globe are investing vigorously for this purpose. This is anticipated to create lucrative growth avenues within casing centralizers market over the next ten years," says a Fact.MR analyst

Key Takeaways from Casing Centralizers Market Survey

• North America casing centralizers market is slated to grow at a CAGR of 4.1% over the assessment period.
• Asia Pacific will emerge as a lucrative market for casing centralizers, expanding by 1.6X by 2030.
• With burgeoning demand for oil and gas in the U.K. and Germany, Europe market is projected to expand 1.4X between 2020 and 2030.
• Sales of bow spring casing centralizers to rise at 3.7% CAGR over the assessment period.
• By application, onshore segment is set to grow at a CAGR of 3.8% during the forecast period.

Key Drivers

• Increasing government investments to explore new oil and gas reserves is driving the casing centralizers market.
• Increasing energy consumption across diverse end-use sectors is positively impacting the market.
• New product launches remain a key strategy for market players to increase their sales.

Key Restraints

• Fluctuation in oil & gas prices along with rising shift towards alternative energy resources is restraining the growth in the market.

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Competitive Landscape

The casing centralizers market is highly consolidated in nature with leading players employing various strategies such as advanced product launches, mergers, partnerships, acquisitions and facility expansions to dominate the market.

• In April 2020, Centek launched pioneering new hinged product called "S2 hinged centralizer". The new S2 single hinged centralizer has no weak spots and can be confidently used in the same applications (such as challenging wells) as the company's S2 single piece centralizer.
• In August 2020 Summit Casing Equipment (Summit), a manufacturer of cementation products for the oil and gas industry, acquired Gryphon Casing Solutions, LLC (Gryphon) a division of Gryphon Oilfield Solutions in an asset purchase. The acquisition will help the company to expand its business in the region.

Some of the prominent players operating in the casing centralizers market profiled by Fact.MR are:

• Halliburton
• Maxwell Oil Tools Ltd
• Moonshine Solutions AS
• NeOz Energy
• National Oilwell Varco
• Summit Casing Equipment
• Weatherford International
• Others

More Insights on the Global Casing Centralizers Sales Outlook

Fact.MR provides an unbiased analysis of casing centralizers market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the global demand for casing centralizers with a detailed segmentation on the basis of:

Product

• Bow Spring Casing Centralizers
• Rigid Blade Casing Centralizers
• Semi-Rigid Casing Centralizers
• Inter-Casing Centralizers Sub

Application

• Onshore
• Offshore

Materials

• Steel
• Aluminum
• Zinc
• Polymer
• Resin

Region

• North America
• Latin America
• Europe
• Asia Pacific
• MEA

Key Questions Covered in the Casing Centralizers Market Outlook Report

• The report offers insight into casing centralizers demand outlook for 2020-2030
• The market study also highlights projected sales growth for casing centralizers market between 2020 and 2030
• Casing centralizers market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Casing centralizers market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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