Right now, with large investments, oil and gas operators will focus on escalating profits to support the industry and will do so by escalating crude oil production from oil fields. Escalated investment in the upstream oil and gas sector will drive escalated oil and gas drilling and production activity. Casing spools are essential pressure control devices that are used in the drilling and completion procedures. Therefore, escalated investment in upstream oil and gas will drive the expansion of the global oilfield casing spools market at a CAGR of more than 6% during the foreseen period. Oilfield casing spools are wellhead components, employed in wellhead assemblies with flanges to secure the upper end of the casing string. These components are generally supplied with studded outlets and threaded outlets. These coils are deployed to perform multiple tasks, such as acting as outlets for fluid return, retaining the bowl guard, testing the exhaust plugs (BOPs) during drilling, and testing the pressure of the casing seals through a test port. Casing coils are available in a wide range of sizes and pressure ratings and are selected for specific conditions.
Major PSU Oil India Limited (OIL) has declared that it had to stop work to put out the fire at the damaged Baghjan gas well in after a "liner valve" employed throughout the operation broke surgery.
The main drivers of expansion in the worldwide oilfield casing spools industry are the escalating dependence on pressure pumping solutions and the significant expansion of the oil and gas industry in developing countries.
Additionally, escalated mining activity is likely to boost the industry as drilling is an integral part of mining, of which the casing coil is a part. The governments of different countries are participating in the reform of mining taxation to attract foreign actors and invest in their respective countries. For example, the governments of the United States, Canada, and Australia have successfully introduced fiscal policies to attract foreign players to mineral exploration. These initiatives include concessions and incentives to undertake exploration, which ultimately forms a competitive framework. Similar trends will favor the worldwide oilfield casing spools market during the foreseen period.
However, risks associated with explosive decompression damage and coating coil fluid swelling during use may limit the expansion of the global oilfield casing spools industry.
The global oilfield casing spools market is predicted to experience strong expansion during the foreseen period due to escalating investments in upstream oil and gas operations. This is predicted to boost call for oilfield casing spools during the outlook period.
Factors such as the increase in onshore oil and gas and E&P activities around the world will play a significant role in the onshore segment to maintain its industry position. Additionally, worldwide report examines factors such as escalated investment in oil and gas operations and increase in the number of active platforms. The main drivers of the worldwide industry for casing spools are the escalating dependence on components of pressure pumping solutions, which increases industrial spending on maintenance and replacement of machines. In addition to this, the rapid expansion of the oil and gas industry in a developing economy and strict regulatory laws for the use of efficient components and solutions are predicted to boost the box coil business for years to come. Nonetheless, factors such as new user targeting, innovative product development, and the broader reach of the housing coil through online sales are predicted to provide exciting industry opportunities in the near future. Escalated exploration and production activities in deep and ultra-deep-water projects will drive call for oilfield casing coils, driving industry expansion over the next five years.
However, volatility in the prices of oil and gas, demand for alternative sources, and risks related to drilling and completion may impede the development of the global oilfield casing spools business.
Market Size Available
2020 – 2025
2021 - 2026
By Product, Type, Consumption, Distribution Channel and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Baker Hughes, a GE Co. LLC (US), Delta US Corp. LLC (US), Jiangsu HongFei Petroleum Machinery Manufacturing Co. Ltd (China), Schlumberger Ltd. (US), Sentry Wellhead Systems LLC (US), Shaanxi FYPE Rigid Machinery Co. Ltd (China), The Weir Group Plc (UK), Uztel SA (Romania), Worldwide Oilfield Machine Inc. (US), Yantai Jereh Oilfield, Services Group Co. Ltd. (China), and Jereh Group (China).
The stainless-steel segment is predicted to have a larger share of the industry and to grow at a faster rate during the foreseen period due to its various advantages, including corrosion resistant alloy ring grooves that are generally provided with an end connection with nails. All these factors would translate into a greater share of the stainless-steel segment.
North America has the largest share of the oilfield casing spools industry due to the rapid expansion of the oil and gas and mining industry. Also, according to the US Energy Information Administration (EIA), in 2021, approximately 6.44 million bpd of crude oil was produced from reduced oil resources in the United States. Escalated oil and gas extraction and production increases the call for drilling activities, which will ultimately improve the industry for oilfield casing coils as it is an integral part of drilling activity. All of these factors will drive call for oilfield casing spools in the region. The North American industry is predicted to be driven by the rapid expansion of the mining, oil and gas industry.
In Europe, strict regulation by government agencies and industry associations for regular maintenance and component replacement of pressure handling equipment to avoid associated risks has encouraged the use of coating coils. The industry in Asia-Pacific is predicted to grow considerably, due to its ability to be profitable and reliable. The Middle East and Africa industry is likely to fuel box coil sales due to its rapid expansion in high pressure and critical service applications. The wrapping coil industry in South America is predicted to be driven by the rise of the oil and gas sector.
The key players operating in the global oilfield casing spools market are Baker Hughes, a GE Co. LLC (US), Delta US Corp. LLC (US), Jiangsu HongFei Petroleum Machinery Manufacturing Co. Ltd (China), Schlumberger Ltd. (US), Sentry Wellhead Systems LLC (US), Shaanxi FYPE Rigid Machinery Co. Ltd (China), The Weir Group Plc (UK), Uztel SA (Romania), Worldwide Oilfield Machine Inc. (US), Yantai Jereh Oilfield, Services Group Co. Ltd. (China), and Jereh Group (China).
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Oilfield Casing Spools Market, By Type
6.1.1 Stainless Steel
6.1.2 Low Alloy Steel
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Type
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Type
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Type
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Type
8. Key Player Analysis
8.1 Baker Hughes
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Delta US Corp. LLC
8.3 Jiangsu HongFei Petroleum Machinery Manufacturing Co. Ltd
8.4 Schlumberger Ltd.
8.5 Sentry Wellhead Systems LLC
8.6 Shaanxi FYPE Rigid Machinery Co. Ltd
8.7 The Weir Group Plc
8.8 Uztel SA
8.9 Worldwide Oilfield Machine Inc.
8.10 Jereh Group
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Global Oilfield Casing Spools Market By Region, From 2021-2026 ( USD Billion )
Global Oilfield Casing Spools Market By Type, From 2021-2026 ( USD Billion )
Global Stainless Steel Market By Region, From 2021-2026 ( USD Billion )
Global Low Alloy Steel Market By Region, From 2021-2026 ( USD Billion )