Oilfield Casing Spools Market

Oilfield Casing Spools Market Size (2024 - 2029)

The Global Oilfield Casing Spools Market size is expected to increase by USD 43.42 million in 2029, and grow at a CAGR of 8.78% during the forecast period 2024-2029.

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.

Market Drivers

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 form a competitive framework. Similar trends will favor the worldwide oilfield casing spools market during the foreseen period.

Market Restraints:

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.

Market Opportunities:

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 the 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, the worldwide report examines factors such as escalated investment in oil and gas operations and an 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 the call for oilfield casing coils, driving industry expansion over the next five years.

Market Challenges:

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.

OILFIELD CASING SPOOLS MARKET REPORT COVERAGE:

Market Segmentation:

Oilfield Casing Spools Market - By Type:

• Stainless Steel

• Low Alloy Steel

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.

Market Regional Analysis:

The Oilfield Casing Spools Industry includes

• North America - U.S., Canada.

• Europe - UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

• Asia Pacific - India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

• Latin America - Brazil, Mexico, Argentina, Chile & Rest of LATAM.

• Middle East & Africa - KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

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 increase 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 the 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 industries.

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.

Market Key Players:

The key players operating in the Global Oilfield Casing Spools Market are 

1. Baker Hughes
2. GE Co. LLC (US)
3. Delta US Corp. LLC (US)
4. Jiangsu HongFei Petroleum Machinery Manufacturing Co. Ltd (China)
5. Schlumberger Ltd. (US)
6. Sentry Wellhead Systems LLC (US)
7. Shaanxi FYPE Rigid Machinery Co. Ltd (China)
8. Weir Group Plc (UK)
9. Uztel SA (Romania)
10. Worldwide Oilfield Machine Inc. (US)
11. Yantai Jereh Oilfield
12. Services Group Co. Ltd. (China)
13. Jereh Group (China)

Market Recent Developments :

• 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 after a "liner valve" employed throughout the operation broke surgery.