The casing centralizers market is estimated to be valued at US$ 462.3 million in 2020 and add value worth US$ 215.9 million by 2030, expanding at a CAGR of 3.9% during the forecast period (2020-2030). Demand for casing centralizers remains driven by the discoveries of new oil & gas fields across the globe.
With an increase in the production of shale gas in countries such as China, Canada, Argentina and the US, sales of casing centralizers are expected to experience a substantial rise through 2030. As per the World Oil estimates in 2018, the drilling activities outside the U.S. is forecast to increase by 4.6% to 43,456 wells, led by significant improvements in Russia, China, Australia and parts of Africa.
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Key Takeaways of Casing Centralizers Market Study
- The global casing centralizers market is expected to grow at a volume CAGR of 3.7% and expand 1.4X through 2030.
- Bow spring casing centralizers will continue to hold maximum share of the total market value and create an absolute $ opportunity of US$ 93.5 million during the forecast period.
- Onshore application of casing centralizers is expected to grow at a value CAGR of 3.8%, however, lose 110 BPS from its market share through 2030.
- Steel remains the material of choice and accounts for nearly three-fifth of the overall casing centralizers market value.
- North America will remain at the forefront, accounting for more than 45% share of the global market value, owing to rapid exploration of unconventional resources.
“The adoption of casing centralizers is expected to be on a significant rise, with an estimated increase in the greenfield and brownfield projects in the upstream. However, postponement and cancellation of these projects and delays in investment in oil & gas exploration, due to the COVID-19 outbreak, will hinder the casing centralizers market growth in the first half of the forecast period,” concludes the Fact.MR analyst.
Key Segments of the Casing Centralizers Market
The Fact.MR’s study on the casing centralizers market offers information divided into three key segments-product, application, and materials across five regions. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- Bow Spring Casing Centralizers
- Rigid Blade Casing Centralizers
- Semi-Rigid Casing Centralizers
- Inter-Casing Centralizers Sub
- North America
- Latin America
- Asia Pacific
Manufacturers Focus on Business Expansion through M&A Activities
The global casing centralizers market is highly competitive in nature. Key players are focusing on expanding their business operations through acquisitions. For instance,
- In January 2018, Madison Industries completed its acquisition of Centek Group. The acquisition was aimed at producing highest quality products and delivering outstanding customer service
- In November 2017, Maxwell Oil Tools completed its acquisition of the composites manufacturing and supply division of Innovex Downhole Solution