Oilfield Casing Spools Market Analysis

Application (Onshore, Offshore)

The offshore segment in the oilfield casing spools market will increase the most during the forecast period and will hold almost 80% of the revenue share. This growth will be noticed due to the increasing number of oil and gas production in offshore fields across the world. Globally, during the prospect period 2021-2025, an amount of 355 key crude and natural gas offshore projects are projected to begin operations in 48 countries. Among these, 130 show the number of strategized offshore projects with detected growth strategies and 225 show the number of early-stage declared offshore projects that are enduring speculative studies and that are yet to be accepted for development. In terms of the number of strategized offshore oil and gas projects, Brazil drives among countries with 17 projects, tracked by China with 14 projects. The UK drives in terms of declared offshore projects with 33, tracked by Norway with 19 projects. Among regions, Africa and Asia are projected to drive international offshore capital expenses. Global crude, condensate, and natural gas generation from active and structured offshore reserves are projected to rise from 46.0 million barrels of oil per day (mmboed) in 2019. The generation from both declared and structured offshore oil and gas projects is projected to rise by 2025.

Type (Stainless Steel, Low Alloy Steel)

The stainless-steel segment will dominate the oilfield casing spools market during the forecast period with almost 85% of the revenue share. This growth of the segment will be noticed primarily due to the increasing use of stainless steel casing spools in oilfields across the world to avoid the danger of leaks and spills. The oil and gas industry is a shifting industry with updated needs. To match these requirements, stainless steel grows to maximize industrial operations by confirming durable and trustworthy execution. The work of stainless steel in petroleum refining is extensive. Stainless steel comprises 10.5% chromium which develops a passive layer of chromium oxide outcoming in effective corrosion opposition.

Our in-depth analysis of the global oilfield casing spools market includes the following segments: