Casing centralizer refers to a device that is secured all around a casing during the process of drilling so as to hold the pipe tightly in the middle position. This enables construction of a uniform sheath of cement around the pipe. It, thus, ensures sufficient zone isolation at the time of fluid drilling. With the continuous availability of a 360-degree annular space just around the casing enables the cement to close the casing totally to the borehole wall. Growing significance of the product across end use sectors is likely to support growth of the global casing centralizer market over the period of analysis, from 2020 to 2030.

There has been a surge in the demand for oil and gas for use across various industries is estimated to play an important role in driving the demand for casing centralizer in the near future. As such, a rise in activities pertaining to onshore and offshore oil and gas exploration is likely to bode well for the global casing centralizer market over the timeframe of review. However, with the outbreak of Covid-19 across the globe has left adverse impact almost all the industries in the world. It has impacted companies and industrial operation adversely and has led to temporary abandonment of new well drilling and has delayed maintenance procedures as well. The price of oil has plummeted across the globe with brimming storage tanks in place. These factors have resulted in an exceptional impact on the global casing centralizer market. Manufacturers are faced with the challenge of slowdown of drilling wells resulting in the sluggish growth of the market in the next few months to come.

The global casing centralizers market is likely to register a grow rate of 3.9% CAGR so as to attain a value of US$ 215.9 Mn during the tenure of analysis, from 2020 to 2030.

Rise in the Demand for Oil and Gas Worldwide to Spell Growth for the Market

In the global casing centralizers market, bow spring casing centralizers are expected to observe high demand and retain its dominance over the period of forecast. It is estimated that bow spring casing centralizers will fetch high investment due to its extensive usage in the production as well as exploration process of oil and gas. These centralizers are able to produce a restoring force through utilization of flexible bows offering separation between wellbore and casing. Over the years, the demand for oil and gas has skyrocketed, which has led to increased activities pertaining to oil and gas exploration. This factor is estimated to work in favor of the global casing centralizers market over the period of analysis, from 2020 to 2030.

North America Market to Register Moderate Growth due to High Demand from Canada and the US

Taking regional segmentation into account, North America is estimated to hold a sizable chunk of the global casing centralizers market and the region is expected to retain its regional supremacy in the years to come. Growth of the North America market is ascribed to the rising demand for hydrocarbons from the various end use sectors, such as transport and power generation industries.

In addition to that, continuous activities pertaining to the shale gas production and exploration in the North America region are likely to trigger growth of the casing centralizers market in the region. There has been considerable growth in availability and use of unconventional resources and a sharp rise in the demand from offshore and onshore fields of Canada and the US, which is likely to propel growth of the North America market in the near future.