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In 2022, the market size for oil well cement was estimated at USD 0.5 billion. With a compound annual growth rate (CAGR) of 18.26% over the forecast period (2023–30), the oil well cement market industry is expected to increase from USD 0.539 billion in 2023 to USD 0.9669 billion by 2030. Rising demand for gasoline additives and oil & gas due to the world's continuously growing population are two major important market factors for the expansion. Additionally, owing of oil well cement's high dielectric strength and increased use as an insulator in oil wells during the projection period, the market is expected to expand.
Undoubtedly, the enormous growth and investment in the oil and gas sector has helped the market for oil-well cement expand. For instance, it is anticipated that annual energy investment would rise to USD 1.9 trillion in 2021, up around 10% from 2020, bringing total investment back to levels observed before the crisis. Additionally, when businesses recover financially from the shock of 2020, it is projected that upstream oil and gas investment would rise by around 10% in 2021. Spending is still much below pre-crisis levels, though. Diverging investment strategies have been prompted by increased oil and petrol prices and rising demand. Cost cutting is still a fundamental theme, although several significant national oil companies want to spend counter-cyclically to increase their market position. Investment prospects have greatly risen along with economic progress, notwithstanding notable country-by-country variances. Consequently, estimating the CAGR of the oil-well cement market during the anticipated period.
Additionally, as a result of continuing construction projects and investments in the expansion of the oil and gas industry, the need for oil-well cement is rising. They are frequently used in end uses because they are brittle cement sheath fractures caused by perforation and stimulation treatments, which could increase casing damage and induce crossflow of formation fluid. The advancement of oil and gas projects, including Nigeria's Petroleum Industry Bill (PIB), South Africa's adoption of upstream legislation, Somalia's first licencing round in early 2021, and Tanzania's LNG Liquefaction Project, point to a future of reliable energy production for Sub-Saharan Africa and signal impending changes in the region. 8.2 million tonnes of LNG are expected to be produced yearly by the $22.4 billion Rovuma LNG Liquefaction Plant project. The market would grow as a result of the region's continued growth in the oil and gas industries, taking into account the demand for oil-well cement in those industries. driving the oil well cement market's revenue in the process.
Based on product, the oil well cement market is segmented into class A, class G, class H, and other categories. The class G market sector prevailed. Class G cement is the most widely used type of cement for oil wells. It is designed to withstand the severe pressures and temperatures found in oil and gas wells. Both surface and deep hole applications can benefit from Class G cement's exceptional durability and resistance to corrosive conditions. Onshore and offshore are included in the market segmentation for oil well cement based on application. The most money was made in the offshore sector. When drilling oil wells under conditions of high temperatures and pressure, oil-well cement is used to cement the drilling process. They frequently use specialised organic retarders in addition to Portland or pozzolanic cement to prevent the cement from setting too quickly. The cement was employed in the surface casing strings and plug and abandonment programmes for the offshore wells following a formation appraisal. As offshore operations increase, oil-well cement development is anticipated.
Report Coverage
Global Oil Well Cement research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oil Well Cement report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oil Well Cement competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oil Well Cement market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oil Well Cement market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oil Well Cement market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
LafargeHolcim (Switzerland), HeidelbergCement AG (Germany), Cemex SAB de CV (Mexico), Anhui Conch Cement Co. Ltd (China), TPI Polene Public (Thailand), Buzzi Unicem SpA (Italy), Raysut Cement Co. (Oman), Kerman cement (Iran), Colacem SpA (Italy), Oman Cement Company (Oman), Omran Anarak Cement Co. (Iran), Cebo International BV (the Netherlands), Kardisi Co (Syria) and Dalmia Bharat Ltd. (India)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oil Well Cement market based on the below-mentioned segments:
Global Oil Well Cement Market, By Product Industry
Class A
Class G
Class H
Others
Global Oil Well Cement market, By Application
Onshore
Offshore
Global Oil Well Cement market, Regional Analysis
Undoubtedly, the enormous growth and investment in the oil and gas sector has helped the market for oil-well cement expand. For instance, it is anticipated that annual energy investment would rise to USD 1.9 trillion in 2021, up around 10% from 2020, bringing total investment back to levels observed before the crisis. Additionally, when businesses recover financially from the shock of 2020, it is projected that upstream oil and gas investment would rise by around 10% in 2021. Spending is still much below pre-crisis levels, though. Diverging investment strategies have been prompted by increased oil and petrol prices and rising demand. Cost cutting is still a fundamental theme, although several significant national oil companies want to spend counter-cyclically to increase their market position. Investment prospects have greatly risen along with economic progress, notwithstanding notable country-by-country variances. Consequently, estimating the CAGR of the oil-well cement market during the anticipated period.
Additionally, as a result of continuing construction projects and investments in the expansion of the oil and gas industry, the need for oil-well cement is rising. They are frequently used in end uses because they are brittle cement sheath fractures caused by perforation and stimulation treatments, which could increase casing damage and induce crossflow of formation fluid. The advancement of oil and gas projects, including Nigeria's Petroleum Industry Bill (PIB), South Africa's adoption of upstream legislation, Somalia's first licencing round in early 2021, and Tanzania's LNG Liquefaction Project, point to a future of reliable energy production for Sub-Saharan Africa and signal impending changes in the region. 8.2 million tonnes of LNG are expected to be produced yearly by the $22.4 billion Rovuma LNG Liquefaction Plant project. The market would grow as a result of the region's continued growth in the oil and gas industries, taking into account the demand for oil-well cement in those industries. driving the oil well cement market's revenue in the process.
Based on product, the oil well cement market is segmented into class A, class G, class H, and other categories. The class G market sector prevailed. Class G cement is the most widely used type of cement for oil wells. It is designed to withstand the severe pressures and temperatures found in oil and gas wells. Both surface and deep hole applications can benefit from Class G cement's exceptional durability and resistance to corrosive conditions. Onshore and offshore are included in the market segmentation for oil well cement based on application. The most money was made in the offshore sector. When drilling oil wells under conditions of high temperatures and pressure, oil-well cement is used to cement the drilling process. They frequently use specialised organic retarders in addition to Portland or pozzolanic cement to prevent the cement from setting too quickly. The cement was employed in the surface casing strings and plug and abandonment programmes for the offshore wells following a formation appraisal. As offshore operations increase, oil-well cement development is anticipated.
Report Coverage
Global Oil Well Cement research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oil Well Cement report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oil Well Cement competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oil Well Cement market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | LafargeHolcim (Switzerland), HeidelbergCement AG (Germany), Cemex SAB de CV (Mexico), Anhui Conch Cement Co. Ltd (China), TPI Polene Public (Thailand), Buzzi Unicem SpA (Italy), Raysut Cement Co. (Oman), Kerman cement (Iran), Colacem SpA (Italy), Oman Cement Company (Oman), Omran Anarak Cement Co. (Iran), Cebo International BV (the Netherlands), Kardisi Co (Syria) and Dalmia Bharat Ltd. (India) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Oil Well Cement Market from 2021 to 2030.
- Market Forecast for Oil Well Cement Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Oil Well Cement competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Oil Well Cement
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oil Well Cement market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oil Well Cement market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
LafargeHolcim (Switzerland), HeidelbergCement AG (Germany), Cemex SAB de CV (Mexico), Anhui Conch Cement Co. Ltd (China), TPI Polene Public (Thailand), Buzzi Unicem SpA (Italy), Raysut Cement Co. (Oman), Kerman cement (Iran), Colacem SpA (Italy), Oman Cement Company (Oman), Omran Anarak Cement Co. (Iran), Cebo International BV (the Netherlands), Kardisi Co (Syria) and Dalmia Bharat Ltd. (India)
Primary Target Market
- Market Players of Oil Well Cement
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oil Well Cement market based on the below-mentioned segments:
Global Oil Well Cement Market, By Product Industry
Class A
Class G
Class H
Others
Global Oil Well Cement market, By Application
Onshore
Offshore
Global Oil Well Cement market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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