Oil Well Cement Market Projected to Reach USD 820.3 million by 2030, at a 7.60% CAGR – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Oil Well Cement Market Growth Accelerated by Increasing Drilling Activities and Growing Exploration & Production (E&P) of Unconventional Reserves
New York, US, June 09, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), "Oil Well Cement Market Information by Product, Application, and Region - Forecast till 2030", The By 2030, the market for oil well cement will be worth USD 820.3 million, expanding at a rate of 7.60% from 2022 to 2030.
Oil Well Cement Market Overview
Under extreme heat and pressure, oilwell cement is used to cement onshore and offshore wells. Portland or pozzolanic cement and organic retarders make up the majority of oil well cement. These natural delaying agents stop cement from building up too rapidly. As a result of its tight quality control procedures, it is often favoured by businesses that produce organic waste converters. The oil and gas industry finds oilwell cement to be perfect for use since it makes wells perform effectively. It significantly contributes to raising drilling operations' general productivity and efficiency.
Market Competitive Landscape:
The affluent companies in the oil well cement industry are
The year 2020 saw significant transformation occur on a global scale. And the disruption to the cement business at the time couldn't have been greater. At the start of the first quarter of 2020, the sector anticipated and was ready for a successful year; however, the COVID-19 pandemic is causing a sharp decline in both production and demand, particularly in developing nations where the construction sector is the backbone of the economy.
Cement output and consumption plummeted considerably as operations at manufacturing facilities and building sites came to a halt due to global lockdowns to stop the virus's spread. The economic downturn and low consumer confidence caused cement demand to decline as we approached the end of the first quarter of 2020, even in nations where building was excluded from the list of economic activities that were restricted during the lockdown. Order book replenishment will slow down as a result of the economic consequences from business interruptions across industries, only to slowly pick up when the economy recovers. This has been immensely unfavourable for the oil well cement industry worldwide.
Report Scope:
Report Metrics
Details
Market Size 2030
2030: USD 820.3 Million
CAGR during 2022-2030
7.60% CAGR
Base Year
2022
Forecast
2023-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Product and Application
Key Market Opportunities
New product launches and R&D Amongst major key Players
Key Market Drivers
Growing exploration & production (E&P) of unconventional reserves Increasing drilling activities in Asia-Pacific in oil well cement market
Browse In-depth Market Research Report (155 Pages) onOil Well Cement Market:
Some recent trends that are anticipated to fuel demand for deep sea drilling operation cement types include an increase in offshore drilling activities in the Mexican Gulf and the finding of fresh reserves in the North Sea. Due to the government's increasingly strict laws and regulations to safeguard the environment and prevent harm from well operations, the regulatory trend is strongly correlated with the rising well cements services.
The government's demand for standard cement services will be a growing trend that will propel the cement services sector. The worldwide oil well cement market is anticipated to be driven by rising oil & natural gas drilling operations throughout the forecast period. Global E&P businesses have increased their drilling activity in quest of oil and gas as a result of the rising global demand for energy. Over the following few years, this is anticipated to propel the oil well cement market growth.
As the demand for deep well cementing operations in offshore wells has increased, industry participants have concentrated on creating high sulphate resistant (HSR) cement grades. The need for particular grade cements for gas well drilling has grown as deep water gas well drilling has become more popular as a result of expanding offshore drilling activities. Calcium silicate and calcium aluminate components in anhydrous form make up Portland cement. The cement that is used most frequently in cementing oil and gas wells is this one. The ability to customise cement composition for every specific well environment is made possible by the availability of over 100 cement additives that change cement performance.
Oil Well Cement Market Opportunities
The Middle East to Offer Highly Lucrative Prospects
With a substantial share, the Middle East and Africa became a significant market for oil well cement. The region's massive oil and gas business is currently being driven by a growing number of ongoing investments in E&P activities by several corporations, notably Abu Dhabi National Oil Co. (ADNOC) and National Drilling Co. The region's oil and gas industry is anticipated to increase as a result of ongoing investments made by industry players like Seadrill and ADNOC in exploration and production (E&P).
In the near future, offshore exploration and production activities are anticipated to increase in the Middle East area as a result of recent strategic advancements in offshore operations, including rising oil output and contract signings in numerous nations, including Iran and Qatar. Additionally, it is projected that the repair of the abandoned wells in the Persian Gulf region and the sale of continuing rig activities will fuel the need for these goods from offshore drilling operations.
Oil Well Cement Market Restraints:
The future oil well cement market growth could be hampered by fluctuating raw material prices, a rise in oil well cement makers, and both of these factors combined. However, during the projected period, it is anticipated that rising R&D spending in the industry and rising demand for oil well cement, particularly in Canada and the Middle Eastern nations, would create profitable prospects.
Oil Well Cement Market Segmentation
By Products
Class A, Class G, Class H, and others are the class-based segments listed in the oil well cement market study.
By Application
Offshore and onshore are the key applications of oil well cement.
Oil Well Cement Market Regional Insights
According to regional research gathered over the time, the Asia Pacific has become the undisputed market leader. The supply is anticipated to increase to a startling level due to the growing demand for worldwide market functions and trends in the expanding economies of India and China. Through the projected period, the region is anticipated to experience a CAGR of 10.57% of the overall market. Due to the industrial revolution, which increased the trade in oil well cement, China is the dominant production base in the region.
North America is the second highest shareholder in the global market for oil well cement, making over 30% of the total value. The North American region is experiencing an increase in modernization, technological advancement, and other developments, such as the market enhancement of currently available substances and the production of new transformers in response to customer demand. This has piqued the interest of investors and manufacturers in the region.
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