Global Oil-Well Cement Market Anticipated to Reach US$ 3,113.6 Million by 2030

According to a recent market study published by Growth Market Reports, titled, “Global Oil-Well Cement Market By Type, By Application, and By Region: Size, Share, Trends, and Opportunity Analysis, 2015-2030”, the market was valued at US$ 1,492.7 Million in 2021 and is anticipated to expand at a growth rate of 8.3% by 2030.

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Concrete, a material that is frequently used in construction, is mostly made of cement. A unique type of cement, known as plugging cement or oil-well cement, is used in the cementing engineering of oil or gas wells. Together with additives, it is made of Portland cement or blended cement. At extremes of depth, temperature, and pressure, its performance in well-cementing applications remains consistent. For oil-well grouting, also known as oil-well cementing, oil-well cement is employed. The extreme temperatures and pressures of these deep wells must be handled by cement intended for oil wells while still allowing for a slow setting time.

Cement is the primary component of concrete, which is widely used as a building material. It plays a significant role in improving the productivity and efficiency of the drilling operations. Oil-well Cement is designed for cementing offshore and onshore wells under high pressure and temperature. Its main components are pozzolanic or Portland cement along with organic retarders.

The oil-well cement market has been fragmented based on type, by application, and by region. By type, the global oil-well cement market is categorized as (Ordinary, Moderate Sulphate-Resistant, and High Sulphate-Resistance). In terms of application, the market is categorized as Offshore and Onshore. Based on region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Key factors that are anticipated to fuel the demand for oil-well cement during the forecast period are the growing demand for increasing oil and gas exploration activities, The growing demand for energy on a worldwide scale is depleting conventional energy supply. Increasing investments in oil and gas infrastructure is just one of the reasons that have an impact on the global market for oil-well cement.

The Coronavirus disease 2019 (COVID-19) pandemic highlighted economic disparities, global interdependence, and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. COVID-19 has a moderate impact on the industry, due to the simultaneous reduction of supply and demand. The COVID-19 pandemic caused a slight slowdown in market expansion.

As per Growth Market Reports Industry Analyst, Partha Paul, “The expanding chemical and polymer industry is expected to contribute to the growth of the global oil-well cement market. Oil-well cements are used for oil-well grouting, sometimes called oil-well cementing. Cement for oil wells must be able to withstand the high temperatures and pressures of these deep wells while setting slowly.

A supply chain is a network between a manufacturer and suppliers to produce and distribute a specific product to the final buyers. This network includes different people, regulatory bodies, entities, information, and resources. Raw materials used for manufacturing oil-well cement are shipped to manufacturers, which are processed into final products.

Oil-well cement is procured from raw materials such as limestone, clay, and others. Further, they are stored at raw material warehouses or directly at manufacturing sites. Raw materials are inspected to ensure their quality.

Key Takeaways from the Study

• Players in the global oil-well cement market include Alpacem, Buzzi Unicem SpA, Dalmia, Di-Corp, Inc., Fairborn Cement Company, Heidelberg Materials, HOLCIM, India Cements Ltd., Kerman Cement Industry Group, Oman Cement Company (s.a.o.g), Raysut Cement Company, Sharjah Cement & Industrial Dev, SHREE DIGVIJAY CEMENT CO. LTD, TPI Polene Public Company Limited, and Trinidad Cement Limited held a major market share of the global oil-well cement market in 2021.
• Increasing investments in oil and gas infrastructure is just one of the reasons that have an impact on the global market for oil-well cement. These investments are made in building and maintaining current oil and gas infrastructure, such as pipelines, drilling rigs, refineries, and storage facilities, by concerned governments and significant market players. Due to the increased demand for these resources, the infrastructure that supports the oil and gas industry needs to be maintained and extended which is expected to drive the market during the forecast period.
• In terms of type, the market is segmented into (Ordinary, Moderate Sulphate-Resistant, High Sulphate-Resistance). Ordinary oil-well cement refers to Grade A and Grade C cement. These cements are the least expensive and have the lowest strength that is typically used in shallow wells with low pressure and temperature. Moderate sulfate resistant (MSR) oil-well cement is a type of hydraulic cement designed to resist sulfate ions’ effect in the wellbore environment.
• Based on application, the global oil-well cement market is segmented into Offshore, Onshore. The onshore segment is expected to hold a large share of the market. An increase in the number of onshore wells, rising oil production globally, and increasing consumption, particularly in emerging areas such as in Asia Pacific, Latin America, and Middle East, and Africa, are some of the other important factors thus, driving the market during the forecast period. The offshore segment is expected to expand at a CAGR during the forecast period, In the near future, it is anticipated that the worldwide oil-well cement market is expected to grow due to a rise in investments in the development of oil & gas reserves in deep and ultra-deepwater sites as a result of the proliferation of aged oilfields onshore.
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• In terms of region, the global oil-well cement market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. The market in North America is anticipated to expand at a moderate rate during the forecast period. The increasing usage of oil-well cement in the offshore and onshore applications is expected to increase the demand for oil-well cement market. Middle East & Africa (MEA) accounted for a large share of the market in 2021, owing to the increasing usage of oil-well cement in different applications in Saudi Arabia, South Africa, and UAE.

Report Scope

Target Audience

• Supply-side: Manufacturer and distributors, End-User
• Demand Side: Oil & Gas Industry
• Associations and Industry Bodies: BIS Standard Mark (ISI Mark)