Well Cementing Market Size, Share & Growth | Forecast [2031]
Well Cementing Market Size, Share & Growth | Forecast [2031]
Segments - Well Cementing Market by Application (Offshore and Onshore), Type (Primary Cementing and Remedial Cementing), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :CM-4770
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Report Description
Well Cementing Market Outlook 2031
The global well cementing market size was around USD 9.65 Billion in 2022 and is estimated to reach USD 19.94 Billion by 2031, expanding at a CAGR of 8.4% during the forecast period, 2023–2031. The market growth is attributed to the rising well construction activities and pressure pumping activities.
Well, cementing is the method of preventing wellbore aging and slurry buildup. In order to fill the space between the wellbore and casing, cementing entails pumping a solution of cement, chemical additives, and water into the wellbore via the casing. A successful cementing operation has a number of benefits, including improved well durability and cost-effective hydrocarbon output.
COVID-19 Impact On Well Cementing Market
The research report finds that the COVID-19 pandemic affected the market. The well-cementing market faced various difficulties, due to the outbreak of the coronavirus pandemic. Well-cementing activities are slowing down due to the global lockdown restrictions and labor shortage.
The supply chain disruptions and economic recession are causing more difficulties for the well-cementing market. The production and expansion rate increases during the forecast period and the market is anticipated to resume all its well-cementing operations.
Well Cementing Market Dynamics
The research report presents a complete market overview by providing a detailed analysis of the Well Cementing Market market trends, existing drivers, growth opportunities, and emerging challenges. The global well cementing market report offers up-to-date information about factors that can shape the market outcome or overall performance during the forecast period, 2023 to 2031.
Major Drivers
Increasing investments in E&P activities coupled with untapped hydrocarbon reserves
Government entities and prominent operators across the world are consistently investing in the development of drilling activities to meet the rising demand for hydrocarbon. Moreover, the forecasting and strategic planning of oil and gas consumption are likely to support the market.
Oil & gas is the major source of energy for several industry verticals. Recently, the world bank stated that 80% of the world derives from cities. Thus, the development of urban areas is resulting in high consumption of oil and gas. The massive potential in untapped hydrocarbon reserves is anticipated to boost the market growth during the forecast period.
Rising energy demand
The rising energy demand in the transport sector is expected to propel the market expansion in the coming years. Fossil fuel energy sources including natural gas, oil, and coal are used to meet energy demands from various industry verticals. Global energy demand is increasing due to advances in both developed and developing countries and industrial activities.
Current Restraints
Drop in oil prices
A drop in oil prices is expected to support stronger national economic growth, however, it can disrupt regional growth among energy-producing states. Thus, a drop in oil prices is projected to hamper the market expansion during the forecast period. Moreover, stringent environmental regulation by the government is anticipated to hinder market growth.
Cement powder is not an eco-friendly product. Also, it is a harmful chemical. Cement powder causes respiratory diseases when inhaled by individuals. Thus, the government imposes stringent rules regarding the use of well-cement. The growing rate of lung diseases and respiratory infections is a key factor for these governmental laws.
Well-Cementing Market Opportunities
Ultra-deep oil and gas exploration activities
Ultra-deep oil and gas exploration activities are expected to create lucrative opportunities for the key market players. The implementation of a well-cementing process protects the wells from damage and loss of oil resources.
The well-cementing process protects the wells from damage and loss of oil resources. Innovation and advancements in the market are anticipated to enable high-end cementing equipment and applications. These developments in the market are projected to attract more end-users during the forecast period.
Scope of Well Cementing Market Report
The global well-cementing research report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Well Cementing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Application (Offshore and Onshore), and Type (Primary Cementing and Remedial Cementing) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Weatherford; Calfrac Well Services Ltd.; Allied Oil & Gas Services; Sanjel Energy Services; Gulf Energy SAOC; Halliburton; Schlumberger; COSL - China Oilfield Services Limited; Baker Hughes; C&J Energy Services; Trican Well Service Ltd.; and Superior Energy Services |
Well Cementing Market Segment Insights
Application Segment Analysis
On the basis of application, the global well cementing market is segmented into offshore and onshore. The onshore segment is projected to expand at a considerable CAGR during the forecast period. Prominent market players depend on onshore exploration owing to feasible E&P and various advantages.
The operational cost in onshore is low as compared to offshore due to the feasible transportation of equipment from one place to another and the easy availability of workforce. The onshore segment accounted for 84.1% of the well cementing market during the forecast period.
The offshore segment is anticipated to account for a major market share during the forecast period, due to the increasing exploration activities. Technological advancements in equipment have made drilling operations more feasible and cost-effective. However, offshore exploration needs high funding, and complexities associated with the environment are projected to trigger a problem.
Type Segment Analysis
Based on type, the global market is divided into primary cementing and remedial cementing. The primary cementing segment is expected to hold a significant share of the market in the coming years. Several oil and gas companies focus on primary cementing to avoid contamination of groundwater and fluid movement between formations. Moreover, zonal isolations are attained through primary cementing to protect the casing from corrosion. Well cementing is an important part of productive drilling operations. Primary cementing offers stability to the well.
The remedial cementing segment accounts for a significant market share. Remedial cementing is done when there is any rectification or fault in primary cementing. Moreover, the primary cementing is anticipated to outpace its counterpart, due to its requisition while drilling.
Regional Analysis
In terms of regions, the global well cementing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the forecast period. Several countries in the region such as India, China, Indonesia, Thailand, and Australia are focusing on their Capex to discover new hydrocarbon reserves. The market growth is attributed to the rising population in the region, which consumes a sizeable amount of oil and gas.
The market in North America is anticipated to expand at a rapid pace during the forecast period, due to tremendous drilling activities in the U.S. and Canada. Moreover, enormous potential in untapped hydrocarbon reserves and unconventional hydrocarbons increased drilling activities that were set to influence the requisition of well cementing.
Segments
The global well cementing market has been segmented on the basis of
Application
- Offshore
- Onshore
Type
- Primary Cementing
- Remedial Cementing
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Weatherford
- Calfrac Well Services Ltd.
- Allied Oil & Gas Services
- Sanjel Energy Services
- Gulf Energy SAOC
- Halliburton; Schlumberger
- COSL - China Oilfield Services Limited
- Baker Hughes
- C&J Energy Services
- Trican Well Service Ltd.
- Superior Energy Services
Competitive Landscape
Key players competing in the global well cementing market share are Weatherford; Calfrac Well Services Ltd.; Allied Oil & Gas Services; Sanjel Energy Services; Gulf Energy SAOC; Halliburton; Schlumberger; COSL - China Oilfield Services Limited; Baker Hughes; C&J Energy Services; Trican Well Service Ltd.; and Superior Energy Services.
Key players are actively engaged in R&D programs and aim at the expansion of manufacturing units to expand their consumer base and increase their product portfolio. For instance, In August 2019, Halliburton secured a contract for drilling, testing services, and completion from Woodside Energy BV. The operations include cementing, drilling, logging, lower completions, e-line/slick line, well testing services, and coiled tubing.
An agreement has been signed between Kuwait Oil Company and Halliburton for an integrated offshore drilling service of six high-pressure high-temperature exploration wells on two jack-up rigs in the Arabian Gulf. The company is expected to offer multiple services including wireline & perforating, well testing, cementing, coring, and all offshore logistical services in July 2019.
Equinor awarded a drilling and well service contract to a consortium, that includes Halliburton, Baker Hughes, and Schlumberger. The consortium is anticipated to provide cementation & pumping, integrated drilling services, drilling & completion fluids, electrical logging, and completion services.
Frequently Asked Questions
The global well cementing market size was around USD 8.90 billion in 2021.
The rising energy demand in the transport sector is expected to propel the market expansion in the coming years.
The global well cementing market is expanding at a CAGR of 8.4% during the forecast period, 2021–2030.
Asia Pacific is expected to dominate the market during the forecast period.
Key players competing in the global well cementing market are Weatherford; Calfrac Well Services Ltd.; Allied Oil & Gas Services; Sanjel Energy Services; Gulf Energy SAOC; Halliburton; Schlumberger; COSL - China Oilfield Services Limited; Baker Hughes; C&J Energy Services; Trican Well Service Ltd.; and Superior Energy Services.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Well Cementing Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Well Cementing Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Well Cementing Market - Supply Chain
4.5. Global Well Cementing Market Forecast
4.5.1. Well Cementing Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Well Cementing Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Well Cementing Market Absolute $ Opportunity
5. Global Well Cementing Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Well Cementing Market Size and Volume Forecast by Types
5.3.1. Primary Cementing
5.3.2. Remedial Cementing
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Well Cementing Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Well Cementing Market Size and Volume Forecast by Applications
6.3.1. Offshore
6.3.2. Onshore
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Well Cementing Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Well Cementing Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Well Cementing Demand Share Forecast, 2019-2026
8. North America Well Cementing Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Well Cementing Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Well Cementing Market Size and Volume Forecast by Types
8.4.1. Primary Cementing
8.4.2. Remedial Cementing
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Well Cementing Market Size and Volume Forecast by Applications
8.7.1. Offshore
8.7.2. Onshore
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Well Cementing Demand Share Forecast, 2019-2026
9. Latin America Well Cementing Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Well Cementing Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Well Cementing Market Size and Volume Forecast by Types
9.4.1. Primary Cementing
9.4.2. Remedial Cementing
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Well Cementing Market Size and Volume Forecast by Applications
9.7.1. Offshore
9.7.2. Onshore
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Well Cementing Demand Share Forecast, 2019-2026
10. Europe Well Cementing Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Well Cementing Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Well Cementing Market Size and Volume Forecast by Types
10.4.1. Primary Cementing
10.4.2. Remedial Cementing
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Well Cementing Market Size and Volume Forecast by Applications
10.7.1. Offshore
10.7.2. Onshore
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Well Cementing Demand Share Forecast, 2019-2026
11. Asia Pacific Well Cementing Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Well Cementing Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Well Cementing Market Size and Volume Forecast by Types
11.4.1. Primary Cementing
11.4.2. Remedial Cementing
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Well Cementing Market Size and Volume Forecast by Applications
11.7.1. Offshore
11.7.2. Onshore
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Well Cementing Demand Share Forecast, 2019-2026
12. Middle East & Africa Well Cementing Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Well Cementing Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Well Cementing Market Size and Volume Forecast by Types
12.4.1. Primary Cementing
12.4.2. Remedial Cementing
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Well Cementing Market Size and Volume Forecast by Applications
12.7.1. Offshore
12.7.2. Onshore
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Well Cementing Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Well Cementing Market: Market Share Analysis
13.2. Well Cementing Distributors and Customers
13.3. Well Cementing Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Weatherford
13.4.2. Calfrac Well Services Ltd.
13.4.3. Allied Oil & Gas Services
13.4.4. Sanjel Energy Services
13.4.5. Gulf Energy SAOC
13.4.6. Halliburton; Schlumberger
13.4.7. COSL - China Oilfield Services Limited
13.4.8. Baker Hughes
13.4.9. C&J Energy Services
13.4.10. Trican Well Service Ltd.
13.4.11. Superior Energy Services
Methodology
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