Oil Well Cement Market Status, Key Findings and Growth Forecast to 2027

Published by

Nov 19, 2021

Oil Well Cement Market Highlights

Oil well cement is used in the oil & gas industry for the cementing operation in the oil wellbores under high temperature and high pressure. The primary objectives of the cementing are supporting and holding casings, preventing corrosion of casings, and providing zonal isolation in the oil well. Such cement is used for cementing both onshore and offshore oil wells. Moreover, the strength of the oil well cement market depends on various factors such as slurry design and the use of additives.

The growing Exploration & production of unconventional reserves and increasing drilling activities in Asia-Pacific are expected to drive the market for oil well cement during the forecast period. The increasing global energy demand is leading to the depletion of conventional oil and gas reserves, resulting in the focus on E&P of shale oil and other unconventional resources. As per the US Energy Information Administration (EIA), global natural gas production from shale resources accounted for 42 billion cubic feet per day (Bcf/d) in 2015 and is expected to reach 168 Bcf/d by 2040.

Moreover, shale gas production is expected to hold nearly 30% of the world’s total natural gas production share by 2040. For the various countries planning emission reduction, the use of shale fuel is an opportunity to ensure energy security while reducing dependence on conventional fuels. Several key countries are considering increasing investments in E&P for natural gas from shale resources to support the export requirement to bridge the demand and supply gap of electricity. For instance, countries such as the US, Canada, China, Argentina, Mexico, and Algeria are projected to account for 70% out of the global shale production by 2040. In the US, oil and gas companies aim to increase shale production from 37 Bcf/d in 2015 to 79 Bcf/d by the year 2040. Thus, the growing shale production, especially in Argentina, China, and Mexico, is expected to increase the demand for oil well cement, which is used for cementing offshore and onshore wells during hydraulic fracturing and horizontal drilling activities. The E&P of unconventional reserves of tight and shale gas are expected to create the need for oil well cementing.

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Market Research Analysis

Asia-Pacific is expected to hold a second-largest position in the global oil well cement market. According to the BP Statistical Review of World Energy report, 2019, the primary energy consumption per capita of Asia-Pacific increased by 3.3% from 58.3 GJ/Capita in 2017 to 60.2 GJ/Capita in 2018. The increase in E&P of oil and gas leads to the growth of the oil well cement market in the region as cementing is an essential part of the oil extraction process. Such factors are expected to drive the oil well cement market in Asia-Pacific during the forecast period. In the region, China is estimated to behold the largest share in the region during the forecast period owing to growing investments in the public sector in the oil & gas industry is expected to add to the demand for oil well cement in China. According to the World Oil Magazine published in March 2019, the country’s oil-producing companies, namely, PetroChina, China National Offshore Oil Corp. (CNOOC), and Sinopec, announced the investment of USD 77 billion in the same month to boost the output from the existing oil fields.

The Middle East & Africa is also expected to account for a significant share in the global market due to increasing offshore drilling activities that has led to an increase in the demand for oil well cement for extracting oil and gas from wellbores. In the region countries such as Kuwait, Qatar, Oman, Angola, and Nigeria are expected to hold a significant share of the global market owing to the growing offshore oil production in these countries, which is expected to add to the growth of the oil well cement market during the forecast period.

In Europe, Russia is expected to hold the largest share during the forecast period as Russia accounts for one of the highest production of crude oil and dry natural gas. Moreover, the increase in energy demand and growing number of exploratory projects for drilling wells is expected to drive the demand for oil well cement in the country during the forecast period.

In South America, Brazil is expected to hold the largest share in the oil well cement market. The increase in energy demand has led to an increase in E&P activities of oil and gas to meet the energy demand.

Scope of the Report

This study provides an overview of the global oil well cement market growth, tracking two market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for Europe, North America, Asia-Pacific, the Middle East, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global oil well cement market by product, line type, diameter, and region.

By Product

  • Class A
  • Class G
  • Class H
  • Others

By Application

  • Onshore
  • Offshore

By Regions

  • North America 
  • Asia-Pacific 
  • Europe
  • Middle East & Africa
  • South America

Key Players

The key industry participants of the Global Market for Oil Well Cement include HeidelbergCement AG  (Germany), Petrovietnam (Vietnam) Anhui Conch Cement Co., Ltd (China), Cebo International BV (the Netherlands), Buzzi Unicem SpA (Italy), Kerman cement (Iran), TPI Polene Public Company Limited (Thailand), Colacem SpA (Italy), LafargeHolcim (Switzerland), Omran Anarak Cement Co. (Iran), Kardisi Co (Syria), Raysut Cement Co. (Oman), Cemex SAB de CV (Mexico), Dalmia Bharat Ltd. (India), and Oman Cement Company (Oman).

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Articles authored by Anand Agarwal