Oil Well Cement Market size was valued at USD 977.99 million in 2024 and is set to exceed USD 2.41 billion by 2037, expanding at over 7.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of oil well cement is evaluated at USD 1.03 billion.
Oil Well Cement Market size was valued at USD 912.3 million in 2023 and is likely to reach USD 2.25 billion by 2036, expanding at around 7.2% CAGR during the forecast period i.e., between 2024-2037. In the year 2024, the industry size of oil well cement is estimated at USD 964.85 million. The growth of the market can be attributed primarily to the increasing exploration activities of coal, methane and shale gas, which are raising the need for well cement operations. Apart from these, growing investments in conducting sub-sea construction activities, escalating number of onshore and offshore development activities, and rising energy demand in emerging economies are some of the other significant factors expected to propel the growth of the oil well cement market in the upcoming years. According to the International Energy Agency, the overall energy demand has grown by more than 80 percent in Southeast Asia from 2000 to 2019, and the electricity demand has increased by an average of 6 percent every year. Furthermore, technological advancements associated with the development of sophisticated well-cementing technologies are projected to provide ample growth opportunities to the oil well cement market in the near future.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
7.2% |
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Base Year Market Size (2024) |
USD 977.99 million |
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Forecast Year Market Size (2037) |
USD 2.41 billion |
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Regional Scope |
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The market is segmented by product outlook into high sulfate resistant (HSR), moderate sulfate resistant (MSR), and ordinary (grade O), out of which, the ordinary (grade O) segment is anticipated to hold the largest share in the oil well cement market. This can be accounted to the fact that Portland cement, which is a grade O cement, is the most commonly used for oil and gas well cementing. Along with this, the rising demand for this type of cement in developing nations is also assessed to boost the market segment’s growth in the imminent time. Additionally, on the basis of deployment, the onshore segment is predicted to occupy the largest share over the forecast period owing to the ongoing investments in onshore matured and old wells, and rise in the number of exploration and production activities from onshore oil and gas reserves.
Our in-depth analysis of the global market includes the following segments:
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By Location of Deployment |
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By Type |
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By Product Outlook |
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On the basis of geographical analysis, the global oil well cement market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific industry is set to hold largest revenue share by 2037, led by growing energy demand, increasing redevelopment of mature oilfield wells, and high demand for well-cement in the region. In addition, rising pressure pumping and well construction activities in China are also projected to propel the region’s market growth in the future. Moreover, the oil well cement market in North America is expected to acquire the largest share during the forecast period owing to the upsurge in oil and gas drilling and construction activities, and escalating number of deep-water offshore wells in the region. For instance, in 2018, more than 15 million barrels per day of oil was produced in the United States, which rose up to approximately 17 million barrels per day by the end of the year 2019.
September 2021- Energean selected Halliburton for executing a 3 to 5 well drilling and completion campaign in the Mediterranean and the North Sea in Israel.
March 2020- Sanjel Energy Services announced exclusive cementing technology licensing agreement with Schlumberger, for selecting the latter’s technologies in Canada onshore.
Author Credits: Dhruv Bhatia
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