Oil Well Cementing Market Share

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.