Oil Well Cement Market Overview:
The market for oil well cement was valued at USD XX million in 2017 and is expected to grow at a compound annual rate (CAGR) of 6.36 from 2018 to 2026. The drilling of deep-water gas wells has increased due to the gradual increase in offshore drilling operations, leading to deans for specific grade cement for drilling gas wells. Portland cement is composed of anhydrous calcium silicate and calcium aluminate compounds. It is the cement most used in the cement of oil and gas wells. There are more than 100 cement additives available to modify cement performance, which makes it possible to customize the cement formulation for any particular well environment.
Oil Well Cement Market Growth, Demand Drivers and restraints:
The growing demand for oil and gas worldwide as a result of rapid population growth and growing demand for fuel complements market growth. In addition, the increasing use of cement as an insulator in oil wells due to its high dielectric strength should stimulate the market during the forecast period. Also, several characteristic properties of cement for oil wells, such as resistance to temperature and pressure, associated with a long setting time, make it ideal for use among oil companies. In addition, the increase in world oil production, as well as the increase in demand, particularly in developing regions such as the Asia-Pacific region and LAMEA, are other key aspects of growth market during the forecast period.
However, volatility in commodity prices and an increase in the number of oil well cement manufacturers could hamper the market growth in the near future. Nonetheless, it is expected that the increase in investment in R&D in the sector and the growing demand for cement from oil wells, particularly in Canada and the Middle East, will provide lucrative opportunities during the forecast period.
Oil Well Cement Market Geographic Presence:
On the basis of geography, the oil well cement market is studied across North America, Europe, Asia-Pacific, and LAMEA. The Middle East and Africa was the largest regional market in 2017 with a share of 31.10%. It is expected that the increasing number of ongoing investments in the E&P activities of several companies, including ADNOC (National Oil Co., Abu Dhabi) and National Drilling, will strengthen the region’s oil and gas industry in the future.
Some of the Promising Companies leading the Oil Well Cement Market Profiled in the Report are:
- Dalmia Cement
- Les Ciments Artificiels Tunisiens S.A.
- J K Cement
- Grasim Industries and Ultra Tech
- Interbulk Trading Italcementi Group
- Soro Cements
The Research Report segments the Oil Well Cement Market into the following submarkets:
- Grade 0
- High Sulfate Resistant
- Moderate Sulfate Resistant
Oil Well Cement Market Analysis - By Geography
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA