USD 1.66 billion
Oil Well Cement Market Size, Share, Growth Analysis, By Type(Ordinary, Moderate Sulphate-Resistant, and High Sulphate-Resistance Actuators), By Application(Offshore, and Onshore), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG15F2172 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
67
Oil Well Cement Market Insights
Oil Well Cement Market size was valued at USD 1.79 Billion in 2023 and is poised to grow from USD 1.94 Billion in 2024 to USD 3.68 Billion by 2032, growing at a CAGR of 8.3% during the forecast period (2025-2032).
Oil well cement is a special type of cement used to fill the cavity between the cavity and the borehole. Cementing oil wells is crucial to prevent blowouts, safeguard casting from getting corroded, and separate oil, gas, and water-producing zones at a drilling or exploration site. Growing demand for energy is boosting investments in the oil & gas infrastructure and this is projected to influentially boost demand for oil well cement over the coming years. Increasing offshore and onshore exploration activities around the world are also estimated to benefit oil well cement market growth in the long run. The high dielectric strength of oil well cement is also a key factor promoting its demand across the oil & gas industry. A high focus on improving the efficiency of oil & gas operations is also a key prospect that is slated to benefit oil well cement demand in the long run.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Onshore
Fastest Growth
Offshore
Growth Rate
8.3% CAGR
Global Oil Well Cement Market ($ Bn)
Country Share for North America Region (%)
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Oil Well Cement Market Segmental Analysis
The global oil well cement market is segmented based on type, application, and region. Based on type, the market is bifurcated into ordinary, moderate sulphate-resistant, and high sulphate-resistance actuators. In terms of application, the market is segmented into offshore and onshore. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
The ordinary segment accounts for a dominant share of the global oil well cement market. The high use of ordinary oil well cement in abandonment and plugging operations is what is slated to bolster its demand. Ordinary oil well cement is very cheap and has low strength, which is why it is mostly used in low-pressure applications or surface applications in vertical wells. The expansive use of ordinary-grade oil well cement in many applications allows it to hold a prominent market share.
On the other hand, the demand for oil well cement with high sulphate-resistance actuators is projected to increase at a notable pace over the coming years. This type of cement is widely used in aggressive and hard environments to preserve the structural integrity of concrete in adverse environments. Suphates are present in most oil & gas operations, which have the potential to damage oil well structures and increase the risk of an accident thereby promoting the demand for oil well cement with sulphate-resistant actuators.
Analysis by Application
Onshore applications account for a dominant share of the global oil well cement demand. The rising number of onshore wells and the expansion of onshore oil & gas activities around the world are key factors that are contributing to the significant share of this segment. Asia Pacific and Latin America are key regions where demand for oil well cement for onshore applications is slated to increase in the future.
High investments in oil & gas exploration activities around the world to satisfy the surging energy demand have led to an increase in offshore activity, which is slated to make the offshore segment a fast-growing one. The rising number of offshore wells across the world is boosting demand for oil well cement and allowing this segment to drive market growth at a rapid pace across the forecast period and beyond.
Global Oil Well Cement Market By Application
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Oil Well Cement Market Regional Insights
North America is estimated to account for a major share of the global oil well cement market owing to the robust investments in the development of oil & gas infrastructure in this region. High production of oil well cement in this region coupled with increasing oil & gas exploration activity is also slated to create new opportunities for oil well cement manufacturers in this region. The United States and Canada are estimated to be the top markets for oil well cement providers in the long run.
The demand for oil well cement in the Asia Pacific region is forecasted to increase at a rapid pace over the coming years, which can be attributed to the rapidly increasing energy demand in this region. Oil & gas companies in this region are tapping into the wide array of onshore and offshore resources of this region to maximize their business potential and this is also slated to boost sales of oil well cement in the future. India, China, Indonesia, and Japan are slated to be some of the most important countries for oil well cement suppliers going forward.
Global Oil Well Cement Market By Region
- Largest
- Fastest
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Oil Well Cement Market Dynamics
Drivers
High Demand for Energy
- The rapidly expanding population of the world has led to increased demand for energy and since most of our energy needs are met by the oil & gas industry, it is slated to uplift demand for oil well cement as well. Increasing focus on oil & gas infrastructure development is also slated to favor oil well cement market growth in the future.
Restraints
High Capital Investment
- Manufacturing and supplying oil well cement is a very capital-intensive task, which restrains the entry of new companies into the market to a certain extent. Moreover, the fluctuating raw material costs also contribute to the high costs of oil well cement and slow down-market growth.
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Oil Well Cement Market Competitive Landscape
Oil well cement suppliers are continually focusing on maximizing their sales by developing affordable yet effective products. Oil well cement companies are also investing in research and development to manufacture new and advanced products that are more advanced than their traditional counterparts. Oil well cement providers can also collaborate with oil & gas companies to develop custom types of cement required for different applications and boost their revenue generation potential in the long run. Mergers, acquisitions, collaborations, and product launches are other key strategies that oil well cement companies might focus on going forward.
Top Player’s Company Profiles
- HOLCIM
- Fairborn Cement Company
- SHREE DIGVIJAY CEMENT CO. LTD
- Dalmia
- Oman Cement Company (s.a.o.g)
- Raysut Cement Company
- Alpacem
- India Cements Ltd.
- Trinidad Cement Limited
- Buzzi Unicem SpA
- Heidelberg Materials
- Di-Corp. Inc.
Recent Developments
- In November 2023, Amouda Cement, a provider of cement for different applications, launched a new line of oil well cement production at its facility in Lagouat province in Algeria. The move was intended to maximize revenue generation by providing oil well cement to the oil & gas companies present in the Southern parts of Algeria.
Oil Well Cement Key Market Trends
- Expanding Oil & Gas Exploration Activity: Oil & gas companies across the world are ramping up their onshore and offshore exploration activity to meet the surging demand for energy around the world. This has resulted in the creation of new wells and the abandonment of some exhausted ones; both require oil well cement and this is why its demand is soaring high.
Oil Well Cement Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, increasing investments in oil & gas infrastructure development are projected to primarily boost demand for oil well cement in the future. The rapidly expanding global population is in demand of more energy and the oil & gas industry is continually focusing on expanding its output to meet this surging energy demand, which is also slated to benefit oil well cement market growth in the long run. However, the high capital required to manufacture and supply oil well cement is projected to be a key challenge for oil well cement market development in the future. North America and Asia Pacific are forecasted to be key regions for all types of oil well cement suppliers in the future. New exploration and drilling operations of oil & gas companies are presenting oil well cement companies with attractive new opportunities for revenue generation that promote market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.66 billion |
| Market size value in 2031 | USD 3.4 billion |
| Growth Rate | 8.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Oil Well Cement Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Oil Well Cement Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Oil Well Cement Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Oil Well Cement Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Oil Well Cement Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Oil Well Cement Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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