Global Oil Well Cementing Market Key Insights
During the forecast period of 2023-2035, the global Oil Well Cementing Market is expected to reach an estimated value of ~USD 1500 billion by 2035, by expanding at a CAGR of ~9%. The market further generated a revenue of ~USD 800 million in the year 2022. Major key factors propelling the growth of oil well cementing market worldwide are the increasing demand for oil across the world, and rising count of vehicles in the world which require different types of fuel to run.
Market Definition of Oil Well Cementing
Oil well cementing is the process of cementing onshore and offshore oil wells under extreme pressure and temperature. Wall cementing of oil is done to build an infrastructural fence to prevent oil spillage and gas leakage. The cementing is done by using casing threads and cement, the cement is injected into the walls to ensure less or no flow of oils. The procedure can be secured perfectly by preventing water till the cement is completely dry. The oil well-cementing process is important to block the leakage or spillage into groundwater zones or into large water bodies.
Global Oil Well Cementing Market: Growth Drivers
The growth of the global oil well cementing market can majorly be attributed to the rise in number of oil wells in the country, followed by rising demand for oil. In 2021, there were around 54,000 oil wells drilled, worldwide. It was 12% rise from last year. Moreover, in 2022, the number of oil wells will further rise by 19% and the count is likely to reach around 65,000 wells. Moreover, the demand for oil was around 91 barrels per day, which further increased to around 97 million barrels in 2021. In addition to this, according to the OPEC, the global energy demand is expected to rise by 23%by the year 2045, and by then, the world must add an average of 2.7 million barrels of oil equivalent every year. On the other hand, the market growth can also be attributed to the rising number of vehicles on the road. The transportation sector accounted for around 60% of total global oil demand. Moreover, by 2035, the number of vehicles on road is expected to reach around 2 billion.
The global oil well cementing market is also estimated to grow majorly on account of the following:
· Rising Production and Demand for Oil
· Rise in the Count of Oil Wells in the World
· Increasing Demand for Oil in the Transportation Sector
· Rising Use of Oil in Households
· Growing Economies of Developing Countries
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Global Oil Well Cementing Market: Restraining Factor
The price of oil keeps on fluctuating and the popularity of electric vehicles is also rising. Hence, this factor is expected to be the major hindrance to the growth of the global oil well-cementing market during the forecast period.
Global Oil Well Cementing Market Segmentation
· By Location of Deployment (Onshore, and Offshore)
The onshore segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the rising number of onshore oil wells. In 2021, there were around 55,000 oil wells, out of this, around 53,000 were onshore wells. Moreover, the number of onshore wells is expected to rise and reach around 72,000.
By Type (Primary, Remedial, and Others)
· By Product Outlook {High Sulphate Resistant (HSR), Moderate Sulfate Resistant (MSR), and Ordinary (Grade O)}
· By Region
The Asia Pacific oil well cementing market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The market growth in the region is expected to grow on the back of higher consumption of oil in the region. In Asia-Pacific, China is the largest consumer of oil, and consumed around 16 million barrels per day in 2021. Furthermore, in the same year, the oil consumption in India was nearly 5 million barrels of oil per day. Besides this, the market growth in Asia Pacific is also attributed to the growing production of crude oil in the region. In 2025, it is anticipated that Southeast Asia will produce 8.1 billion cubic feet per day of gas and roughly 223 thousand barrels of oil per day of crude oil.
The market research report on global oil well cementing also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Oil Well Cementing Market
Some of the key players of the global oil well cementing market are Schlumberger Ltd, Baker Hughes Company, Trican Well Services Ltd., Calfrac Well Service Ltd., General Electric Company, Halliburton Company, Condor Energy Services Ltd, Sanjel Corporation, Viking Services B.V., Vallourec SA, and others.
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