Oil Well Cement: Introduction

  • Oil well cement plays pivot role in the oil & gas industry. It is used to provide zonal isolation, prevent corrosion of casings, and hold and support casings in the oil well.
  • Oil well cement is used for cementing operation in the drilling of oil wells under high pressure and temperature. Oil well cement primarily consists of pozzolanic or Portland cement with organic retarder to enhance the setting time of the cement.
  • Oil well cement is employed for cementing offshore oil and onshore oil wells. The strength of the oil well cement depends on various factors such as slurry design and the use of additives.

Key Drivers and Restraints of Global Oil Well Cement Market

  • Energy consumption has been increasing significantly since the last few years. Rise in demand for energy across the globe is leading to the depletion of conventional resources. This is encouraging oil & gas operators to increasingly invest in exploration & production of unconventional reserves. In turn, this is anticipated to drive the global oil well cement market during the forecast period.
  • Rise in investments in development of oil & gas reserves in deep & ultra-deep water locations owing to the increase in number of aging oilfield in onshore locations is expected to propel the global oil well cement market in the near future. Growth in demand for crude oil in the downstream sector for processing crude oil into high value added petroleum products such as, gasoline, diesel, naphtha and LPG is a key factor boosting investment in development of oil & gas reserves in offshore locations. However, volatility in prices of crude oil may hamper the global oil well cement market.

COVID-19 Impact Analysis

  • Governments of various countries have enforced nationwide lockdowns as a part of precautionary measures to limit the spread of coronavirus.  As a result, transportation and manufacturing activities have declined significantly. Many outbound sailings have been cancelled due to the shortage of manpower. Decline in transportation & manufacturing activities has hampered the demand for crude oil. This has adversely impacted the production output of crude oil. Demand for oil cement is directly linked with the production activity of crude oil, as oil well cement is used for cementing operation in drilling of oil wells. Thus, decrease in supply of crude oil has adversely affected the demand for oil well cement.

Offshore Application Segment to Hold Major Share of Global Market

  • Based on application, the global oil well cement market can be segmented into offshore and onshore. The offshore segment is anticipated to witness considerable growth in the near future due to increase in the number of marginal fields in onshore locations and availability of oil and gas reserves in deep water.

North America Oil Well Cement Market to Expand Rapidly

  • In terms of region, the global oil well cement market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
  • The oil well cement market in North America is expected to expand at a rapid pace during the forecast period. Growth of the market can be ascribed to ongoing investments in drilling of unconventional resources such as shale gas and tight gas in the region.
  • The oil well cement market in Europe is projected to expand during the forecast period due to increase in efforts to reduce dependence on import of fossil fuel by increasing investment in exploration & production of oil & gas resources in offshore locations, primarily in Norway and the Netherlands
  • The market in Asia Pacific is anticipated to expand at a fast-paced CAGR during the forecast period due to rise in demand for crude oil as feedstock material in the refining sector for the production of petroleum products. Asia Pacific accounted for 34.7% of the global oil refining capacity of 100 million barrels per day in 2018.
  • The oil well cement market in Latin America and Middle East & Africa is projected to expand at a sluggish pace during the forecast period

Key Players Operating in Global Market

Leading companies operating in the global oil well cement market include:

  • LafargeHolcim
  • HeidelbergCement AG
  • TPI Polene Public Company Limited
  • Buzzi Unicem SpA
  • Raysut Cement Co.
  • Kerman cement
  • Colacem SpA
  • Oman Cement Company
  • Omran Anarak Cement Co.
  • Cebo International BV
  • Kardisi Co
  • Dalmia Bharat Ltd.
  • Petrovietnam

Global Oil Well Cement Market: Research Scope

Global Oil Well Cement Market, by Application

  • Offshore
  • Onshore

Global Oil Well Cement Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Norway
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Thailand
    • Indonesia
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Iran
    • Kuwait
    • Oman
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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