The report of global oil well cement market by Type (Grade 0, High Sulfate Resistant, Moderate Sulfate Resistant), Application (Onshore, Offshore), and Region (Asia Pacific, North America, Europe, Latin America, and Middle East Africa) is expected to reach US$ XX Bn by 2027, at a CAGR of 6.5% during a forecast period.
Oil well cement is used in the oil & gas industry for the cementing operation in the oil wellbores under high temperature and high pressure. The global oil well cement market is driven by the increasing use of oil well cement as an insulator in oil wells due to its high dielectric strength. However, unstable prices of raw materials along with a rise in the number of oil well cement manufacturers are restraining the market growth at the global level. Growing investments in R&D activities in the sector coupled with rising demand for oil well cement particularly in Canada and the Middle East countries are expected to create beneficial opportunities for the key player in the market during the forecast period.
The Offshore segment is expected to grow at the highest XX% CAGR during the forecast period.
Offshore segment is expected to witness a growth rate of XX% during the forecast period. Rising exploration activities along with technological advancements both in equipment and service have made drilling operations more cost-effective and feasible in offshore. Significant development of existing offshore wells in deep and ultra-deep waters especially in the North Sea, Gulf of Mexico, Persian Gulf, and the South China Sea are expected to fuel demand in the sector over the forecast period.
North America dominated the Oil Well Cement market in 2019
In 2019, North America held the XX% share of the Oil Well Cement market and is expected to maintain its dominance during the forecast period thanks to the growing oil and natural gas production in the region along with factors such as rising offshore drilling activities, shale boom in the Gulf of Mexico, and the quest for discovery of untapped oil and gas reserves. In terms of both value and volume, the Asia Pacific region will record a significant CAGR of XX% during the forecasted period due to the growing investment by exploration & production companies. The changes in government policies are boosting companies to carry more drilling activities by permitting tax redemption and FDI to increase oil and gas production in the region.
Key players operating the global Oil Well Cement market are LafargeHolcim, Dalmia Cement, Les Ciments Artificiels Tunisiens S.A., J K Cement, Grasim Industries and Ultra Tech, ACC, Interbulk Trading Italcementi Group, Soro Cements, HeidelbergCement AG, Cemex SAB de CV, TPI Polene Public Company Limited, Buzzi Unicem SpA, Raysut Cement Co., Oman Cement Company, Omran Anarak Cement Co., and Cebo International BV.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Oil Well Cement Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global Oil Well Cement Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Oil Well Cement Market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global Oil Well Cement Market”
https://www.maximizemarketresearch.com/market-report/global-oil-well-cement-market/65322/
Contact:
MAXIMIZE MARKET RESEARCH PVT. LTD.
Omkar Heights,
ManikBaug, Vadgaon Bk,
Sinhagad Road, Pune – 411051, Maharashtra, India.
+91 9607195908