Vertical: EnPBase Year: 2018
Market Size (2018)
$538.70M
Projected (2025)
$805.60M
CAGR (2017–2025)
5.8%
Key Players
15+
The demand for oil well cement is growing rapidly in the global market owing to various factors, including growing exploration & production (E&P) of unconventional reserves and the increasing drilling activities in Asia-Pacific.
The global oil well cement market is projected to grow at 6.02% CAGR during the forecast period, 2019–2025. In 2018, the global oil well cement market was dominated by North America with a 33.01% share, followed by Asia-Pacific and the Middle East & Africa with shares of 26.36% and 18.54%, respectively.
The global oil well cement market has been segmented based on product, application, and region. On the basis of product, the global oil well cement market has been classified as class A, class G, class H, and others. The class G segment is expected to grow at a fastest rate during the forecast period. In 2018, the class G segment held a 36.61% share of the global oil well cement market.
On the basis of application, the global oil well cement market has been segmented as onshore and offshore. The offshore segment is expected to grow at a faster rate during the forecast period. In 2018, the onshore segment held a 73.54% share of the global oil well cement market.
On the basis of region, the global oil well cement market has been segmented as North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. In 2018, North America held a 33.01 share of the global oil well cement market.
The Oil Well Cement Market market is projected to grow at a CAGR of 5.8% from 2017 to 2025.
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View Subscription PlansOil well cement is used in the oil & gas industry for the cementing operation in the oil well bores under high temperature and high pressure. The primary objectives of the cementing are supporting and holding casings, preventing corrosion of casings, and providing zonal isolation in the oil well. Such cement is used for cementing both onshore and offshore oil wells. Moreover, the strength of the oil well cement depends on various factors such as slurry design and the use of additives.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2018
Historical Period
2017 – 2017
Forecast Period
2019 – 2025
Primary Interviews
150+
Historical data (2017–2018) and forecast period (2018–2025)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansThe global oil well cement market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players constantly competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the key factors that could restrain market growth. The vendors compete based on cost, product quality, reliability, and aftermarket services. It is crucial for vendors to provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The growth of the market vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. LafargeHolcim, HeidelbergCement AG, Buzzi Unicem SpA, Raysut Cement Co, Kerman Cement, Colacem SpA, and Cemex S.A.B.de C.V. are some of the major players in the market. These companies compete in terms of availability, quality, price, and technology. They are primarily focused on product development as their key strategy in the global oil well cement market. Although the international players are dominating the market, regional and foreign players with small market shares also have a significant presence. The international players may strengthen their presence in the global oil well cement market by heavily investing in product development during the forecast period.
Market estimates by geography (2025)
InsightNorth America leads with $271.50M by 2025.
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View Subscription Plans| REGION | 2017 | 2018 | 2025 | CAGR | SHARE |
|---|---|---|---|---|---|
| Middle East and Africa | $94.80M | $117.70M | $150.30M | 5.9% | 19% |
| North America | $168.40M | $210.90M | $271.50M | 6.2% | 34% |
| Asia Pacific | $134.70M | $167.60M | $214.40M | 6.0% | 27% |
| Europe | $77.60M | $93.70M | $116.40M | 5.2% | 14% |
| South America | $36.20M | $43.20M | $53.00M | 4.9% | 7% |
| Total | $511.70M | $633.10M | $805.60M | 5.8% | 100% |
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View Subscription PlansTotal Market Size
$805.60M
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Class G | $300.40M | 6.1% | 37% |
| Class H | $262.10M | 5.9% | 33% |
| Class A | $158.90M | 5.4% | 20% |
| Others | $84.00M | 5.6% | 10% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Oil Well Cement Market covering market dynamics, competitive landscape, and strategic outlook.
The Oil Well Cement Market market is projected to reach $805.60M by 2025, growing at 5.8% CAGR. The Class G segment holds the largest share.
The global oil well cement market is expected to grow at a steady rate during the forecast period and primarily due to the growing E&P of unconventional reserves and the increasing drilling activities in Asia-Pacific. However, the harsh conditions in oil and gas wells are expected to restrain the growth of the global oil well cement market during the forecast period. The advancements in oil well cement is expected to create an opportunity for the market players operating in the global oil well cement market.
The increasing global energy demand is leading to the depletion of conventional oil and gas reserves, resulting in the focus on E&P of shale oil and other unconventional resources. As per the US Energy Information Administration (EIA), global natural gas production from shale resources accounted for 42 billion cubic feet per day (Bcf/d) in 2015 and is expected to reach 168 Bcf/d by 2040. Moreover, shale gas production is expected to hold nearly 30% of the world’s total natural gas production share by 2040. For the various countries planning emission reduction, the use of shale fuel is an opportunity to ensure energy security while reducing dependence on conventional fuels. Several key countries are considering increasing investments in E&P for natural gas from shale resources to support the export requirement to bridge the demand and supply gap of electricity. For instance, countries such as the US, Canada, China, Argentina, Mexico, and Algeria are projected to account for 70% out of the global shale production by 2040. In the US, oil and gas companies aim to increase shale production from 37 Bcf/d in 2015 to 79 Bcf/d by the year 2040.
Thus, the growing shale production, especially in Argentina, China, and Mexico, is expected to increase the demand for oil well cement, which is used for cementing offshore and onshore wells during hydraulic fracturing and horizontal drilling activities. The E&P of unconventional reserves of tight and shale gas are expected to create the need for oil well cementing.
Oil well cement is used for cementing of oil and gas wells during their E&P and is thus, subjected to extremely high temperature and pressure inside the wellbores. Oil well cement helps hold the casings in position and prevents fluid migration between the subsurface formations and the corrosion of casings. The strength of the oil well cement depends on various factors such as environmental conditions, time and conditions of curing, slurry design, and the use of additives. However, cementing under extreme pressure and temperature could lead to methane leakage and well collapse, making it difficult to drill oil and gas wellbores.
In order to overcome such challenges, many oil well cement manufacturers are investing in the development of new formulations of composite oil well cement to improve the setting process of oil well cement inside the wellbores. For instance, the study of the addition of nanomaterials in oil well cement has the objectives of enhancing the compressive strength, reducing the setting time, and increasing the density of oil well cement. Additionally, the pair distribution function (PDF) analysis and other techniques are being carried out to examine the changes in the structural properties of oil well cement under extreme conditions and in the presence of various corrosive chemicals. This helps in identifying the use of different additives in oil well cement and their behaviors during the setting processes. These developments are expected to enable oil well cement manufacturers to overcome the challenges faced by the use of oil well cement. Such advancements are expected to enhance the properties of the oil well cement. Hence, the advancements in oil well cement are expected to create an opportunity for the global oil well cement market players during the forecast period.
Cementing is an important process while drilling oil and gas wells as it provides effective zonal isolation, supports the casings, provides effective control of the tubing string tool, and creates effective bonding strength between the rock layers, tubing string, and cement slurry. Oil well cement is exposed to several harsh environmental factors during the operational processes in oil wellbores. Oil wellbores are subjected to severe conditions such as high temperature and pressure, which cause a decrease in the compressive strength and structure of the oil well cement. For instance, when the temperature exceeds, the structure of the cement changes, resulting in the volumetric shrinkage of the cement.
However, the cementing of the entire depth of the well cannot be completed in a single process. Thus, dispersants and retarders are used to prevent the premature hardening of cement. During the cementing process the cement must fill the annular space between the rock layers and tube casing. Poor management of hydrostatic head pressure and poor slurry design may also result in low bond strength of the cement. Moreover, during the life of oil well cement cracking, plastic deformation, and deboning may occur in the oil wellbores. Additionally, exposure of the cement to water desaturation may result in bulk shrinkage, leading to the debonding of the cement in the borehole wall. Improperly applied or aging cement in oil wellbore may result in cracking or shrinkage, leading to operational loss during the E&P of oil and gas.
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Profiles of 107 companies operating in the Oil Well Cement Market market, including revenue, employee count, and market positioning where available.
Showing 107 of 107 companies
Company Headquarters: New Delhi, India Founded: 1935 Workforce: ~5,836 Company Working: Dalmia Bharat Ltd. manufactures and supplies a wide range of cement under its different brands, namely, Dalmia Cement, Dalmia DSP, and Konark Cement. The company is enegaged in the business of cement, sugar, power, and Ocl refractories. Moreover, the company supplies oil well cement through its subsidiary, Dalmia Cement. It supplies cement for various applications such as oil well, railway sleepers, and air strips. The company has its presence mainly in India. Moreover, the company has 13 cement manufacturing plants and 3 research & developments centers acroos India. Dalmia Cement, Dalmia Power Limited, Calcolm Cement India Limited, OCL Global Limited, and Cosmos Cements Limited are some of its subsidiaries.
Company Headquarters: Ruwi, Oman Founded: 1978 Workforce: Company Working: Oman Cement Company is engaged in the business of manufacturing cement for construction, oil & gas, and other end-use industries. It primarily offers ordinary portland cement, sulphate resistant cement, moderate sulphate resistant cement, crystal cement, and oil well cement. Since its inception, the company has been steadily increasing its production capacity and in 2011 the it expanded its clinker production output to 2.4 million MTS per annum. The company operates through three kilns and four cement grinding mills for manufacturing various types of cement such as ordinary portland cement, sulphate resistant cement, and oil well cement. The company’s manufacturing facility operates on International Organization for Standardization (ISO) 9001 quality management system and ISO 14001 to comply with environmental standards.
Company Headquarters: Gubbio, Italy Founded: 1966 Workforce: ~900 Company Working: Colacem SpA a subsidiary of Financo Group (Italy), is one of the leading manufacturers and suppliers of cement. The company manufactured around 3.2 million tonnes of cement in the year 2018. It has more than 2,500 suppliers across the world. The company primarily operates in Italy, Spain, Albania, Tunisia, the Dominican Republic and other countries. Colacem SpA has 8 manufacturing plants, 2 factories for the production of pre-mixed products, 3 terminals, 2 storage facilities, and various local and regional offices. It has 2terminals located in Spain and 1 terminal located in Jamaica, and 2 storage facilities in Haiti.
Company Headquarters: Casale Monferrato, Italy Founded: 1999 Workforce: ~10,000 Company Working: Buzzi Unicem SpA along with its subsidiaries, engages in the production and sale of cement and ready-mixed concrete products. The company’s cement products include gray, white, and well cement, as well as premium cements including standard cements with special characteristics that are used to produce special concretes, and specialty products for geotechnical engineering and tunneling. It offers well cements through its subsidiary Dyckerhoff GmbH. The company has its presence all over the world including the countries of Germany, Luxembourg, the Netherlands, Poland, the Czech Republic, Slovakia, Ukraine, Russia, and the US. BCPAR S.A., CEMENTIZILLO SpA, RC Lonestar Inc., and Ecotrade SpA are some of the subsidiaries of the company.
Company Headquarters: The Netherlands Founded: 1976 Workforce: ~200 Company Working: Cebo International BV is a key supplier of minerals, oil well cement, and other chemicals to oil & gas, geothermal, wind energy, and fluid power applications. Its products are also used in horizontal directional drilling, civil engineering, agriculture, and feed applications. It also provides dry bulk transport service to seaports in the North Sea region. Additionally, the company offers services including inspection, repair, and maintenance for drilling operations. It offers a wide range of high-pressure hose assemblies for use in well drilling operations. Cebo-Holland BV is a subsidiary of the company. The company has its offices in the Netherlands and the UK.
Company Headquarters: Salalah, Oman Founded: 1981 Company Working: Raysut Cement Co. is engaged in the production and sale of cement. The company manufactures portland cement, sulphur resistant cement, oil well cement, pozzolana well cement, portland limestone cement, and ground granulated blast furnace cement. It distributes its products to onshore & offshore oilfields and construction sites. It also offers shipping service, ensuring cost-effective and efficient transportation of goods. The company has its marketing offices in Muscat and Sohar and three cement storage and packing terminals in Muscat, Sohar, and Duqm. It has its production unit located in Salalah, which handles production, marketing, sales, and logistics activities. Some of the subsidiaries of the company are Sohar Cement Factory LLC, Raysea Navigation SA, Raybulk Navigation SA, Alwasta Cement Company LLC, and Pioneer Cement Industries LLC.
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