With the surge in exploration and production (E&P) activities in both unconventional and conventional oil and gas reserves, the demand for well cementing is growing rapidly all over the world. Moreover, because of the recovery of crude oil prices, the oil and gas industry is booming, which is, in turn, propelling the requirement for well cementing. The soaring E&P investments in countries such as China, Russia, Brazil, and the U.S. are fueling the expansion of the well cementing industry.
Besides the aforementioned factors, the high-volume production in the oil reserves in the Arctic region is also positively impacting the demand for well cementing across the world. As per the United States Geological Survey (USGS), nearly 90.0 billion barrels of undiscovered oil, 44.0 billion barrels of undiscovered natural gas liquid, and 1,669 trillion cubic feet of gas are present in the Arctic region. Currently, the Arctic Ocean is directly accessed by Canada, the U.S., Russia, Denmark, Iceland, and Norway.
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Due to the above-mentioned factors, the demand for well cementing is rising sharply across the world. This is fueling the progress of the global well cementing market. The valuation of the market is predicted to grow from $7,577.6 million in 2018 to $10,065.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.7% between 2019 and 2024. Well cementing is used in shale gas, oil, and gas wells.
The well cementing market has a highly consolidated nature, owing to the presence of few key players. These players are mostly multinational corporations (MNCs) that operate at a large scale. The major players in the market include Halliburton Company, Baker Hughes, and Schlumberger Limited. Other companies offering well cementing services are Gulf Energy SAOC, Consolidated Oil Well Services LLC, China Oilfield Services Limited, Nine Energy Service Inc., Halliburton Company, Magnum Cementing Services Ltd., Schlumberger N.V., Calfrac Well Services Ltd., and Weatherford International plc.
Thus, increase in E&P activities and discovery of new oil and gas reserves are expected to drive the growth of the market during the forecast period.
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