Well Cementing Market Research Report - Forecast to 2030

Well Cementing Market Research Report: Information by Type (Primary, Remedial, and Others), By Well Type (Onshore and Offshore), and by Region (North America, Europe, Asia Pacific, Middle East and Africa) – Forecast till 2030

ID: MRFR/E&P/0568-HCR | February 2021 | Region: Global | 120 Pages         

Table of content

1 Executive Summary

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.2.1 Definition

2.2.2 Research Objective

2.2.3 Assumptions

2.2.4 Limitations

2.3 Research Process

2.3.1 Primary Research

2.3.2 Secondary Research

2.4 Market size Estimation

2.5 Forecast Model

3 Market Landscape

3.1 Porter’s Five Forces Analysis

3.1.1 Threat of New Entrants

3.1.2 Bargaining power of buyers

3.1.3 Bargaining power of suppliers

3.1.4 Threat of substitutes

3.1.5 Segment rivalry

3.2 Value Chain/Supply Chain Analysis

4 Market Dynamics

4.1 Introduction

4.2 Market Drivers

4.3 Market Restraints

4.4 Market Opportunities

4.5 Market Trends

5 Global Well Cementing Market, By Type

5.1 Introduction

5.2 Primary

5.2.1 Market Estimates & Forecast, 2020-2027

5.2.2 Market Estimates & Forecast by Region, 2020-2027

5.3 Remedial

5.3.1 Market Estimates & Forecast, 2020-2027

5.3.2 Market Estimates & Forecast by Region, 2020-2027

5.4 Others

5.4.1 Market Estimates & Forecast, 2020-2027

5.4.2 Market Estimates & Forecast by Region, 2020-2027

6 Global Well Cementing Market, By Well Type

6.1 Introduction

6.2 Onshore

6.2.1 Market Estimates & Forecast, 2020-2027

6.2.2 Market Estimates & Forecast by Region, 2020-2027

6.3 Offshore

6.3.1 Market Estimates & Forecast, 2020-2027

6.3.2 Market Estimates & Forecast by Region, 2020-2027

7 Global Well Cementing Market, By Region

7.1 Introduction

7.2 North America

7.2.1 Market Estimates & Forecast, 2020-2027

7.2.2 Market Estimates & Forecast by Type, 2020-2027

7.2.3 Market Estimates & Forecast by Well Type, 2020-2027

7.2.4 U.S.

7.2.4.1 Market Estimates & Forecast, 2020-2027

7.2.4.2 Market Estimates & Forecast by Type, 2020-2027

7.2.4.3 Market Estimates & Forecast by Well Type, 2020-2027

7.2.5 Canada

7.2.5.1 Market Estimates & Forecast, 2020-2027

7.2.5.2 Market Estimates & Forecast by Type, 2020-2027

7.2.5.3 Market Estimates & Forecast by Well Type, 2020-2027

7.3 Europe

7.3.1 Market Estimates & Forecast, 2020-2027

7.3.2 Market Estimates & Forecast by Type, 2020-2027

7.3.3 Market Estimates & Forecast by Well Type, 2017-2023

7.3.4 Russia

8.3.4.1 Market Estimates & Forecast, 2020-2027

8.3.4.2 Market Estimates & Forecast by Type, 2020-2027

8.3.4.3 Market Estimates & Forecast by Well Type, 2020-2027

8.3.5 Norway

8.3.5.1 Market Estimates & Forecast, 2017-2023

8.3.5.2 Market Estimates & Forecast by Type, 2020-2027

8.3.5.3 Market Estimates & Forecast by Well Type, 2020-2027

8.3.6 Rest of Europe

8.3.6.1 Market Estimates & Forecast, 2020-2027

8.3.6.2 Market Estimates & Forecast by Type, 2020-2027

8.3.6.3 Market Estimates & Forecast by Well Type, 2020-2027

8.4 Asia Pacific

8.4.1 Market Estimates & Forecast, 2020-2027

8.4.2 Market Estimates & Forecast by Type, 2020-2027

8.4.3 Market Estimates & Forecast by Well Type, 2020-2027

8.4.4 China

8.4.4.1 Market Estimates & Forecast, 2020-2027

8.4.4.2 Market Estimates & Forecast by Type, 2020-2027

8.4.4.3 Market Estimates & Forecast by Well Type, 2020-2027

8.4.5 Australia

8.4.5.1 Market Estimates & Forecast, 2020-2027

8.4.5.2 Market Estimates & Forecast by Type, 2020-2027

8.4.5.3 Market Estimates & Forecast by Well Type, 2020-2027

8.4.6 Rest of Asia-Pacific

8.4.6.1 Market Estimates & Forecast, 2020-2027

8.4.6.2 Market Estimates & Forecast by Type, 2020-2027

8.4.6.3 Market Estimates & Forecast by Well Type, 2020-2027

8.5 Middle East & Africa

8.5.1 Market Estimates & Forecast, 2020-2027

8.5.2 Market Estimates & Forecast by Type, 2020-2027

8.5.3 Market Estimates & Forecast by Well Type, 2020-2027

8.6 Latin America

8.6.1 Market Estimates & Forecast, 2020-2027

8.6.2 Market Estimates & Forecast by Type, 2020-2027

8.6.3 Market Estimates & Forecast by Well Type, 2020-2027

8.7 Rest of the World

8.7.1 Market Estimates & Forecast, 2020-2027

8.7.2 Market Estimates & Forecast by Type, 2020-2027

8.7.3 Market Estimates & Forecast by Well Type, 2020-2027

8 Competitive Landscape

9 Company Profile

9.1 Schlumberger Limited

9.1.1 Company Overview

9.1.2 Product/Services Offering

9.1.3 Financial Overview

9.1.4 Key Developments

11.1.5 Strategy

9.1.6 SWOT Analysis

9.2 Halliburton

9.2.1 Company Overview

9.2.2 Product /Services Offering

9.2.3 Financial Overview

9.2.4 Key Developments

9.2.5 Strategy

9.2.6 SWOT Analysis

9.3 Baker Hughes Incorporated

9.3.1 Company Overview

9.3.2 Product /Services Offering

9.3.3 Financial Overview

9.3.4 Key Developments

9.3.5 Strategy

9.3.6 SWOT Analysis

9.4 Trican Well Service Ltd

9.4.1 Company Overview

9.4.2 Product /Services Offering

9.4.3 Financial Overview

9.4.4 Key Developments

9.4.5 Strategy

9.4.6 SWOT Analysis

9.5 Weatherford

9.5.1 Company Overview

9.5.2 Product /Services Offering

9.5.3 Financial Overview

9.5.4 Key Developments

9.5.5 Strategy

9.5.6 SWOT Analysis

9.6 Nabors Industries Ltd

9.6.1 Company Overview

9.6.2 Product /Services Offering

9.6.3 Financial Overview

9.6.4 Key Developments

9.6.5 Strategy

9.6.6 SWOT Analysis

9.7 China Oilfield Services Limited

9.7.1 Company Overview

9.7.2 Product /Services Offering

9.7.3 Financial Overview

9.7.4 Key Developments

9.7.5 Strategy

9.7.6 SWOT Analysis

9.8 Transocean Ltd.

9.8.1 Company Overview

9.8.2 Product /Services Offering

9.8.3 Financial Overview

9.8.4 Key Developments

9.8.5 Strategy

9.8.6 SWOT Analysis

9.9 Valluorec

9.9.1 Company Overview

9.9.2 Product /Services Offering

9.9.3 Financial Overview

9.9.4 Key Developments

9.9.5 Strategy

9.9.6 SWOT Analysis

9.10 Tmk

9.10.1 Company Overview

9.10.2 Product /Services Offering

9.10.3 Financial Overview

9.10.4 Key Developments

9.10.5 Strategy

9.9.6 SWOT Analysis

10 Conclusion

11 Appendix

List of Tables

Table 1 Global Well Cementing Market: By Region, 2020-2027

Table 2 North America Well Cementing Market: By Country, 2020-2027

Table 3 Europe Well Cementing Market: By Country, 2020-2027

Table 4 Asia Pacific Well Cementing Market: By Country, 2020-2027

Table 5 RoW Well Cementing Market: By Country, 2020-2027

Table 6 Global Well Cementing Market by Type: By Regions, 2020-2027

Table 7 North America Well Cementing Market by Type: By Country, 2020-2027

Table 8 Europe Well Cementing Market by Type: By Country, 2020-2027

Table 9 Asia Pacific Well Cementing Market by Type: By Country, 2020-2027

Table 10 RoW Well Cementing Market by Type: By Country, 2020-2027

Table 11 Global Well Cementing Market, by Well Type, By Regions, 2020-2027

Table 12 North America Well Cementing Market, by Well Type, By Country, 2020-2027

Table 13 Europe Well Cementing Market, by Well Type, By Country, 2020-2027

Table 14 Asia Pacific Well Cementing Market, by Well Type, By Country, 2020-2027

Table 15 RoW Well Cementing Market, by Well Type, By Country, 2020-2027

Table 16 Global Well Cementing Market: By Region, 2020-2027

Table 17 Global Well Cementing Market: By Region, 2020-2027

Table 18 Global Well Cementing Market: By Region, 2020-2027

Table 19 North America Well Cementing Market, By Country

Table 20 North America Well Cementing Market, by Type

Table 21 North America Well Cementing Market, By Well Type

Table 22 Europe: Well Cementing Market, By Country

Table 23 Europe: Well Cementing Market, by Type

Table 24 Europe: Well Cementing Market, By Well Type

Table 25 Asia Pacific: Well Cementing Market, By Country

Table 26 Asia Pacific: Well Cementing Market, by Type

Table 27 Asia Pacific: Well Cementing Market, By Well Type

Table 28 RoW: Well Cementing Market, By Region

Table 29 RoW Well Cementing Market, by Type

Table 30 RoW Well Cementing Market, By Well Type




List of Figures

FIGURE 1 RESEARCH PROCESS OF MRFR

FIGURE 2 TOP DOWN & BOTTOM UP APPROACH

FIGURE 3 MARKET DYNAMICS

FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS

FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS

FIGURE 6 PORTER’S FIVE FORCES ANALYSIS

FIGURE 7 VALUE CHAIN ANALYSIS

FIGURE 8 GLOBAL WELL CEMENTING MARKETSHARE, BY TYPE, 2020 (%)

FIGURE 9 GLOBAL WELL CEMENTING MARKET, BY TYPE, 2020-2027 (USD MILLION)

FIGURE 10 GLOBAL WELL CEMENTING MARKETSHARE, BY TYPE, 2020 (%)

FIGURE 11 GLOBAL WELL CEMENTING MARKET, BY TYPE, 2020-2027 (USD MILLION)

FIGURE 12 GLOBAL WELL CEMENTING MARKET SHARE (%), BY REGION, 2020

FIGURE 13 GLOBAL WELL CEMENTING MARKET, BY REGION, 2020-2027 (USD MILLION)

FIGURE 14 NORTH AMERICA WELL CEMENTING MARKETSHARE (%), 2020

FIGURE 15 NORTH AMERICA WELL CEMENTING MARKETBY COUNTRY, 2020-2027 (USD MILLION)

FIGURE 16 EUROPE WELL CEMENTING MARKETSHARE (%), 2020

FIGURE 17 EUROPE WELL CEMENTING MARKETBY COUNTRY, 2020-2027 (USD MILLION)

FIGURE 18 ASIA PACIFIC WELL CEMENTING MARKETSHARE (%), 2020

FIGURE 19 ASIA PACIFIC WELL CEMENTING MARKETBY COUNTRY, 2020-2027 (USD MILLION)

FIGURE 20 REST OF THE WORLD WELL CEMENTING MARKETSHARE (%), 2020

FIGURE 21 REST OF THE WORLD WELL CEMENTING MARKETBY COUNTRY, 2020-2027 (USD MILLION)

Well Cementing Market

Well Cementing Market Value is projected as USD 872 Million by 2027, with a CAGR of 4.20% during the forecast period.

Segmentation

By Type Primary Remedial Others
By Well Type Onshore Offshore

Key Players

  • Schlumberger Limited (U.S.)
  • Halliburton (U.S.)
  • Baker Hughes Incorporated (U.S.)
  • Trican Well Service Ltd. (Canada)
  • Weatherford (U.S.)
  • Nabors Industries Ltd (Bermuda)
  • China Oilfield Services Limited (China)
  • Transocean Ltd. (Switzerland)
  • Valluorec (France)
  • Tmk (Russia)
  • AES Precast Co Inc Inc. (U.S.)
  • GOES GmbH (Germany)
  • GE Oil & Gas (U.S.)

Drivers

  • Nature oil and gas field and increment in ultra-deep exploration activities
  • Technological advancements in tools
  • Innovation in technology to reduce the time consumption
  • Exploration in unconventional resources
  • Skilled labor in upstream sector
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Well Cementing Market Overview 


The Well Cementing Market Size is estimated to reach 4.20% during the forecast period 2027.


The procedure of filling the voids in the wellbore with cement is known as well cementing. Drilling and completion of fluid operations include it. The well is securely held in place by the cementing treatment. It is also a method of preventing slurry buildup and wellbore aging. The well-cementing technique is useful for filling the well's inner line, strengthening pipes, creating a uniform surface, and controlling corrosion. Accidents are avoided by properly sealing the well. The need for well cementing is always increasing due to a variety of factors. Coal, methane, and shale gas exploration are all-important market drivers. The need for well-cementing procedures grows as a result of exploration activities. Exploration for gas and oil onshore and offshore is exploding at a rapid pace. It is a critical component that will significantly enhance the Well Cementing Market Growth.


Another important driver for the well-cementing market is technological improvements. Well-cementing procedures are becoming more efficient because of technological improvements. Many end users are attracted to this technology because it makes well-cementing activities simple. Furthermore, the market is influenced by the aging of oil wells. The maturity of key wells in developed regions is approaching. In addition, the well-cementing industry's overall demand will be fueled by the expansion of exploration operations.


Well cementing is a complex procedure. Before the application, there are various tests to be done. The slurry rate of well water, water rate and slurry amount are a few of the components required for laboratory testing. The gas and oil industry is the key end-user of the well-cementing market. The Well Cementing Market Value is projected as USD 872 million in the forecast period. The market will witness tremendous developments during this period. Also, the growth of exploration activities will continue to fuel the overall demand of the well-cementing industry. 


Covid analysis 


Covid 19 has a tremendous impact on the global markets. The well-cementing market is facing several difficulties during this period. Also, the economic recession is causing more difficulties for the well cementing market. Further, the decrease in demand in the oil industry is affecting the well cementing market. The supply chain disruptions of the market are affected during this period.


Also, the well-cementing applications are slowing down due to the global lockdown restrictions. All these challenges can change the entire Well Cementing Market Outlook. However, post covid 19, these disruptions are expected to reduce. Also, the market will resume all its well cementing operations post covid 19. The production and expansion rate is projected to increase in the upcoming years. 


Key Players



  • GE Oil & Gas 

  • Schlumberger Limited

  • GOES GmbH

  • Halliburton

  • AES Precast Co Inc, In

  • Trican Well Service Ltd

  • Vallourec

  • Weatherford 

  • China Oilfield Services Limited

  • Nabors Industries Ltd

  • Tmk


Industry News 



  • The major players in Canada are ramping up their well cementing exploration and production. For the shale gas industry, new well-cementing applications have been introduced. The number of ultra-deepwater oil and gas exploration projects in North America is increasing. The revenue rate will grow by 38% as a result of this deepwater application.

  • Because of rising onshore and offshore development activities, rising energy demands in emerging economies, rising capital expenditure in E&P operations, rising subsea construction activities, and the shale boom in the United States, the global market is expected to increase rapidly.


Market dynamics 



  • Crucial market drivers 


There are plenty of drivers for the Well Cementing Industry that constantly increases the demand. The exploration activities of coal, methane and shale gas are crucial market drivers. The exploration activities increase the requirement of well-cementing operations. The onshore and offshore gas and oil exploration activities are growing massively. It is a crucial factor that will boost the Well Cementing Market Growth exceptionally.


Technological advancements are another crucial driver for the well-cementing market. Technological advancements increase the efficiency of well-cementing operations. The ease of well-cementing operations through this technology attracts many end users. Moreover, the ageing of oil wells is another crucial driver for the market. The important wells in developed region are nearing its maturity. The level of oil and gas resources is reducing over time. However, the implementation of well cementing applications prevents resource wastage. The oil well is fully functional and optimizes through well cementing. These crucial drivers of the market are continuously raising the demand rate of the market. Further, massive expansion possibilities and positive Well Cementing Market Trends will continue during forecast period.



  • Market growth opportunities


The ultra-deep oil and gas exploration activities will offer exceptional growth opportunities for the well-cementing market. The well-cementing process protects the wells from damage and loss of oil resources. Also, the adoption of the well-cementing application prepares the oil wells for more deep exploration activities. The market growth opportunities will increase the revenue and demand for the market.


 Innovation in the market is another crucial factor that will provide market growth opportunities. Further, the innovation in the market will enable high end cementing equipment and applications. These developments in the market will attract more end-users in the forecast period. Also, regions such as North America and the Asia Pacific will record the highest technological advancements during the forecast period. All these factors provide promising development possibilities for the market. 



  • The market restraints 


The stringent environmental regulation by the government will cause a downfall in the well cementing market. The cement powder can cause respiratory damages when inhaled by individuals. The cement powered is a harmful chemical. Also, it is not an eco-friendly product. Due to this various governments pose stringent rules regarding the use of well-cement. These regulations can hamper the adoption rate of well-cementing operations. The increasing rate of respiratory infections and lung disease is the major cause of these governmental laws. However, the use of cement in public places is resisted in many regions. It can cause a decline in the well-cementing operations demand. 



  • The market challenges 


Well-cementing is a crucial operation to preserve natural resources. The oil well and gas well is prevented from maturing through well cementing. This process can keep the natural wells in good condition that enables more exploration and optimization. However, the well cementing is an added cost to the oil and gas company owners. Also, there is a lack of awareness about well cementing. Many oil and gas owners are unaware of the environmental benefits of these operations. The well-cementing process not only preserves the natural wells but have much more benefits. The industries adopting well cementing applications can extract much oil and gas from the natural wells. The well cementing makes the pipes strong and regulates the flow of the oil. However, the price and lack of awareness are major restraints in the market that can affect the demand in the long run. 



  • Cumulative growth analysis 


The well-cementing market will experience steady growth in the forecast period. The market witnesses growth in production, innovation and investments during the forecast period. There are both demands from onshore and offshore exploration activities. The offshore exploration activities will foster more growth rate for the market. Also, the exceptional drivers for the market will offer profitability for the market. The well-cementing activities in offshore regions will rise in Europe and North America region. It will provide more growth opportunities for the market. However, the market has few challenges such as stringent government rules and lack of awareness. The key players are taking effective measures to fi these challenges. 



  • Value chain analysis 


North America holds the maximum Well Cementing Market ShareNorth America is a market ill a high investment rate. The key contributor in this region is the US that has exceptional demand from offshore exploration activities. The demand from the oil and gas industry for well cementing is massive in this region. The redevelopment measures by this region for mature oilfields are another demand driving factor. North America will reach the highest demand rate during the forecast period. Also, the rising investments are raising the adoption rate of well cementing applications in this region. The key players in the North American region will make plenty of developments. The innovation and product developments measures are a part of a well-cementing market.


Segment overview 


By type 



  • Other Cementing

  • Primary Cementing

  • Remedial Cementing


By category 



  • Offshore Cementing

  • Onshore Cementing


By geography 



  • North America 

  • Europe 

  • Asia pacific 

  • Middle East 

  • South Africa 

  • Middle East 


Regional analysis 


The well-cementing market is fragmented into North America, Middle East, South Africa, Asia Pacific and the Middle East. North America will continue to outgrow other regional players in the forecast period. The offshore requirements of the market are high. Also, the rising investment rate in this region will lead to a high revenue rate during the forestays period.


The maturing oilfield in the region is another reason for the high adoption of well cementing applications. The Asia Pacific region has an exceptional demand rate for the market. Also, the Asia Pacific market will witness a 22% increase in the ell conduction activities. The market growth in this region will reach the highest during the forecast period. Europe is the next largest region with the highest well-cementing market demand. All these regional players will witness tremendous market growth during the forecast period. 


Competitive landscape 


The competition in the well-cementing market is moderate. The regional player’s of the market has several partnerships and joint deals. The regional players are taking measures to develop the well-cementing market in underdeveloped regions. 


Recent developments 



  1. The key players in Canada are increasing their exploration and production activities of well cementing. There are new ways of well cementing applications introduced for the shale gas sector. 



  1. North America is raising its ultra-deepwater oil and gas exploration projects. This deepwater application will increase the revenue rate by 38%. 


Report overview 



  1. Market overview highlights 

  2. Analysis based upon COVID 19

  3. Explanation upon the Market Dynamics

  4. Value chain analysis

  5. Market segmentation overview

  6. The regional analysis

  7. Competitive landscape analysis

  8. Recent Developments



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2023: USD 872 Million
  • 2030 : Significant value
  •   CAGR   4.20% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type, Well Type
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Schlumberger Limited (U.S.), Halliburton (U.S.), Baker Hughes Incorporated (U.S.), Trican Well Service Ltd. (Canada), Weatherford (U.S.), Nabors Industries Ltd (Bermuda), China Oilfield Services Limited (China), Transocean Ltd. (Switzerland), Valluorec (France), Tmk (Russia), AES Precast Co Inc, Inc. (U.S.), GOES GmbH (Germany), GE Oil & Gas (U.S.)
      Key Market Opportunities   Nature oil and gas field and increment in ultra-deep exploration activities
      Key Market Drivers

  • Technological advancements in tools
  • Innovation in technology to reduce the time consumption
  • Exploration in unconventional resources
  • Skilled labor in upstream sector


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    Frequently Asked Questions (FAQ) :

    The global Well cementing is expected to record a substantial market valuation of USD 872 million by 2027.

    The global Well cementing is projected to register a moderate 4.5% CAGR in the forecast period.

    The primary segment is slated to expand as the fastest-growing segment.

    The offshore segment is slated to expand as the fastest-growing segment.

    A few major market players operating in the global Well cementing are Halliburton (U.S.), Schlumberger Limited (U.S.), Baker Hughes Incorporated (U.S.), among others.