Soaring Oil & Gas E&P Activities To Drive Well Cementing Market Value Above $10,000.0 Million By 2024

The global well cementing market generated a revenue of $7,577.6 million in 2018, and it is predicted to reach a value of $10,065.4 million by 2024. The market will advance at a CAGR of 4.7% between 2019 and 2024 (forecast period). The market is being driven by the surging exploration and production (E&P) activities in conventional as well as unconventional gas and oil reserves in order to meet the soaring demand for energy products such as gas oil, gasoline, fuel oil, heating oil, aviation turbine fuel, piped natural gas, compressed natural gas, and liquified petroleum gas.

Well cementing is extensively used in the well completion process. Across the world, the requirement for well completion is growing rapidly, owing to the soaring E&P activities in conventional and unconventional gas and oil reserves, on account of the recovery in crude oil prices in 2018. Moreover, the oil and gas industry is predicted to recover even more in the coming years, with huge investments being made in E&P activities in countries such as Russia, the U.S., Brazil, and China.

Currently, Canada, Norway, Russia, and the U.S. are conducting large-scale drilling operations in the region, as they have direct access to the Arctic Ocean. The well cementing market is categorized, on the basis of service type, into remedial, primary, and others (advanced cementing). Out of these, the primary cementing category contributed the highest revenue to the market in 2018. When well type is taken into consideration, the market is divided into shale gas, gas, and oil categories.

Amongst these, the shale gas category is predicted to exhibit the highest growth rate throughout the forecast period. This is attributed to the discovery of various shale gas reserves in the U.S. and the huge E&P investments being made for extracting shale gas. Geographically, North America dominated the well cementing market in 2018, as per the observations of the market research company, P&S Intelligence. This was due to the huge investments made in the oil and gas sector, especially in shale gas extraction in Canada and the U.S.

Hence, it is safe to say that the market will register huge expansion in the upcoming years, primarily because of the increasing oil and gas E&P activities, especially in the Arctic region, on account of the soaring requirement for energy products across the world.

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