Well Cementing Market Research Report to 2023
Well cementing is known as the process of filling the cement in various spaces of the well bore.
This process is considered to be one of the most important components of the drilling activity and
it completion process. The cementing of the well bore helps in holding the well intact, thereby
preventing the slurry from oozing out of the walls. The primary function of well cementing is
sealing the inner lining of the well, control from corrosion, and provide uniformity and strength to
the pipes. A precise and effective cementing of the well helps avoid accidents. The cementing of
wells require a proper laboratory testing of the water slurry and other dry mixtures.
The global Well Cementing Market Research report is anticipated to witness a period of growth
and expansion in the forthcoming years as calculated by Market Research Future (MRFR) in its
study report. The report specifies that the global market is expected to grow at a compound annual
rate of 4.5% during the forecast period between 2018 and 2023. Additionally, the market is
projected to value USD 872 million by the end of the forecast period in 2023.
The key drivers of the global market of well cementing are the advancing technologies
implemented on such tools, exploration in unconventional resources, innovation in technology to
curb down the consumption of time, mature oil and gas field, skilled labor in upstream industries,
and an increment in ultra-deep exploration activities.
Market Segmentation
The global well cementing market segmentation is divided in terms of well type and type
components.
By type, the market includes primary, remedial, and others. The primary market type segment held
the maximum share globally and is anticipated to remain the largest player in the near future. This
is due to the primary market’s availability, application, and properties in recent years.
By well type, the market divides into onshore and offshore well type. The offshore oil production
segment holds close 35% of the market share.
Regional Analysis
The global well cementing market is geographically broken down into the following regions: North
America, Europe, Asia Pacific, the Middle East & Africa, Latin America, and the Rest of the
World,
Regionally, the North American regional market for well cementing is highly competitive in
nature. The demand for the market is superior in the global landscape and is expected to continue
in the near future. The need for well cementing services is growing at a rapid pace in the North
American region owing to presence of a vast population of aged and mature wells. The increasing
demand for energy makes oil and gas targets highly difficult to find, one which can be achieved
by shale gas and tight gas. This drives the demand for the market in this region. The US market
holds the largest share in the North American region and contributes immensely to drive the
region’s global dominance. The booming demand for shale is further projected to influence a
positive growth of the market. The North American region is experiencing growth of well