New York
City, 23 January 2019: The global Oil Well Cementing Market was estimated at a
worth of USD 503.0 million in 2017 and is projected to grow at a CAGR of 6.3%
over the forecast period. Increasing exploration and production from
unconventional oil & gas reserves, rising count of matured wells, and
increasing production from offshore reserves are expected to be the major
driving factors for growth of oil well cement market over the forecast period.
There are several grades of these
cement products, but majorly are categorized into ordinary, moderate sulfate
resistant (MSR), and high sulfate resistant (HSR). On the basis of application,
the global market is further segmented into onshore and offshore. Ordinary
(Grade 0) also known as normal portland cement is one of the widely used type
of portland cement which is the most common cement type for general use as a
basic ingredient of non-specialty grout, mortar, stucco, and concrete.
MSR are preferred in
hot water due to less heat generation. High sulfate resistant (HSR) type of
cement is used when concrete is exposed to highly alkaline soil or water having
high sulphate content. Such cement is used where soils or ground waters have a high
sulfate content as HSR is not resistant to acids and/or other highly corrosive
substances.
The raw material used
for manufacturing oil well cement includes limestone, iron ore, coke and iron
scraps. The product is manufactured from clinkers of Portland cements and also
from cements that are hydraulically blended. Oil well cements are formulated
for resisting high pressures and temperatures within the wellbore.
The cement slurry is pumped into the
wellbore through the casing and fills the space between the wellbore and
casing. Cementing plug is inserted into the casing to provide sealing and
removes debris from the casing. The main service providing companies include
Halliburton, Schlumberger, Trican services and Baker Hughes which are the
end-use segments of the oil well cement value chain.
Onshore drilling operations segment
accounted for the largest market in 2017 with a share of 67.3% of oil well
cementing market in 2017. Demand from offshore oil well drilling operations are
anticipated to witness significant growth and account for 32.7% share of the
global oil well cementing market in in 2026. Increasing exploration &
production activities from offshore oil and gas reserves are expected to be
driving product demand in the present industry space. However, ongoing
investments in onshore matured and old wells can be considered a consistent
source of product demand from the segment.
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