The growth of the well cementing market is driven by the increasing exploration and production (EP) in unconventional and conventional oil and gas reserves to adhere to the surging demand for energy products, such as liquified petroleum gas (LPG), aviation turbine fuel, compressed natural gas (CNG), gasoline, fuel oil, piped natural gas, heating oil, and gas oil. Due to this factor, the market is expected to reach $10,065.4 million by 2024 from $7,577.6 million in 2018, showcasing a CAGR of 4.7% during the forecast period.

 The rise in EP activities is supported by the recovery of the oil gas sector. Due to the increasing EP investments, Russia, the U.S., Brazil, and China account for the high revenue in the market. Thus, the demand for well cementing services is rising from the oil gas sector, worldwide.

Additionally, the Arctic region holds great potential for the market. The region has several untapped oil and gas reserves. The United States Geological Survey (USGS) estimates that the Arctic region contains around 44.0 billion barrels of unexplored natural gas liquids, 90.0 billion barrels of uncharted oil, and 1,669.0 Tcf of gas. Due to the presence of such huge reserves, countries, such as Norway, Russia, Canada, and the U.S., have already started EP activities in the region.

Get More Insights : Well Cementing Market Growth, Development and Demand Forecast Report 2030

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 EP activities and discovery of new oil and gas reserves are expected to drive the growth of the market during the forecast period.