Press release
US boosting oil well cement demand through 2024
The upward trend will be supported by an improvement in drilling activity, in turn underpinned by the recovery of oil prices.
“Finding its footing, US exploration activity has again wound up with drilling activity resuming after a period of ‘cricket- like’ silence. Although global oil dynamics are still playing out, somewhat reducing demand for sweet light US-type crude, a reasonably strong US economy is supporting renewed drilling and consequently a notable uptick in oil well cement demand,” notes Robert Madeira, Head of Research for CW Advisory and Research.
OIL WELL CEMENT CONSUMPTION RECOVERS
One of the world’s largest crude oil producers, the US market has an estimated daily production of around 10 million barrels per day. That makes the US the leading oil and gas well driller in North America, and also the leading market for oil well cement consumption in the region.
The US alone accounts for roughly 40% of the global oil well cement consumption, thus making North America the largest regional consumer of the commodity. Oil well cement demand in the country peaked in 2014 at over seven million tons.
However, consumption collapsed in 2016 following challenging conditions in the oil and gas industry. By 2018, oil well cement consumption recovered by over 50 percent, mainly on the back of a large addition of onshore and shale wells.
BUYERS REQUIRE API CERTIFICATION
On the production side, Cemex is the major oil well cement manufacturer in the United States, with four manufacturing units, followed by LafargeHolcim with three, and Buzzi Unicem with two.
Customer-wise, Schlumberger, Halliburton, and Baker Hughes emerge as some of the largest oil well cement consumers.
Although buyers in the US market require API certification, the market for non-monogrammed oil well cement is strong. This is due to the pricing deferential between monogrammed and non-monogrammed oil well cement, amidst a premium pricing strategy adopted by renowned manufacturers for their API-certified cement.
As a consequence of the acceptance of non-monogrammed cement in the market, API-certified companies are oftentimes discouraged from renewing their certification.
****
For more information, placing an order, or interview inquiries, please contact Mihnea Manea, Media and Market Services Executive, CW Group, by phone at +40 723 281 704, or e-mail at mm@cwgrp.com.
ABOUT THE REPORT
CW Research’s World Oil Well Cement Market Forecast 2024 provides an in-depth forecast analysis of the worldwide oil well cement market, including regional market shares, demand, imports, exports and types of oil well cement used by geography, as well as price trends.
The report highlights detailed and specific demand by main types (including Class G & H) of oil well cement for key countries, and trends in the oil well segment. The World Oil Well Cement Market Forecast 2024 presents the role of extenders and onshore, offshore, and shale well counts with trajectory, depth, and well type to help ascertain oil well cement usage.
Bringing together CW Group’s principal research team, this business intelligence tool addresses important market dynamics about API-certified oil well cements, including a global capacity overview (market and major producers), regional market shares, demand, imports, exports, the types of oil well cement, and pricing trends.
The scope of the report is further extended to include key operations of the main oil well cement producers, such as Dyckerhoff, HeidelbergCement, LafargeHolcim, Cemex, and of the most important well drillers, namely Halliburton, Baker Hughes and Schlumberger.
The information is provided in a data-rich format that combines qualitative insights with extensive facts and data series to allow readers to make critical business decisions. By leveraging CW Research’s recognized and proven research capabilities in a highly accurate and precise format, the World Oil Well Cement Market Forecast 2024 is an indispensable tool to all professionals who wish to effortlessly navigate the complexities of the oil well cement industry.
More information about the report can be found here:
https://www.cwgrp.com/cemweek-reports/product/281-world-oil-well-cement-market-forecast-2024
ABOUT CW GROUP
The Greenwich (Conn.), USA-headquartered CW Group is a leading advisory, research and business intelligence boutique with a global presence and a multi-industry orientation. CW Group is particularly recognized for its sector expertise in heavy-side building materials (cement), light-side building materials, traditional and renewable power & energy, petrochemicals, metals & mining, industrial minerals, industrial manufacturing, bulk cargo & shipping, among others. We have a strong functional capability, grounded in our methodical and quantitative philosophy, including due diligence, sourcing intelligence, feasibility studies and commodity forecasting. www.cwgrp.com
CW Group
PO Box 5263, Greenwich, CT 06831, USA
Mihnea Manea (mm@cwgrp.com)
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release US boosting oil well cement demand through 2024 here
News-ID: 1580303 • Views: …
More Releases for Oil
Transformer Oil Market, Transformer Oil Market Size, Transformer Oil Market Shar …
The Transformer Oil Market research report consists of a detailed study of the market and the market dynamics that are related to the same. The in-depth data on the development of the market is presented in the Research report. Not only this but also the detailed data on the performance of the market for the forecast period are presented in the Transformer Oil Market research report. The performance analysis is…
Apricot Oil, Apricot Kernel Oil Supplier, Co2 Apricot Oil Manufacturer
The seed inside every apricot contains thin oil, which is extracted from the kernel of the seed after eating the delectable fruit. Apricot oil is also known as apricot kernel oil. This oil has been the interest of many experts for research purposes due to its infinite health benefits. It has been found that the oil could cure some serious health conditions (like cancer). Apricot oil has a profound nutty…
Cooking Oil Market by Region - North America,Latin America,Europe,Japan,APEJ,MEA …
According to Fact.MR, the sales of cooking oils are expected to increase at a steady pace during the forecast period. The global cooking oil market is projected to expand at a value CAGR of 5.5% during the period of assessment (2017-2026). Also, Fact.MR analysis has revealed that the volume sales of cooking oils is estimated to surpass 250,000,000 tons by the end of the year of assessment (2026). Health advantages associated with…
Cooking Oil Market by Region - North America,Latin America,Europe,Japan,APEJ,MEA …
Since several years, cooking oil section in supermarkets and hypermarkets has been a crowded spot, where individuals keep choosing on several cooking oil options available that are healthy to consume. Cooking oil is an essential component in daily cooking activity, be it a restaurant or home. This, in combination with increasing population percentage, especially in emerging economies, is expected to fuel the consumption of cooking oils. However, aspects related to…
Specialty Fats and Oils Market (Product Type - Specialty Oils (Corn Oil, Sun Flo …
The global Specialty fats and Oils Market expected to reach a value of US$ 142.1 Bn by 2026. The market projected to grow at a CAGR of 6.6 % in terms of revenue during the forecast period from 2018 to 2026, according to a new research report by Transparency Market Research (TMR). The product manufactured may vary according to the end use application of processing by specialty fats and oils.…
Europe Mosquito Repellent Candles Market by Raw Material Type : Citronella Oil, …
Albany, New York, July 17, 2017 : Recent research and the current scenario as well as future market potential of "Mosquito Repellent Candles Market - Europe Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021" globally.
Mosquito repellent candles are having huge untapped potential for growth. In contrast to the other categories of mosquito repellent products that are available in the market such as mosquito creams, liquids, coils, and…
