The Oilfield Cement Additives Market size is estimated to reach US$18.5 billion by 2027, after growing at a CAGR of 8.1% during the forecast period 2022-2027. The growth of
the Oilfield Cement Additives market would be highly dependent on the established
demand from the oil & gas sector industry, including onshore and offshore. The
oilfield cement additives such as organic polymers, calcium chloride, cellulose derivatives, bentonite, lignosulphonate, gilsonite, hematite and others play
a vital role in drilling operations, cementing and others, thereby boosting its
growth scope in the oil & gas sector.
According to the International Energy Agency (IEA), the global oil demand is estimated to reach 104 mb/day by the year 2026. With the rising oil production activities across the world, the applicability of Oilfield Cement Additives is surging, thereby the Oilfield Cement Additives industry is observed to achieve robust growth.
Oilfield Cement Additives Market: The Onshore Industry Leads the Market
Based on the end-use industry, the Oilfield Cement Additives market can be segmented into Onshore and Offshore segments. The leading segment in the Oilfield Cement Additives industry has been evaluated to be onshore. During the forecast period 2022-2027, the onshore industry is projected to grow at a CAGR of 8.5%. This can be attributed to growth factors such as rising exploration & production activities (E&P), drilling projects and surging fuel consumption.
The developments of Rosebank & Lochnagar Oil & Gas Fields (UK) by 2024, Sriracha Refinery Expansion & Upgrade (Thailand) by 2024, Alaska LNG (USA) by 2025 and other onshore projects are fueling growth scope in the market. Thus, the oilfield cement additives industry would grow significantly as a result of emerging applications in borehole walls, drilling operations and others over the forecast period.
Oilfield Cement Additives Market: North America Holds the Largest Share
Based on geography, the Oilfield Cement Additives market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC's analysis, North America has emerged as the most profitable region. In 2021, the North American region held a 39.8% share of the total revenues earned by the market, globally. The North American region is estimated to grow rapidly due to the established base for the oil and gas sector, increasing oilfield activities and exploration and production projects. The oil & gas sector is lucratively growing in North American countries, including the USA, Canada and others due to increasing shale gas exploration projects, drilling technologies and industrialization.
According to the United States Energy Information Administration (EIA), the production of crude oil increased from 10,809 barrels per day in September 2021 to 11,473 barrels per day in October 2021. With robust growth scope for oilfield cement additives such as calcium chloride, cellulose derivatives, extenders, organic polymers and others in the onshore & offshore sectors across North American countries, the Oilfield Cement Additives industry would emerge significantly over the forecast period.
The Oilfield Cement Additives market would also gain demand from the Asia-pacific region. China, India, Japan and others are emerging countries in the Oilfield Cement Additives industry.
Oilfield Cement Additives Market: Competitive Landscape
Key companies holding major shares in the Oilfield Cement Additives market are Solvay SA, AkzoNobel, BASF, Chevron Philips Chemical Company, Lubrizol, The Dow Chemical Company, Arkema Group, Varadan Chemicals, Acti-Chem and Ashland Inc.
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