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Cementing Chemicals market report transcript
Cementing Chemicals Global Market Outlook:
- The global cementing chemicals market is estimated to be at $4.4 billion in 2020. Cement constituted for majority of the market share. However, additives are crucial for preparation of perfect cement slurry
- The cementing chemicals market is expected to drop by more than $1.48 billion in 2020 compared to 2019, due to lower oil & gas activities across the globe.
- In terms of value, the global oil field cementing chemicals market stood at $4.4 billion in 2020. The market is forecast to reach $5.4 billion by the
end of 2023, with a CAGR of 7.1 percent.
- The market is completely dependent on drilling and completion activities. The drilling activities dropped by more than 30 percent in the beginning
of 2020, plummeting the demand for cementing chemicals. The market is expected to drop by $1.48 billion in 2020.
- Segment wise, cement accounted for 54.5 percent of the overall oilfield cementing chemicals market in 2020. Additives play a significant role in
cementing operation. The right additive must selected and the right quantity must be added. For complex wells, the consumption of additives is
higher than cement
- Increase in cement and additive prices would increase the cost of cementing services
- The price of cementing services naturally goes up if a more effective technology or additive is developed
Porter’s Five Forces Analysis
- Cementing chemicals are mandatory requirement during drilling and completion operation. However, there are many regional and global providers in the market, except for proprietary products
- Some of the oilfield service companies are struggling to change onerous contracts signed with E&P companies when oil prices were lower. Therefore, the supplier power is lower to medium for cementing chemicals
- Buyers can negotiate the cementing additives for lower prices, since there are many service providers around the globe
- Cementing chemicals are commodity products, which are widely available
- Volume of cement required increases with the increase in depth of the well; hence, the cost of cementing services rises
- The increase in price of cementing services is also due to the rise in prices of additives. For a complex well, additives cost approximately 70 percent of the material cost
- Cementing services account for 5–7 percent of the overall well cost. The services are priced differently, depending on the well type. The prices of cementing services, on an average, increased by 10 percent in the last eight years. The price increase is due to the rise in additives prices. Additives consumption and utilization are critical in deciding the pricing mechanism of cementing services
- The indicative cost structure of a typical cementing service is given below. It includes the monthly rentals for equipment and personnel to perform the operation and materials required. Materials, which include cement and additives, account for the majority of cost for cementing services