Saudi Arabian Contractor MGC Is Said to Explore Riyadh Listing
The firm, known as MGC, is exploring a deal that could value it in the range of about 12 billion riyals ($3.2 billion) and 15 billion riyals, according to the people, who declined to be identified as the information is confidential.
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The Oil Well Cement Market benefits from increased oil and gas exploration in shale and deepwater regions, particularly in North America, the Middle East, and Asia-Pacific. Demand is driven by stringent regulations and technological advancements in cement formulations, such as self-healing cement and nanomaterial-enhanced blends. Oil Well Cement Market Dublin, Aug. 21, 2025 (GLOBE NEWSWIRE) -- The "Oil Well Cement Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2031F" has been added to offering. The Oil Well Cement Market was valued at USD 1.2 Billion in 2024, and is expected to reach USD 1.9 Billion by 2030, rising at a CAGR of 7.80%. The Global Oil Well Cement Market is primarily driven by the ongoing expansion of oil and gas exploration and production activities, particularly in shale formations and deepwater regions. Increased drilling operations across North America, the Middle East, and Asia-Pacific are creating consistent demand for oil well cement to ensure wellbore integrity under high-pressure, high-temperature (HPHT) conditions. Additionally, stringent environmental and safety regulations are compelling operators to adopt high-performance cement blends that prevent gas migration and contamination of groundwater. Technological advancements such as self-healing cement, nanomaterial-enhanced formulas, and automated cementing solutions are further enhancing the efficiency and reliability of well cementing operations. Offshore and ultra-deepwater developments, especially in regions like Brazil and the Gulf of Mexico, are accelerating the demand for specialized cement capable of withstanding extreme subsea conditions. Moreover, the aging oilfield infrastructure in mature markets necessitates frequent remedial cementing, contributing to sustained market growth. The global transition toward natural gas as a cleaner energy source is also boosting gas well cementing, which now constitutes a substantial share of the market. Finally, shifting geopolitical dynamics are prompting new investments in untapped reserves across Africa and Asia, further stimulating the oil well cement industry. Key Market Drivers: Expansion of Unconventional Oil & Gas Exploration and Production Activities One of the most significant drivers of the global oil well cement market is the increasing exploration and production of unconventional oil and gas resources, particularly shale oil, tight gas, and coal-bed methane. Countries such as the United States, China, Canada, and Argentina are aggressively developing their shale reserves, which require intense and frequent drilling operations. Each well demands multiple stages of cementing to secure the wellbore, isolate zones, and protect against pressure blowouts and fluid migration. This directly translates to a higher consumption of oil well cement. In North America, particularly in the U.S. Permian Basin, there has been a dramatic rise in the number of horizontal wells being drilled, where cement is used not only in primary casing but also in complex multi-stage fracturing processes. Additionally, growing investments in deepwater and ultra-deepwater drilling in regions like the Gulf of Mexico, Brazil, and West Africa require cement with high thermal resistance and compressive strength to withstand extreme subsea pressures. These offshore projects, though cost-intensive, are being revived due to recovering oil prices and energy security concerns, further stimulating cement demand. Moreover, as energy companies aim to maximize output from existing fields, techniques such as enhanced oil recovery (EOR) and infill drilling are being employed. These operations frequently require secondary and tertiary cementing processes, increasing the overall cement volume used per well. With global energy demand projected to rise steadily through 2030 and a parallel increase in exploration licenses issued across Asia-Pacific, the Middle East, and Africa, the consumption of oil well cement is expected to grow significantly. This trend reflects the industry's continued reliance on cement as a critical material for maintaining well integrity and operational efficiency in complex geological environments. Global unconventional oil and gas production accounted for approximately 30% of total global oil production and over 40% of global natural gas production by 2024. Shale gas production reached over 600 billion cubic meters annually, led by the United States, Canada, China, and Argentina. Tight oil production exceeded 10 million barrels per day globally, with the U.S. contributing around 80 percent of this volume. Global investment in unconventional oil and gas exploration surpassed 120 billion dollars in 2023, marking a steady growth trajectory over the past five years. Over 60% of new onshore drilling rigs deployed worldwide in 2024 were used for unconventional resource extraction. Hydraulic fracturing was used in more than 80% of newly drilled wells in key unconventional basins globally. Key Market Challenges: Volatility in Crude Oil Prices and Capital Investment Uncertainty One of the most significant challenges facing the global oil well cement market is the persistent volatility in crude oil prices, which directly impacts upstream exploration and production (E&P) investments. Oil well cement demand is closely tied to drilling activity, which often slows down or is postponed when oil prices fall below profitable thresholds. For example, during the 2020 oil price crash caused by the COVID-19 pandemic and a global supply glut, many oil companies suspended or delayed drilling projects. This led to a steep decline in demand for cementing services and products. Even in more stable periods, uncertainty in global oil pricing due to geopolitical tensions (such as OPEC+ production cuts, Russia-Ukraine conflict, or Middle East instability), fluctuating demand from emerging economies, and changing energy policies can deter long-term capital investment in new drilling projects. Smaller E&P companies, in particular, are vulnerable to price swings, often cutting back on drilling and associated cement purchases. Additionally, the shift toward renewables and cleaner energy sources - driven by carbon neutrality goals - is pressuring oil companies to limit fossil fuel exploration, reducing drilling activity in many regions. This adds a layer of structural risk to the cement market's growth. In such a capital-intensive sector, uncertainty about project profitability leads to underutilized capacity and inventory buildup for cement manufacturers. Thus, crude oil price instability doesn't just cause short-term disruptions; it also contributes to long-term planning difficulties for manufacturers, service providers, and stakeholders in the oil well cement supply chain. Sustained low prices can erode margins and hinder research and development in advanced cement technologies, slowing market innovation and progress. Key Market Trends: Rising Adoption of High-Performance and Specialty Cement Blends A notable trend in the global oil well cement market is the increasing demand for high-performance and specialty cement formulations, particularly for challenging drilling environments such as deepwater, ultra-deepwater, high-pressure high-temperature (HPHT) wells, and unconventional reservoirs. Traditional Portland cement, while still widely used, is increasingly being replaced or modified with additives like silica fume, fly ash, latex, and nanomaterials to improve thermal stability, corrosion resistance, and compressive strength. Operators are now prioritizing well integrity and long-term reliability, especially in regions with complex geological formations or corrosive environments. In offshore and Arctic drilling, cement must perform under extreme temperatures, salinity, and pressure variations. As a result, Class G and Class H cement blends are often enhanced with retarders, fluid loss agents, and dispersants to improve placement and durability. Moreover, the use of self-healing cement technology - formulated to autonomously seal micro-annuli or cracks formed during operations - is gaining traction to reduce the risk of well failures and costly interventions. This trend is supported by a growing focus on digital cementing solutions, where advanced software and real-time analytics optimize slurry design and placement. Service providers are investing in R&D to create customized cement solutions tailored to specific well conditions, which ensures better zonal isolation and reservoir productivity. Furthermore, demand for specialty lightweight cements is rising in regions with weak or fractured formations, such as shale plays in the U.S. and China. These formulations help prevent formation damage and reduce pressure-related risks. As oil and gas companies continue to move toward more complex and deeper fields, the need for these advanced cementing materials will intensify, making specialty cements a central component of well design strategies and a key driver of product innovation in the market. Key Market Players: LafargeHolcim Ltd. CEMEX S.A.B. de C.V. Heidelberg Materials AG China National Petroleum Corporation (CNPC) Schlumberger Limited Halliburton Company Buzzi Unicem S.p.A. Drilltech Oilfield Services Ltd. Report Scope: In this report, the Global Oil Well Cement Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below: Oil Well Cement Market, By Grade: Grade A Grade G Grade H Oil Well Cement Market, By Application: Onshore Offshore Oil Well Cement Market, By Region: North America United States Canada Mexico Europe Germany France United Kingdom Italy Spain Asia Pacific China India Japan South Korea Australia South America Brazil Colombia Argentina Middle East & Africa Saudi Arabia UAE South Africa Key Attributes: Report Attribute Details No. of Pages 188 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $1.2 Billion Forecasted Market Value (USD) by 2030 $1.9 Billion Compound Annual Growth Rate 7.8% Regions Covered Global For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Oil Well Cement Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
