Drilling
and Completion Fluids Market Overview
Global drilling and completion
fluids market is expected to expand at 7.5% CAGR during the forecast period.
Drilling and completion fluids industry is expected to have a huge number of
advancements over the forecast period owing to continuous developments in
end-use industry coupled with growing demand for crude oil. The market is also
expected to have high expansion activities by multinationals and
well-established companies. Increased successful explorations of the oil fields
around the world are having a positive influence on the drilling and completion
fluids market. The benefits provided by drilling and controlling fluids such as
controlling pressure and transmittal of data are the key drivers of the demand
for the market.
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Drilling and completion fluids
comprise the fundamental requirements for starting the field development
process after the successful exploration of the oil field. Large quantities for
oil is required as fuel for many industries including transportation,
automobiles, lubricants, chemicals and others. For meeting the demand of fuel,
discoveries are immensely carried out. Besides, in this scenario of recovering
crude oil prices after the crises of 2014, the oil exploration and production
business is extremely profitable.
Industry
Segmentation
The segmentation of the drilling
and completion fluids market has been carried out on the basis of well type,
type and region.
Based on well type, the market of
drilling and completion fluids is segmented into offshore and land.
On the basis of type, the drilling
and completion fluids market has been segmented into water-based systems,
oil-based systems, synthetic-based systems, foams, and other fluids.
The region-based segmentation of
the industry comprises of regions such as Asia Pacific, Europe, North America,
and the rest of the world.
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Regional
Outlook
The analysis based on regions in
the drilling and completion fluids market consists of Asia Pacific, North
America, Europe and the rest of the world.
The European and Africa regions
which are near the North Sea control the significant market share, owing to the
new oil detections from these regions. In 2018, the sources noted in Egypt,
Nigeria, Norwegian Sea and deep-water of U.K. sector of the North Sea are
encouragingly adding to the expansion of the drilling and completion fluids
market in the region.
Additionally, the Middle East and
the Asia Pacific region is trailing the development in the drilling and
completion fluids market due to increased exploration activities in these
regions and massive potential resources in the areas such as South China Sea,
Bahrain, Kuwait, and Russia.
Key
Players:
The key players of global Drilling
And Completion Fluids Market Halliburton (U.S.), Schlumberger (U.S.), Newpark
Resources Inc. (U.S.), Stellar Drilling Fluids LLC (U.S.), Weatherford
international plc. (U.S.), China oilfield services Ltd. (China), and M-I Swaco
(U.S.). AkzoNobel N.V. (Netherlands), National Oilwell Varco (U.S.), Chevron
Phillips Chemical Company (U.S.), BASF SE (Germany), DuPont (U.S.), The Dow
Chemical Company (U.S.) and, Scomi Group (Malaysia) are among others.
Industry
News
Jan 2019 BHGE’s OFS segment has
recently signed a four-year contract to offer drill bits, drilling services,
drilling and completion fluids, completion and cementing solutions to an
important customer in Colombia. BHGE will support major drilling campaigns
through this deal while developing new technology in partnership with the
customer and support conventional operations.
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