Completion Fluids Market Overview
As per the report published by Market Research Future, the Completion Fluids Market is expected to generate a CAGR of 7.5% during the forecast period. The benefits extended by drilling and controlling fluids such as transmittal of data and controlling pressure are the key drivers propelling the market demand. The surge in global discovery activities have influenced the expansion of the drilling and controlling fluids market positively. Also, the growing need for a well-maintained and a strategic drilling fluid system is likely to offer lucrative opportunities for the market over the upcoming years.
Drilling and completion fluids consist of the basic requirements for creating the procedure for field development after the successful exploration of the oil field. Large amount of oil is needed as fuel for several industries such as automobiles, transportation, chemicals, lubricants, and others. For meeting the demand for fuel, innovations are extensively carried out. Moreover, after the crisis of 2014, the oil exploration, the scenario of recovering crude oil prices, and oil production business turned immensely lucrative. The initial phase of field development technique of an oil field mostly includes construction of oil wells, which needs drilling fluids for pressure maintenance, well control, and ease of drilling at the surface. On the other hand, completion fluid is a liquid that contains salt for avoiding formation damages and preserving density. Additionally, the completion fluids help in making excellent packer fluids which enhances operation excellence. The fluids are designed to match certain reservoir criteria after considering the critical factors such as contamination risks, crystallization temperatures, and equivalent static density (ESD).
Completion Fluids Market Segmentation
The completion fluids market is segmented based on type, region, and well type.
Based on type, the drilling and completion fluids market is segmented into oil-based systems, water-based systems, foams, synthetic-based systems, and other fluids.
Based on well type, the completion fluids market is segmented into land and offshore.
Based on regions, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
Regional Analysis
Geographically, the completion fluids market is segmented Asia Pacific, North America, Europe and the rest of the world. The drilling and completion fluids market is expected to witness remarkable growth over the forecast period globally.
The Europe and Africa markets which are near the North Sea, dominates a significant share of the market, on account of the upgraded oil discoveries from these regions. During 2018, the sources found around Norwegian Sea, Nigeria, Egypt, and the deep-water of U.K. sector of the North Sea were encouraged to expand their drilling and completion fluids market in the region.
Furthermore, the Asia Pacific market along with the Middle East market, is trailing the growth of the drilling and completion fluids market owing to rising exploration activities in these areas. The presence of massive potential resources in the regions such as Bahrain, South China Sea, Russia, and Kuwait also drives the market considerably. Besides, the discovery of several prominent oil fields in Bahrain is likely to further stimulate the progress of the drilling and completion fluids market in the region. The increasing demand for oil globally also plays an important role in driving the development of the market throughout the forecast period.
Key Players:
The global completion fluids market is dominated by key players such as Halliburton (U.S.), Schlumberger (U.S.), Newpark Resources Inc. (U.S.), China oilfield services Ltd. (China), M-I Swaco (U.S.), Weatherford International Plc. (U.S.), National Oilwell Varco (U.S.), DuPont (U.S.), BASF SE (Germany), AkzoNobel N.V. (Netherlands), Stellar Drilling Fluids LLC (U.S.), Chevron Phillips Chemical Company (U.S.), Scomi Group (Malaysia), and The Dow Chemical Company (U.S.).
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