Drilling and Completion Fluids Market
Overview
Global
drilling
and completion fluids market size 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.
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.
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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