Global Drilling and Completion Fluids Market Research Report Covers Historical Market Trends, Current Market Dynamics, Market Valuation by Segmentation as Well as Region, Country-level Analysis for Every Segment, Key Player’s Market Share Analysis, Competitive Landscape and Supply Chain Analysis. As per the report published by Market Research Future, the drilling and completion fluids market is expected to generate a CAGR of 7.5% during the forecast period. A detailed analysis report of COVID-19 impact on Drilling and Completion Fluids Market is provided with the report.
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.
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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.
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).
Market Segmentation
The drilling and 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 drilling
and 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 drilling
and 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 drilling and 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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