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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