Drilling and Completion Fluids Market Research Report ? Forecast to 2023
Global Drilling and Completion Fluids Market Research Report: Information By Well Type (Land and Offshore), by Type (Water, Oil, Synthetic, Foam, and others), and By Regions (North America, Europe, APAC, and Middle East & Africa) - Forecast till 2023
Market Scenario
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.
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Besides, in this scenario of recovering crude oil prices after the crises of 2014, the oil exploration and production business is extremely profitable. The first phase of field development process of an oil field is always the construction of oil wells, which require drilling fluids for well control and pressure maintenance at the surface and provide ease of drilling.
On the other hand, completion fluids are liquids containing salts for density and avoiding formation damages. Besides, the completion fluids make excellent packer fluids that are capable of operations expedition. These fluids are designed to match specific reservoir criteria, taking into account critical factors such as equivalent static density (ESD), contamination risks, and crystallization temperatures.
Global drilling and completion fluids market has been segmented based on type and well type and region. On the basis of well type the market is further classified as land and offshore. Between these, the drilling and completion fluids market is expected to be dominated by land wells due to the fact that the drilling is not as harsh inland than offshore. Chevron, and Exxon Mobil are continuing with drilling activity in Permian basin of U.S. Type segment is classified as oil-based, water-based, synthetic-based, foam and other fluids.
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.
Global drilling and completion fluids market is expected to expand at ~7.5% CAGR during the forecast period.
Market Segmentation
Global Drilling and Completion Fluids Market
The global drilling and completion fluids market is expected to witness exponential growth during the forecast period. North Sea in the Europe region and Africa region held the major market share, owing to new oil discoveries from these regions. In 2018, discoveries attributed from Egypt, Nigeria, and Norwegian Sea and from deep-water of U.K. sector of North Sea. Furthermore, the Middle East and Asia Pacific are likely to follow the market share with increasing exploration activities in these regions and huge potential resources in areas such as, South China Sea, Bahrain, Kuwait and Russia. Bahrain has announced a significant discovery of around 80 billion barrel oil field. The growth of drilling and completion fluids market is attributed to the increasing demand for oil.
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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.
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