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.
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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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.
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.
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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