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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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.
Drilling and Completion Fluids Market – Overview
Increased successful explorations of the oil fields around the world are having a positive influence on the drilling and completion fluids market. Market reports associated with the energy and power industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is estimated to achieve a CAGR of 7.5% in the course of the forecast period.
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. The increased discovery activities globally have spurred the expansion of the drilling and controlling fluids market. Moreover, the escalated need for a strategic and a well-maintained drilling fluid system is projected to provide significant opportunities for the market for drilling and completion fluids in the upcoming years.
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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Detailed Regional Analysis
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 drilling and completion fluids market are anticipated to perceive exceptional progress throughout the forecast period globally. 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. Furthermore, the discovery of about significant oil fields in Bahrain is projected to additionally inspire the advance of the drilling and completion fluids market in the region. The growing demand for oil globally is projected to drive the expansion of the market in the forthcoming years.
The launch of new technology has enhanced the growth potential of the market. Substantial cutbacks in administrative finances are bringing further development to the market. The market trends hint at favorable development of the products that can bring in novelty to the product range and address the customer need better. The presence of a productive entity is expected to generate more sales or superior margins compared to its market rivals. The market shows potential for demonstrating a greater comparative or differential value. The development of a strong value chain is moreover motivating the expansion of the market. The market players find themselves in a useful position with the ability to manage the pace of change.
The fundamental competitors functioning in the drilling and completion fluids market are Schlumberger (U.S.), Halliburton (U.S.), China oilfield services Ltd. (China), Newpark Resources Inc. (U.S.), Weatherford International Plc. (U.S.), M-I Swaco (U.S.). National Oilwell Varco (U.S.), BASF SE (Germany), DuPont (U.S.), Chevron Phillips Chemical Company (U.S.), AkzoNobel N.V. (Netherlands), Stellar Drilling Fluids LLC (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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