Drilling and completion fluids consumables are used while conducting drilling and exploration projects. They help to provide lubrication, avoid friction, cooling wellbore, and cutting rocks. Every drilling process needs drilling and completion fluids owing to this factor it is used widely across the globe. They use various types of base fluids, such as synthetic-based, oil-based, and water-based systems. Drilling and completion fluids base used depends on desired performance, cost of fluid, the and environmental impact.
Drilling and completion fluids market is directly dependent on drilling exercises carried out all over the globe. Increase in oilfield discoveries and increase in drilling activities will accelerate growth of the global drilling and completion fluids market in future. In addition, rising energy demand in the world and rising population are generating demand for drilling at high depth have been significant drivers for drilling and completion fluids market.
Increasing drilling and manufacturing activities in onshore and offshore fields are anticipated to propel the market growth of drilling and completion fluids in future. Onshore operations are growing at a higher rate due to increase in deep sea drilling as oil demand rises. Growth in offshore operations for drilling and completion fluids is associated with the increase in deep water & ultra-deep-water drilling operations. Technological improvements and exploration operations for coalbed methane (CBM) and shale gas are also developing the demand for drilling and completion fluids. Technological advancement and innovation in fluid additives create a tremendous opportunity for the market players.
The global drilling and completion fluids market report has been segmented on the basis of type, application, and region. On the basis of region, the global drilling and completion fluids market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America has the dominant market share in the global drilling and completion fluids market owing to the factors such as growing offshore drilling operations in the Gulf of Mexico, shale boom, and grow in finding potential untapped oil and gas resources are foreseen to propel the North America market growth over the forecast period. Recent advancements in offshore operations such as increasing oil production and contracts in various regions including Qatar and Iran is foreseen to drive the market growth.
Key players operational in the global market include Akzonobel Nv, Newpark Resources Inc., Baker Hughes Inc., Halliburton, National Oilwell Varco Inc., Tetra Technologies Inc., Weatherford, International Ltd, Canadian Energy Services & Technology Corp., Chevron Phillips Chemical Company Llc., and Anchor Drilling Fluids Usa Inc.