Drilling and Completion Fluids Market 2018 Industry Size, Share, Top Leaders, Upcoming Trends and Strategies analyzed Till 2022

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

Global Drilling and Completion Fluids Market Overview:-

Drilling and Completion fluids plays a crucial role in oil and gas exploration activities. Drilling fluids are also called as drilling mud. Mud perform various functions while drilling such as cool the drill bit and lubricate its teeth, carries the drill cutting to surface, maintain the hydrostatic pressure in the borehole and others. Completion fluids are used in completion operations of oil and natural gas wells.

Global Leaders:-
Baker Hughes Inc. (U.S.), Weatherford International (U.S.), Halliburton Company (U.S.), 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) among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Drilling and Completion Fluids Market.

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Industry News:-

In May 2017, Newpark Resources, Inc. has entered into an agreement with Baker Hughes to provide drilling fluids and related services in support of the Greater Enfield project in offshore Western Australia. This contract is expected to begin in late 2017 and generate total revenues of approximately USD 20 million over the period of two-years.
In January 2016, Scomi Energy Services Bhd has secured a USD 41.6 million contract from Total E&P Indonésie. Under this contract, the company offered drilling fluids and completions services for a period of one year

According to a recent study report published by the Market Research Future, The global market of drilling and completion fluids is booming and expected to gain prominence over the forecast period. The global Drilling and Completion Fluids market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2023).

Global Drilling and Completion Fluids Market Competitive Analysis:-
Global drilling and completion fluids Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market.

The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.

Drilling and Completion Fluids Market Segmentation:-
Global Drilling and Completion Fluids Market is segmented in to three key dynamics for an easy grasp and enhanced understanding.

Segmentation:-
Based on Type, the market has been segmented into Water-Based, Oil-Based, Synthetic-Based, Foams, and others. Water-Based fluid dominates the type segment of global market. Water-based fluids (WBF) are the most commonly used drilling fluid systems. This fluid system is less expensive, requires less chemical treatment before disposal, and their eco-friendly properties are anticipated to fuel the demand of water based fluids during the forecast period.

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Global Drilling and Completion Fluids Market - Regional Analysis:-

Asia Pacific and Europe are the other major market for the drilling and completion fluids. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe drilling and completion fluids market is expected to be dominated by countries such as U.K, Norway and Russia. New discovery of oil has been found in the Laptev Sea offshore Northern Russia and several drilling projects have been approved in the Russian Arctic sea region closer to the North Pole are the factors driving the market in the region. It is expected to contribute significantly during the forecast period.

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This release was published on openPR.