Rising demand for cutting-edge drilling technology has resulted in the growth of the global drilling and completion fluids market.
Sarasota, FL -- (SBWIRE) -- 07/14/2017 -- Global Drilling and Completion Fluids Market: Overview
Drilling and completion fluids are used primarily in drilling errands and to carry out several activities. The drilling fluid is basically a composite fluid and is frequently known as drilling mud. They are mainly used to reduce formation damage as well as transport and move solids. The fluid mixture consists of chemical, mud, and water. Oil is also used as an alternative to water to get beneficial properties. Besides using these fluids to lessen the friction end customers use drilling fluids to manage construction pressure.
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Global Drilling and Completion Fluids Market: Growth factors
Rising demand for cutting-edge drilling technology has resulted in the growth of the global drilling and completion fluids market. Furthermore, the coming future trends such as sustainability and ecological drilling fluids are projected to create greater opportunities. State-of-the-art components that are atmosphere friendly would keep the coming future of the market robust. In addition, application of nanotechnology to curb technological as well as ecological issues is driving the drilling and completion market globally.
Global Drilling and Completion Fluids Market: Segmentation
The global market for drilling and completion fluids is bifurcated based on the application areas, types, and regions. Based on the applications areas the global market is segmented as offshore and onshore. Based on the type of fluids, the global market is categorized as synthetic-based fluid, a water-based fluid, oil-based fluid, and others. Geographically, the global drilling and completion fluids market is bifurcated as Asia Pacific, North America, Europe, and the Middle East & Africa.
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Global Drilling and Completion Fluids Market: Regional Analysis
The global drilling and completion market would be mainly driven by the rising shale activity across Canada, the U.S., and increasing offshore investigation in the Gulf of Mexico. The demand is high mostly in some countries, such as India, China, the United Kingdom, and the Netherlands. Europe and Asia-Pacific are growing quickly in terms of market demand. The North Sea region presents a well-brought-up market prospect for the drilling and completion fluids segment owing to its high new investigation activity, primarily due to the declining production levels from the past few years and going into much dense water to discover new reserves of oil and gas. Regions such as Africa, South America and Central America are projected to contribute a considerable market demand in the coming years. Though, Africa's oil and gas industry has negative impact from a range of social and political scenarios such as internal wars and bribery, the situation is secure enough these days. There is an incredible improvement in safety measures in several countries in this region, providing companies with ample amount of opportunities in the region again, thus developing the oil and gas industry. Additionally, there was a setback of piracy as well, but it has been looked after by the concerned authorities.
Global Drilling and Completion Fluids Market: Competitive Players
Major players in the global drilling and completion fluids market are Royal Dutch Shell Inc., BP Plc, Canadian Energy Services, Tetra Technologies Inc., Anchor Drilling Fluids Inc., and Geo Drilling Fluids Inc.
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Global Drilling and Completion Fluids Market: Regional Segment Analysis
North America(U.S.); Europe(UK, France, Germany); Asia-Pacific(China, Japan, India); Latin America(Brazil); The Middle East and Africa