[FURL=https://www.industryarc.com/Report/11689/drilling-completion-fluids-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Drilling and Completion Fluids Market[/FURL] is forecast to reach US$9.2 billion by 2026, after growing at a CAGR of 5.7% during 2021-2026. Drilling and completion fluids used in oil & gas extraction. Drilling fluids or drilling mud minimizes formulation damages of extra fluids and completion fluids filter of extracted oil & gas during well construction. Hence, oil-based drilling fluids control the water loss of oil-based drilling fluid at high temperatures and high pressure. Drilling and completion fluids manufactured by various chemicals such as oil, mud, and others provide hydrostatic pressure and are used to minimize corrosion.Key Takeaways
North America dominated the market of drilling and completion fluids market due to increasing oil & gas production activities in North American countries such as United States, Mexico, and Canada.
According to the US Energy Information Administration, in Mexico, crude oil production increased by 172,000 b/d in March 2021 from February's 983,000 b/d2021.
Additionally, increasing drilling activities in Asian countries such as India, China, and others is estimated to grow the demand for drilling and completion fluids as it is used in well construction for excellent stability.
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Drilling and Completion Fluids Market Segment Analysis – By Geography
North America dominated the global drilling and completion fluids market in 2020 with 34%, due to increasing oil & gas production and drilling projects in North American countries such as United States, Mexico, and Canada. According to the U.S. Energy Information Administration (EIA), 13 offshore drilling projects could account for about 200,000 barrels per day (bpd) of total Gulf of Mexico crude oil production by 2022. Thus, the Gulf of Mexico (GOM), accounts for 15%–16% of crude oil production of the United States. Hence, GOM crude oil production is forecast to reach 1.71 million bpd in 2021 and 1.75 million bpd in 2022. Furthermore, according to Energy Shale Gas Production, the total natural gas production is projected to contribute 30% and more than 75% in Canada & Mexico, respectively by 2040.
Drilling and Completion Fluids Market Drivers
Increasing Production Activities in Oil & Gas Sector
Growing Investment in Drilling Activities in Asia Pacific Region
Drilling and Completion Fluids Industry Outlook
Major players in the Drilling and Completion Fluids Market include Schlumberger Limited, Baker Hughes, Halliburton Company, CES Energy Solutions Corp., National-Oilwell Vacro Inc., Tetra Technologies Inc., Anchor Drilling Fluids USA Inc., Newpark Resources Inc., Chervon Phillips Chemical Company LLC, Scomi Energy Services BHD, and among others.
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