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According to the estimates by IMARC Group, the global drilling and completion fluids market is expected to witness a CAGR of 4.9% from 2022 to 2027.
With the rising investments in shale gas exploration activities, there is a growing demand for drilling completion fluids which represents one of the key drivers for the global drilling and completion fluids market.
Rapid utilization of nanotechnology in the development of high-performance fluids represents one of the key trends in the global drilling and completion fluids market.
The market for drilling completion fluids had experienced a negative impact on account of the sudden outbreak of COVID-19 due to the declining oil prices, restrictions in trade activities, and limited demand for oil products.
On the basis of the system type, the market has been divided into water-based system, oil-based system, synthetic fluid-based systems, and others. In this segment, water-based system accounts for the largest market share.
On the basis of the well type, the market has been bifurcated into HPHT (High Pressure High Temperature) wells and conventional wells. Currently, HPHT wells exhibit a clear dominance in the market.
On the basis of the application, the market has been segmented into onshore and offshore. At present, onshore application represents the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
The key companies in the global drilling and completion fluids market are Baker Hughes Company, CES Energy Solutions, Chevron Phillips Chemical, Drilling Fluids & Chemicals Limited, Halliburton Company, National Oilwell Varco, Inc., Newpark Resources Inc., Q'Max Solutions Inc., Sagemines, Schlumberger, Scomi Group Berhad, Secure Energy Services Inc., Tetra Technologies, Inc., Weatherford International, etc.
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