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Massive Growth Of Drilling And Completion Fluids Market 2023 With High Cagr In Coming Years: Market
The Drilling and Completion Fluids Market is expected to grow from an estimated USD 9.62 Billion in 2018 to USD 12.76 Billion by 2023, registering a CAGR of 5.82% during the forecast period. This growth can be attributed to the increased drilling activities for oil and gas production and rise in the exploration of shale gas.
The growth of the drilling and completion fluids market is directly proportional to the ongoing drilling activities around the world. On the basis of various factors such as geological conditions, economic viabilities, etc., different types of drilling and completion fluids are used to assist drilling and completion activities.
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The nature of drilling and completion fluids is highly standardized and the market is cost sensitive. This leads to a large pool of small players at the local level competing with large multinational companies.
In addition, the competition is leading to many R&D activities from top manufacturers in order to create product differentiation as a part of their brand strategies. These developments are contributing towards the improvement in the development of more environment friendly drilling and completion fluids technology. However, smaller players have been able to compete and maintain their presence at the domestic level by providing generic and standard chemicals at cheap cost.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the drilling & completion fluids market. These players include BHGE (US), Halliburton (US), Schlumberger (US), Canada Energy Services (Canada), and Newpark Resources (US). The leading players are trying to make inroads in the market in the developed economies and are adopting various strategies to increase their market shares.
The global drilling and completion fluids market is dominated by few players. Almost all these top companies have global presence and enjoy majority of the market share. The remaining minority share is enjoyed by rest of the companies present locally across the globe and competing in their respective markets.
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The leading companies of the drilling and completion fluids market focused on mergers and acquisitions as the capital expenditure is very high in the oil and gas industry. These leading companies are based in the Americas and are now focusing on the African and Asia-Pacific markets for expansions. Hence, investment in these regions is carried out by acquiring any local company which provides access to the local business.
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