Key players are Canadian Energy Services (Canada), M-I Swaco (U.S.), Scomi Group (Malaysia).
(PRWEB) March 02, 2015
The growth of the drilling and completion fluids market is expected to be driven by the ongoing drilling activities around the world. On the basis of various factors, such as geological conditions, economic viabilities, and so on, different types of drilling and completion fluids are used to assist drilling and completion activities. The global drilling and completion fluids market is projected to reach $16,314.4 million by 2019, at a CAGR of 7.3% from 2014-2019.
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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.
Additionally, the competition is leading to many R&D activities from top manufacturers to achieve product differentiation as part of their brand strategies. These developments are contributing towards the creation of more environmentally friendly drilling and completion fluids technology. However, smaller players have been able to compete and retain their positions at the domestic level by providing generic and standard chemicals at cost-effective rates.
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Developments in drilling and completion fluids manufacturing companies include mergers and acquisitions, expansions, new product developments, and contracts and agreements. Companies are constantly investing in R&D to adapt drilling and completion fluids to suit the growing technological requirements in the relevant application areas.
Drilling and completion fluids manufacturers have been primarily incorporating inorganic growth strategies to increase their market share as well as their geographical presence. Companies have been aiming at bagging supply contracts and agreements to achieve sustainable growth in the market. These leading companies are based in the Americas and are now focusing on the African and Asia-Pacific markets for expansion.
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