Global Oilwell Spacer Fluids Market 2019-2023
Global Oilwell Spacer Fluids Market: About this market
Oilwell spacer fluids is a liquid that is primarily used to separate drilling fluid from cement slurry during cementing operation in an oil and gas well. Technavio’s oilwell spacer fluids market analysis considers the applications of oilwell spacer fluids in both onshore and offshore. Our analysis also considers the sales of oilwell spacer fluids in North America, APAC, Europe, MEA, and South America. In 2018, the onshore segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the increasing investments in onshore oil and gas E&P activities will play a significant role in the onshore segment to maintain its market position. Our global oilwell spacer fluids market report looks at factors such as the benefits of oilwell spacer fluids, exploring unconventional resources, and increasing active rig counts. However, the volatility of crude oil prices, rising demand for renewable energy sources, and stringent regulations on environmental concerns may hamper the growth of the oilwell spacer fluids industry over the forecast period.
Global oilwell spacer fluids market: Overview
Increasing active rig count
Oil and gas companies have been increasingly investing in E&P activities to increase their revenues. The recovery of crude oil prices is the major factor which is encouraging oil and gas companies to deploy more drilling rigs. The increasing number of active rigs in the Middle East, Russia, Europe, and Africa will fuel the demand for oilwell spacer fluids. Thus, the increasing active rig count will fuel the expansion of the oilwell spacer fluids market at a CAGR of over 6% during the forecast period.
Technological advances in cementing
Oilwell cementing plays an important role in oil and gas E&P activities. The cementing operation is important to hold the casing pipe in place to prevent oil and gas fluid leakage migration between subsurface formations. The growing need for oilwell cement has given rise to smart and self-healing cement. Self-healing cement can repair cracks and restore bonds. Smart cement comes with embedded sensors that can track unwanted changes. Such technological advances in cementing are expected to fuel the growth of the oilwell spacer market during the forecast period.
For the detailed list of factors that will drive the global oilwell spacer fluids market during the forecast period 2019-2023, click here.
With the presence of several major players, the global oilwell spacer fluids market is moderately fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading oilwell spacer fluids providers, that include Baker Hughes, a GE Co. LLC, Chevron Phillips Chemical Co. LLC, Croda International Plc, Halliburton Co., and Schlumberger Ltd.
Also, the oilwell spacer fluids market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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