The United States spacer
fluid market is anticipated to grow at an impressive CAGR for the forecast
period, 2023-2027. The rise in investments in exploration, production, drilling
activities, and increasing energy requirements, along with the adoption of advanced
drilling techniques by market players, are expected to act as key factors
driving the growth of the United States spacer fluid market through the
forecast period. Also, the presence of abundant tight oil and unconventional
natural resources are expected to create growth opportunities for the United
States spacer fluid market.
High Demand for Horizontal Drilling
Technique Drives the Market Growth
Oil & gas wellbores are growing and
driving the demand for advanced exploration and drilling methods to satisfy the
country's growing energy requirements. The shift from vertical to horizontal
drilling methods is fueling the drilled footage per well. Most newly drilled
wells are hydraulically fractured and horizontally drilled to obtain higher
productivity. Increasing lateral lengths of unconventional wells in the country
are expected to fuel the United States spacer fluid market. Average crude oil
production is increasing, and the search for methods to improve the
cost-effectiveness and productivity of wells is influencing the market demand.
Tight oil production in New Mexico and West Texas is the primary driver of the
growing United States spacer fluid market. An increase in the drilling
activities and the rise in efforts of the leading authorities and market
players to boost oil & gas production is expected to pave the way for
market growth for the next five years.
Increasing Energy Requirement Fuels the
Market Demand
Rapid urbanization and industrialization
and the ongoing manufacturing and production activities are accelerating the
energy requirements. Exploration activities are being carried out at both
offshore and onshore locations to meet the surging energy production. The
United States produced oil 16476 thousand barrels per day and had total
oil-proved reserves of 30.4 million barrels in 2020. An increase in upstream
investments acts as a positive factor in recovering crude oil prices. Market
players are actively spending on oil exploration and production activities to
boost the production from the existing reserves. Also, drilling from new wells
has increased exponentially, which can be observed from the number of active
wells present in the country. After the drilling operation, cementing of the
well is done properly as the cementing and drilling fluid needs to be separated
from each other.
With the growing exploration activities
and discovery of new well reserves, the United States spacer fluid market is
expected to witness massive demand for the next five years.
Surge in Investments in Untapped Oil
& Gas Reserves Supports the Market Growth
The demand for conventional energy
sources is overgrowing in the country as they are heavily utilized in transportation,
manufacturing and power generation, and other end-use industries. The rise in
the demand for unconventional energy sources such as tight gas, shale oil, coal
bed methane is expected to be a significant factor expected to propel the need
to explore new oil & gas reserves. Oil, gas, and other hydrocarbons are
still considered one of the most efficient and reliable energy sources,
attracting companies to invest in upgrading existing infrastructure and finding
innovative solutions to advance the well-cementing process. Therefore, the
increasing focus to recover from untapped oil & gas reserves is expected to
accelerate the growth of the United States spacer fluid market in the forecast
period.
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Market Segmentation
The United States spacer fluid market is
segmented into application, type, regional distribution,
and company. Based on application, the market is divided
into onshore and offshore. Based on type, the market is divided into water-based
drilling fluid environment and oil-based drilling fluid environment. To
analyze the market based on the region, the United States Spacer Fluid market
is studied in major regions namely southern region, western region, mid-western
region, and north-eastern region.
Market Players
AubinGroup, Baker Hughes Company, BASF
SE, Chevron Phillips Chemical Company, Croda International Plc., Halliburton
Company, Impact Fluid Solutions, M & D Industries of LA Inc., Schlumberger
Limited, and Trican Well Service Ltd., are the major players operating in the United
States spacer fluid market.
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Attribute
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Details
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Base Year
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2021
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Historic Data
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2017 –
2020
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Estimated Year
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2022
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Forecast Period
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2023
– 2027
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Quantitative Units
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Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027
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Report coverage
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Revenue
forecast, company share, competitive landscape, growth factors, and trends
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Segments covered
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·
Application
·
Type
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Regional scope
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South,
West, Mid-West, North-East
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Key companies profiled
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AubinGroup, Baker Hughes Company, BASF SE, Chevron Phillips
Chemical Company, Croda International Plc., Halliburton Company, Impact Fluid
Solutions, M & D Industries of LA Inc., Schlumberger Limited, and Trican
Well Service Ltd.
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|
Customization scope
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10%
free report customization with purchase. Addition or alteration to regional
& segment scope.
|
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
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Delivery Format
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PDF and
Excel through Email (We can also provide the editable version of the report
in PPT/Word format on special request)
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Report Scope:
In this report, United States spacer
fluid market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- United States Spacer Fluid Market, By Application:
- United States Spacer Fluid Market, By Type:
- Water-Based Drilling Fluid
Environment
- Oil-Based Drilling Fluid
Environment
- United States Spacer
Fluid Market, By Region:
- South
- West
- Mid-West
- North-East
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in United States spacer fluid market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
United States spacer fluid
market is an upcoming report to be released soon. If you wish an early delivery
of this report or want to confirm the date of release, please contact us at [email protected]