COVID-19 impact on Oilwell Spacer Fluids Market
- The COVID-19 outbreak is hampering the demand for oilwell spacer fluids in many applications. Many governments across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are hampering the demand for oilwell spacer fluids.
- Key players operating in the oilwell spacer fluids market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players have spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these fluids.
- The COVID-19 outbreak has directly affected the production and demand for oilwell spacer fluids. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
Key Drivers of Oilwell Spacer Fluids Market
- Oilwell spacer fluids and revolutionary cement are being used concurrently in an increasing number of oil and natural gas boiling sites. Many local governments have taken measures to strengthen oil and gas output in order to assure energy supplies.
- Petroleum & energy businesses are rapidly engaging in exploration & production activities in order to boost their revenue. The key factor encouraging oil and gas corporations to develop innovative drilling rigs is the increase in crude oil prices. The need for oilwell spacer fluids is likely to rise further, as the number of operational sites in the Middle East, Russia, Europe, and Africa grows.
- Oilwell cementing is crucial in oil and gas exploration and production. The cementing procedure is critical for keeping the casing pipe in place and preventing leakage of oil and gas fluids between underground formations. Increase in demand for oilwell cement has resulted in the development of smart and self-healing cement. Cracks can be repaired and bonding can be restored with self-healing cement. Smart cement has built-in sensors that can detect and track undesired changes. Such technological advancements in cementing are expected to boost the oilwell spacer fluids market.
Restraints of Oilwell Spacer Fluids Market
- Dearth of universal directives pertaining to applications of oilwell spacer fluids is expected to restrain the market during forecast period. Fluctuating raw material prices and availability of substitutes are also expected to challenge the market growth in the near future.
North America to Constitute Significant Share of Global Oilwell Spacer Fluids Market
- In terms of region, the global oilwell spacer fluids market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global market in 2020. North America held the highest market share, and is expected to grow faster than the other regions throughout the forecast period. The U.S., Canada, and Mexico are North America's top oil and gas producers. Many governments in the region are taking steps to boost oil and gas output in order to assure energy security. Oil and gas E&P activities have also increased as a result of new oil and gas fields being discovered. This is expected to help oilwell spacer fluids vendors in North America grow their business.
- The oilwell spacer fluids market in Asia Pacific is expected to expand at a rapid pace throughout the forecast period. Europe is also one of the key consumers of oilwell spacer fluids. Europe is likely to display moderate growth in the near future.
Competitive Landscape of Global Oilwell Spacer Fluids Market
Major players operating in the global oilwell spacer fluids market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- Baker Hughes
- Chevron Phillips Chemical Co. LLC
- Croda International Plc
- Halliburton Co.
- Aubin Group
- BASF SE
- Impact Fluid Solutions
- Schlumberger Ltd.
- National Oilwell
- Elliott Group
Global Oilwell Spacer Fluids Market: Research Scope
Global Oilwell Spacer Fluids Market, by Type
- Water-based Oilwell Spacer Fluids
- Oil-based Oilwell Spacer Fluids
Global Oilwell Spacer Fluids Market, by Application
Global Oilwell Spacer Fluids Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Oilwell Spacer Fluids Market Introduction
- Oilwell spacer fluid is a type of liquid used to separate drilling fluid from cement slurry during the cementing of an oil and gas well. Spacer fluids are used to separate drilling fluids and cementing slurries. Viscosifier, wetting agent, surfactant pack, and carrier liquid, usually water, make up the spacer fluid system.
- Oilwell spacer fluids are widely used in cement drilling and other related operations. The global market for spacer fluids is expected to continue to expand owing to the continual demand for conventional energy. As a result, there is a direct link between conventional energy resources and the market for oilwell spacer fluids.
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