Global Spacer Fluid Market: Overview
The energy and natural resources industry has experienced a rapid growth in the last few decades owing to its rising demands across all sectors globally. This industry is diverse, dynamic, and global in scale.
Well drilling is a significant and inseparable part of this industry. Spacers play an important role during the process of well drilling and its completion. Drilling fluid and cement in the drilling devices are separated by spacers. The chances of acute gelatin or flocculationare increased during this process owing to their chemical incompatibility. Spacer fluids are then pumped down the drill string behind the drilling fluid but before pouring in cement slurry. A spacer fluid finds its usage in cementing operations and is needed to separate cement and drilling fluid. With the expansion of energy and natural resources industry, it is expected that spacer fluid will find increased usage.
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Global Spacer Fluid Market: Notable Developments
There have been few developments in this market. Global spacer fluid market has been impacted hugely by technology, like the many other aspects of well drilling activities.
Introduction of nanotechnology in the energy and natural resources industry has ensured precision. As such, global spacer fluid market has also been made to go through a transformation with the advent of nanotechnology.
In addition to that, novel latex spacer fluid was developed to improve the bond quality of various cementing surfaces.
Some of the noted players that are operating in the global spacer fluid market are M&DIndustries of LA Inc., Baker Hughes Incorporated., Croda International PLC., Chevron Phillips Chemical Company, Halliburton, and AubinGroup.
Global Spacer Fluid Market: Key Trends
The global spacer fluid market has been characterized with the below-mentioned market trends:
Shift in the Method of Drilling
In the recent years, there has been shift in the method of drilling. From vertical drilling, the method has been changed to lateral/horizontal drilling. As a consequence, total drilled footage per well has increased. Such a move has resulted in the increased demand for space fluid.
Several new wells have been constructed since the latter half of 2014 owing to innumerable hydraulic fractured wells. It was estimated that back in 2016, the method of hydraulic fracturing was used in 670,000 out of the 977,000 producing wellsand those were drilled horizontally. In the same year, the total drilled footage reached around 13 million feet out of which 10.7 million were were hydraulically fractured and horizontally drilled. The demand for spacer fluid increased manifold owing to such a shift in the drilling activities.
Increase in the Lateral Lengths of Unconventional Wells
In United States the lateral lengths of the unconventional wellsincreased from 2,500 feet to around 7,000 feet in the last few decades. Following the footsteps of United States, Argentina and China have also started to make investment in their unconventional fields. As such, spacer fluid is anticipated to experience increased demand over the period of forecast.
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Increased Investment in Drilling Activities
Furthermore, rising investments in activities such as drilling, production, and exploration are expected to bolster growth of the global spacer fluid market. In addition to that, quite a few upstream projects across the world are also forecasted to boost its growth.
Global Spacer Fluid Market: Geographical Analysis
The region of North America has experienced evolution of ample unconventional natural gas resources and tight oil. Thus an opportunity for economic growth has been generated across the region thereby improving its competitiveness in the world market for oil and gas industry. There has been increased consumption in the oil and oil-based products. Consequently, the market for drilling and unconventional fuels has expanded in this region.The average active rig has almost doubled over the last couple of years. As the United States plans to become an oil exporter by 2022, it is expected that the demand for space fluid would experience a surge in the years to come.
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- North America (U.S. and Canada)
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