The Global Drilling & Completion Fluids Market is projected to reach a market size of USD 12.76 billion in 2023, growing at a CAGR of 5.82% during the forecast period. The market in North America is estimated to hold the largest share of drilling & completion fluids market in 2017. This market dominance of North America is expected to continue till 2023. The growth of the drilling & completion fluids market is driven by the increasing onshore and offshore drilling activities and exploration of shale gas. The escalation of oil exploration activities around the world has increased the growth potential of the market.

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The Drilling & Completion Fluids Market is dominated by a few major players that have a wide regional presence and are established brand names. The leading drilling and completion fluids providers in the market include BHGE (US), Halliburton (US), Schlumberger (US), Newpark Resources (US), Canada Energy Services (Canada), and Weatherford (US).
Mergers & acquisitions and contracts & agreements were the most commonly adopted strategies in the market from January 2014 to March 2018.
Baker Hughes was formed as a corporation through a merger of Baker International Corporation and Hughes Tool Company. The company operates in three segments: completion and production, drilling and evaluation, and industrial services. The company offers drilling and completion fluids under drilling segment. The company also offers services to customers for finding, evaluating, drilling, and producing hydrocarbons. In 2017, the company was acquired by GE and was incorporated into GE’s oil and gas business. The new company provides industry-leading equipment, services, and digital solutions across the entire spectrum of oil and gas development.

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Halliburton has established itself as one of the largest providers of products and services in the energy industry. The company helps its customers to enhance the value throughout the lifecycle of a reservoir by offering products and services such as locating hydrocarbons and management of local data, drilling & formation evaluation, well construction & completion, and optimizing the production throughout the life of a field. The company operates in two business segments including completion & production and drilling & evaluation. The drilling fluids business is carried out under its Baroid Industrial Drilling Products business unit, which provides a wide range of drilling fluid solutions.
The market in North America is estimated to be the largest in the Drilling & Completion Fluids Market from 2018 to 2023. Factors such as an increase in drilling activities and rise in the exploration of shale gas reserves are driving the growth of drilling and completion fluids market in the region.