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Fluid loss additives, also widely recognized as filtrate reduction agents, are chemical additives employed to regulate fluids that move through a porous zone created in the trenching and well-operating systems. The water absorption of slurries significantly influences the nature of its design. As such, slurries which undergo water depletion can also be prone to deterioration. Fluid loss can be triggered by the removal of water from the slurry, especially when the pumping has halted and the slurry is not set yet. Loss of fluids leads to significant alterations in, viscosity, set time, displacement of mud and low compressive force. In addition, the loss of fluids during oil extraction contributes to monetary loss.
Environmental regulations promote the preventative measures for the damage of water body, with the implementation of environmentally friendly fluid loss control additives for drilling operations in water-based muds is one of the key factors that drive the market. However, growing demand of electric vehicles restricts crude oil consumption and hence serve as a restraint for the market. Thus electric vehicle may hamper the demand for fluid loss additives as it does not require crude oil based fuels thus restraining the market.
Key Market Driver -
Environmental safety concerns contributing to the increase in demand from the oil & gas drilling industry drives the market.
Key Market Restraint -
Raising trend for electric vehicles is restraining the market
Based on type, the market for fluid loss additives is further segmented into synthetically modified natural additives, synthetic additives, natural additives. Based on application, the market for fluid loss additives is further segmented into drilling fluids, cement slurries, fracturing fluids, and completion fluids. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global fluid loss additives market is fairly cosolidated, with global & regional players operating. Some of the key players in the fluid loss additives market includes Halliburton, Newpark Resources Inc, Schlumberger Limited, Solvay, Clariant, BASF SE, Global Drilling Fluids and Chemicals Limited, Nouryon, SEPCOR, INC., Tytan Organics, and Audin Group
In terms of Geography, the fluid loss additives market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of both consumption and output the North America dominates the fluid loss additives market market. Owing to the combination of influential market players in the region, production for fluid loss additives in the region is growing at a rapid pace, and increased oil drilling and very well-intervention solutions such as slickline, pumping, wirelineor coiled piping. The Asia-Pacific market for fluid loss additives is predicted to witness steady growth rapid industrialization in the region, which has contributed to the expansion of the oil & gas industry. Europe was the regional market leader with an economy driven by the presence of well-established oil & gas companies which contributed to the increase in drilling operations. The growth of the Middle East & Africa market for fluid loss additives is due to the high output of petroleum derivatives in the GCC countries and to the availability of large oil reserves in the area. Latin America is seeing fairly slow growth as a result of the small number of producers slowing down the demand growth.
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