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The increase in energy demand has impacted the growth in the exploration activities being carried out. The drilling of new wells has increased substantially, which can be seen from the increase in the number of active wells present around the world. After the drilling of the well is completed the cementing of the well is the major lookout for the organizations as the drilling fluid and the cementing should keep kept away from each other.
This function is performed by the spacer fluid which ensures the separation of the drilling fluid and the cementing operation. The spacer fluids are pumped after the drilling fluid and before the cementing slurry to ensure the separation between the two.
Also in recent years the method of drilling and drifted from vertical drilling to horizontal drilling which has increased the total drilled footage per well and therefore increased the demand of the spacer fluids. The rising number of exploration activities have increased the usage of spacer fluids, and this trend is set to continue over the given forecast period.
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Based on its type, global spacer fluid market can be segmented into biopolymers and others. The biopolymers are the most used type of spacer fluids, but with the innovating world the new type of spacer fluids are coming up which will have a significant growth rate over the given forecast period. Based on its application the global spacer fluid market can be segmented into water-based drilling fluid and oil-based drilling fluid. The water-based drilling fluid segment will have a lucrative growth rate owing to the increased shale gas exploration.
The major market driver for the global spacer fluid market is the increasing demand for energy which has resulted in increased exploration activities being carried out at both onshore and offshore locations in various parts around the world. The revitalizing crude oil prices, which have increased the upstream investments, is the other factor driving the growth of global spacer fluid market.
Key market restraint for the global spacer fluid market is the increasing usage of renewable sources of energy. The increased use of renewable sources of energy eliminates the use of conventional fuels and therefore can result in a decline in the exploration activities being carried out, which can hinder the growth of the global spacer fluid market.
Some of the notable companies in the global spacer fluid market are Croda, M&D Industries of Louisiana, Inc. Chevron, Baker Hughes Inc., Aubin Group, Halliburton, Schlumberger Ltd., Weatherford, Siemens, National Oilwell Varco, Emerson, BASF, Impact Fluid Solutions, and Trican Well Service Ltd.
The global spacer fluid market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The spacer fluid market has held a notable market share in the North America region owing to the ongoing shale boom, which has seen numerous exploration activities being carried out in the region. The recent shift from vertical drilling to horizontal drilling in the region has also upsurge the production rate from wells and adoption of spacer fluids. After North America, the Asia Pacific region stands as a great opportunity for the spacer fluids market to flourish with the increase in the exploration activities in the region owing to the increasing demand for energy with increasing population. Europe and Middle East regions have also contributed to the growth of the spacer fluids market, and this growth will be continued over the given forecast period in the region. Latin America has also seen a lucrative growth in the spacer fluid market.
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