Portland, OR, July 07, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global spacer fluid market was pegged at $197.1 million in 2020, and is expected to reach $323.1 million by 2030, growing at a CAGR of 5.1% from 2021 to 2030.
Technological advancements in cementing drive the growth of the spacer fluid market. However, volatility in prices of crude oil and changes in drilling fluids consumption hinder the market growth. On the contrary, untapped opportunities in the Asia-Pacific region are expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- Some of the major economies suffered losses during the Covid-19 pandemic, which resulted in the closure of many industries because of lack of raw materials and workforce.
- Manufacturing of oil and gas came to halt due to increase in prices of raw materials and disrupted supply chain. This hampered the market growth.
- The gap in supply and demand, price volatility, and change in government policies are expected to affect the growth of various end-use industries.
The report classifies the global spacer fluid market on the basis of application, type, and region.
Based on type, the oil-based drilling fluid environment segment held the largest share in 2020, accounting for nearly three-fourths of the market. Moreover, the segment is expected to register the highest CAGR of 5.3% from 2021 to 2030. The report also analyzes the water-based drilling fluid environment segment.
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On the basis of application, the onshore segment dominated the market in 2020, contributing to around three-fourths of the market. In addition, the segment is projected to register the highest CAGR of 5.2% during the forecast period. The report also discusses the offshore segment.
The global spacer fluid market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to register the highest CAGR of 5.6% during the forecast period. However, the market across North America held the largest share in 2020, accounting for more than one-third of the market.
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The global spacer fluid market includes an in-depth analysis of the prime market players such as Baker Hughes Incorporated, Aubin Group, Chevron Phillips Chemical Company, BASF SE, Impact Fluid Solutions, Croda International PLC, Halliburton, Schlumberger Limited., M&D Industries of LA Inc., and Trican Well Service Ltd.
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