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The global market for drilling fluids is being aided by the increasing demand from North America due to restarting the production of shale wells in the future. The regions with a high maturity market are North America and the Middle East, while regions with medium maturity markets are the Asia Pacific and Latin America. Due to explorations taking place in the market, the rig count has been increased in the past few years, leading to an increase in demand for drilling fluids from Australia.
Halliburton (NYSE: HAL) and Baker Hughes (NYSE: BKR) are the major key players in the drilling fluids industry. In February 2019, Halliburton announced that it would set up the first oilfield chemical manufacturing reaction plant in Saudi Arabia. Once the plant is completed in 2020, the company will start the local manufacturing of specialty chemicals to enable customers to achieve production and reliability goals in the application sector from the reservoir to the refinery. Saudi Arabia has been selected as the country provides an advantageous location for the company to deliver the value proposition of superior service and expertise on chemical applications to the Eastern Hemisphere customers.
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Solvay S.A., Nalco Champion (Ecolab), M-I SWACO (Schlumberger Company), Halliburton, Baker Hughes, A GE Company LLC, Huntsman Corporation, BASF SA, and Newpark Resources, Inc., among others, are the key players in the global drilling fluids market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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