Market Size of Africa Drilling and Completion Fluids Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Africa Drilling & Completion Fluids Market Analysis
The Africa drilling and completion fluids market is expected to grow at a CAGR of over 5% during the forecast period.
The COVID-19 pandemic affected the market severely in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, the increase in the number of drilling operations in African countries and the development of shale, deep-water, and ultra-deepwater fields are expected to drive the market's growth.
- On the other hand, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitical tensions, and several other factors, are expected to hamper the growth of Africa's drilling and completion fluids market during the forecast period.
- Nevertheless, wells are being drilled away from land into the sea, and more profound than before, such as deepwater and ultra-deepwater projects, are likely to create lucrative growth opportunities for Africa's drilling and completion fluids market in the forecast period.
- Nigeria dominates the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments in the oil and gas industry.
