Global Drilling and Completion Fluids Market Overview
MarketsandMarkets forecasts the Drilling and Completion Fluids Market to grow from USD 9.6 billion in 2018 to USD 12.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.8% during the forecast period. The major factors that are expected to be driving the Drilling and Completion Fluids Industry are increase in drilling operations in regions such as Europe, North America, and Middle East, new shale gas discoveries, and deepwater and ultra-deepwater drilling operations. The objective of the report is to define, describe, and forecast the market size based on fluid system (water-based, oil-based, synthetic-based, and others), well type (HPHT wells, conventional wells), application (onshore, offshore), and region.
Key Market Players
BHGE (US), Halliburton Company (US), Schlumberger (US), Newpark Resources (US), Weatherford, (Switzerland), Tetra Technologies (US), CES (Canada), National Oilwell Varco (US), Secure Energy Services (Canada), Q’max Solutions (US),Global Drilling and Chemicals (India), Sagemines (France), Scomi (Malaysia)
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The water-based fluid system segment led the market in 2018 and is expected to continue its market dominance during the forecast period. Water-based fluid systems are suitable for onshore and offshore drilling activities. These fluids are cost-effective and eco-friendly compared with the other types of fluids. The discharge policies for water-based fluids are also not very stringent across the world as they contain less toxic chemicals. These factors are driving the water-based fluid system market.
North America: Dominate the drilling and completion fluids market During Forecast Period
The North American region is estimated to be the fastest growing market for drilling and completion fluids during the forecast period. The North American Drilling and Completion Fluids Industry is mainly driven by the rise in shale gas exploration and increase in drilling activity for oil and gas. The onshore activities have improved with the exploration of vast shale gas reserves in the North American region. Also, the governments in North America have formed policies and regulations for the prevention of the degradation of the environment.
The drilling and completion fluids market are segmented by application into onshore and offshore. The onshore segment accounted for the largest share of the market in 2018. The number of wells drilled onshore drastically increased in 2018 compared with 2017. The onshore application segment is expected to dominate the market as the majority of global oil & gas reserves are present onshore. The increasing use of drilling fluids in the hard rock drilling process is expected to boost the onshore applications market for drilling and completion fluids.
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The research report categorizes the Drilling and Completion Fluids to forecast the revenues and analyze the trends in each of the following sub-segments:
Market By Fluid System
- Water-based system
- Oil-based system
- Synthetic-based system
- Others
Market By Application
- Onshore
- Offshore
Market By Well Type
- HPHT
- Conventional
Market By Region
- North America
- Europe
- Asia Pacific
- Middle East
- Africa
- South America
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Research Methodology
This research study involved the use of extensive secondary sources, directories, journals on drilling & completion fluids generation technologies, and other related rental markets; newsletters and databases such as Hoover’s, Bloomberg, Businessweek, and Factiva, among others, to identify and collect information useful for a technical, market-oriented, and commercial study of the global market. The primary sources include several industry experts from the core and related industries, vendors, preferred suppliers, technology developers, alliances, and organizations related to all the segments of this industry’s value chain. The research methodology has been explained below.
- Study of annual revenues and market developments of the major players in the drilling & completion fluids market
- Assessment of future trends and growth of end-users
- Assessment of the drilling & completion fluids market with respect to the solutions used for different applications at various drilling and completion fluids generation technologies
After arriving at the overall market size, the total market was split into several segments and sub-segments. The figure given below illustrates the breakdown of primary interviews conducted during the research study based on company type, designation, and region.
