The global drilling and completion fluids market is currently witnessing strong growth. Drilling and completion fluids are highly filtered compounds that are used for oil and gas extraction activities. Drilling fluid, or drilling mud, is usually a composite liquid that is primarily used for minimizing formation damage and transporting solids. It is manufactured using chemical, oil, mud and water, which provides hydrostatic pressure to minimize corrosion and prevent formation fluids from entering the wellbore. On the other hand, the completion fluid is composed of brines, which is a mixture of water, chlorides and bromides, and has a high pH value and ionic composition. It is highly filtered and is available in the form of oil-, water- and synthetic fluids-based and foams.
The increasing shale gas exploration activities represent as one of the key factors driving the market growth. Furthermore, a significant increase in the drilling activities across the globe is also providing a boost to the market growth. Drilling and completion fluids aid in reducing the time to drill and enhancing the wellbore stability to maximize the recovery from the reservoir. Additionally, various technological advancements, such as the implementation of nanotechnology in the development of high-performance drilling and completion fluids, are acting as another growth-inducing factor. Nanoparticles are added to these fluids to minimize shale permeability and water loss by physically plugging nanometer-sized pores in the wellbore. Other factors, including increasing investments in onshore oil and gas industry, along with favorable government initiatives to promote the utilization of sustainable drilling fluids, are projected to drive the market further. Looking forward, IMARC Group expects the market to expand at a CAGR of around 5% during 2020-2025.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global drilling and completion fluids market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, type, service, organization size, and verticle.
Breakup by System Type:
Breakup by Well Type:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined with some of the key players being Baker Hughes Company, CES Energy Solutions, Chevron Phillips Chemical, Drilling Fluids & Chemicals Limited, Halliburton Company, National Oilwell Varco, Inc., Newpark Resources Inc., Q'Max Solutions Inc., Sagemines, Schlumberger, Scomi Group Berhad, Secure Energy Services Inc., Tetra Technologies, Inc., Weatherford International, etc.
Key Questions Answered in This Report:
The global drilling completion fluids market was worth around US$ 9.6 Billion in 2019.
The market for drilling completion fluids experienced a negative impact on account of the sudden outbreak of COVID-19 due to the declining oil prices, restrictions in trade activities, and limited demand for oil products.
According to the estimates by IMARC Group, the global drilling completion fluids market will exhibit moderate growth during the next five years.
With the rising investments in shale gas exploration activities, there is a growing demand for drilling completion fluids which represents one of the key factors impelling the global drilling completion fluids market growth.
Rapid utilization of nanotechnology in the development of high-performance fluids represents one of the key trends in the global drilling completion fluids market.
On the basis of the system type, the market has been bifurcated into water-based system, oil-based system, synthetic fluid-based systems, and others. In this segment, water-based system accounts for the largest market share.
On the basis of the well type, the market has been bifurcated into HPHT (High Pressure High Temperature) wells and conventional wells, where HPHT wells dominate the global market.
Based on the application, the market has been segmented into onshore and offshore, where onshore application holds the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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