Global Drilling and Completion Fluids Market to Grow at 4% During 2024-2032, Propelled by Rising Investments in Shale Gas Exploration

July 01, 2020 | Energy & Mining

According to the latest report by IMARC Group, titled “Drilling and Completion Fluids Market Report by System Type (Water-based System, Oil-based System, Synthetic Fluid-based System, and Others), Well Type (HPHT (High Pressure High Temperature) Wells, Conventional Wells), Application (Onshore, Offshore), and Region 2024-2032,” the global drilling and completion fluids market reached a value of US$ 10.4 Billion in 2023. Drilling and completion fluids facilitate oil and gas production and exploration. Drilling fluids, or drilling mud, are viscous fluid mixtures added to the wellbore to transport solids and stabilize exposed rock formations by coating the walls. An effectively planned and maintained drilling-fluid system significantly increases the penetration rate when drilling and protects the reservoir from damage. On the other hand, completion fluids are solids-free liquids used to “complete” an oil or gas well. They improve well productivity by minimizing damage to the producing zone, and help prepare, repair and clean out the wellbore during the completion phase.

Global Drilling and Completion Fluids Market Trends:

Over the years, the demand for drilling and completion fluids has escalated as they deliver superior performance, resulting in lower well costs. Apart from this, increasing investments in shale gas exploration have led to a rise in the adoption of drilling and completion fluids, as they help in controlling the pressure in the wellbore, prolong the life of the drilling equipment by reducing friction and associated heat, and facilitate final operations before the production phase. Moreover, governments of various nations are undertaking favorable initiatives to promote the utilization of sustainable drilling and completion fluids. In line with this, market players are developing recyclable and biodegradable variants of completion and drilling fluids. Along with this, the utilization of nanotechnology in the development of high-performance fluids has significantly contributed to the growth of the market. Looking forward, the market is projected to expand at a CAGR of 4% during 2024-2032.

Market Summary:

Based on the system type, the market has been segmented into water-based, oil-based, synthetic fluid-based and other systems.
On the basis of the well type, the market has been bifurcated into HPHT (High Pressure High Temperature) and conventional wells.
The market has been classified based on the application into onshore and offshore.
Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Indonesia, Australia and others), Europe (Germany, Italy, the United Kingdom, France, Russia, Spain and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market 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. and Weatherford International.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	System Type, Well Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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. and Weatherford International
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Drilling and Completion Fluids Market to Grow at 4% During 2024-2032, Propelled by Rising Investments in Shale Gas Exploration

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