Drilling and Completion Fluids Market Flowing

  • The onshore segment will continue to lead the drilling and completion fluids market, by application, during the forecast period.
  • The water-based fluid system is the fastest-growing segment of the drilling and completion fluids market, by fluid system.
  • North America will continue to dominate the drilling and completion fluids market through 2023.

The global Drilling and Completion Fluids Market is projected to reach $12.76 billion by 2023 from an estimated $9.62 billion in 2018, at a CAGR of 5.82% during the forecast period. The growth of the drilling & completion fluids market is mainly driven by the increase in drilling activities and rise in drilling and exploration of shale gas. The demand for drilling and completion fluids increases with the rise in drilling and exploration activities.

The drilling & completion fluids market is dominated by a few major players that have a wide regional presence and are established brand names. The leading drilling and completion fluids providers in the market include BHGE (US), Halliburton (US), Schlumberger (US), Newpark Resources (US), Canada Energy Services (Canada), and Weatherford (US).

The growth of the drilling & completion fluids market is mainly driven by the increase in drilling activities and rise in drilling and exploration of shale gas.

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The key players in drilling and completion fluids market have undertaken merger and acquisition activities to expand their market share.

The onshore application is estimated to be the fastest-growing segment of drilling and completion fluids market during the forecast period. The growth of the onshore segment is mainly driven by the rise in demand for energy around the world and the growth in drilling activities. The increasing focus on unconventional resources such as shale gas, coalbed methane (CBM), and tight oil reserves will also boost the growth of this market segment.

The fluid system segments the drilling and completion fluids market into water-based, oil-based, synthetic-based, and others. The water-based fluid system segment led the drilling and completion fluids 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.

In the current oil price scenario, the drilling of HPHT wells is economically less viable. However, as the oil prices increase, the drilling of HPHT wells would also increase.

The HPHT well type is estimated to be the fastest-growing segment of drilling and completion fluids market during the forecast period. The term HPHT is applied to wells that have only high pressure or high temperature or both these characteristics. HPHT wells faced challenges while well construction and production of oil & gas. The E&P activity increasingly involves operations in HPHT downhole conditions. Advancements in technologies during the past decade have allowed the operators to address numerous challenges of drilling HPHT wells. As the HPHT drilling activity continues to grow and well conditions become more severe, more advanced devices and materials will be required. The main aim is to reduce the drilling risk by enabling better well placement and improved borehole stability. In the current oil price scenario, the drilling of HPHT wells is economically less viable. However, as the oil prices increase, the drilling of HPHT wells would also increase.

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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 market 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.

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Prathmesh Patil

Data Analyst | Versatile | Result Driven Analyst

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