Market Research Report
Drilling and Completion Fluids Market by Application, Fluid System, and Well Type (Conventional Wells and High-pressure High Temperature Wells): Global Opportunity Analysis and Industry Forecast, 2020-2030
|Drilling and Completion Fluids Market by Application, Fluid System, and Well Type (Conventional Wells and High-pressure High Temperature Wells): Global Opportunity Analysis and Industry Forecast, 2020-2030|
Published: July 1, 2021
Allied Market Research
Content info: 290 Pages
Delivery time: 2-3 business days
The global drilling and completion fluid market was valued at $8.1 billion in 2020, and is projected to reach $11.7 billion by 2030, growing at a CAGR of 3.8% from 2021 to 2030.
Drilling and completion fluid is used in drilling boreholes into the earth. Although drilling fluids and completion fluids vary in their functionalities, they can be used for different purposes in same operations and in the same applications such as oil & gas production and piling of metro pillars. Drilling fluids are used in oil & gas drilling to carry rock cutting to the surface and used as lubricant & coolant for the drill bit. In addition, completion fluids are used to improve well productivity by reducing damage to producing zone and can help repair, prepare, cleanout, and complete the well bore during the completion phase.
The growth of the global drilling and completion fluids market is driven by surge in demand from oil & gas exploration and production sites and from construction industry. Drilling and completion fluids are used as additives in structures foundation. In addition, drilling and completion fluids are used in piling for piers or pillars for superstructures such as metro railway pillars and flyover pillars. Moreover, expansion of the oil & gas industry, surge in demand for conventional fuel, and development of the construction industry escalated the demand for drilling and completion fluids.
Furthermore, the Middle East and North America are the potential markets for drilling and completion fluids, due to the presence of large number of oil fields and reserves. In addition, the development of automotive and aeronautical industries across the developing countries, such as Brazil, China, and India has propelled the demand for conventional fuels, which, in turn, led to increase in demand for drilling and completion fluids. However, drilling and completion fluids are acidic and reactive in nature and cannot be used handled naked hands, and necessitate special requirements while operating with such fluids. Thus, these challenges restrain the growth of the global market.
The global drilling and completion fluids is segmented into application, fluid system, well type, and region. By application, the market is bifurcated into onshore and offshore. On the basis of fluid system, it is segregated into water-based system, oil-based system, synthetic-based system, and Others. Depending on well type, it is fragmented into conventional wells and high-pressure high temperature (HPHT) wells. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players studied and profiled in the drilling and completion fluids are Baker Hughes Incorporated, Halliburton, New Park resources Inc., National Oilwell Varco (NOV INC), Schlumberger Limited, Scomi Group Bhd, Secure Energy, Tetra Technologies, Trican Well Service Ltd., and Weatherford International Plc.