Market Research Report
Drilling and Completion Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Drilling and Completion Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: June 15, 2021
IMARC Services Private Limited
Content info: 142 Pages
Delivery time: 2-3 business days
The global drilling and completion fluids market is expected to exhibit moderate growth during 2021-2026. 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 global drilling and completion fluids market to grow at a CAGR of around 4% during the forecast period (2021-2026).