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Drilling and Completion Fluids Market worth $16,314.4 Million by 2019
The report: “Drilling and Completion Fluids Market by Application Areas (Onshore & Offshore), by Types (Water-Based Systems, Oil-Based Systems, Synthetic-Based Systems, Other Based Systems) & by Geography - Global Trends & Forecast to 2019”, defines and segments the drilling and completion fluids market with analysis and forecasts regarding market size and volume. It also identifies driving and restraining factors for the drilling and completion fluids market with analysis of trends and opportunities.
Browse 86 market data tables and 63 figures spread through 179 pages and in-depth TOC on "Drilling and Completion Fluids Market by Application Areas (Onshore & Offshore), by Types (Water-Based Systems, Oil-Based Systems, Synthetic-Based Systems, Other Based Systems) & by Geography - Global Trends & Forecast to 2019"
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North America: Largest market for drilling and completion fluids
North America constitutes the largest market for drilling and completion fluids due to the presence of half of the world’s oil and gas reserves. The U.S. has the maximum number of shale reserves as compared to other regions. Offshore activities in the Gulf of Mexico region are consistently rising, boosting the demand for drilling and completion fluids in the North American market. To meet this rising demand and to gain a competitive advantage, companies are progressively strengthening their presence in this region Additionally, North America is also in the forefront when it comes to laying out policies and regulations for the prevention of the degradation of the environment.
Water-based systems: largely used drilling fluids
Water-based systems are the most widely used drilling and completion fluids across the globe and are suitable for all the application areas, including onshore and offshore. The water-based fluids are cost-effective and ecofriendly as compared to non-aqueous based fluids. Research activities have resulted in the discovery of a new type of water-based fluid which can be used in challenging high-pressure, high-temperature, deep, and ultra-deep water drilling activities. The discharge policies for water-based fluids across the world are also not particularly stringent due to the presence of minimally toxic chemicals. These points, along with their reasonable price, minimal toxicity, and easy availability make water-based fluids a preferred option over other types of non-aqueous drilling and completion fluids.
A major restraining factor for the drilling and completion fluids market is the impact of drilling fluids on the environment and the surrounding ecosystem.
Development of advanced drilling fluid chemicals
The demand for new drilling technologies results in a demand for advanced drilling fluids. Nanotechnology is being pursued as a solution to overcome technological and environmental challenges. The drilling and completion fluids based on nanotechnology contain materials of sizes in the range of 1 to 100 nanometers (nm). Drilling fluids with nonmaterial possess viscosity, density, and gelling strength that remain constant over a wide range of operating conditions. Future trends are leaning towards the development of sustainable, environmentally friendly drilling fluids. These new technological developments and innovations in fluid additives create a huge opportunity for industry players. The additional advantage provided by these state-of-the-art materials is the low toxic impact on the environment, which will facilitate the operations of exploration and production companies.
Drilling and Completion Fluids: Market Share, by Types, 2013
Source: MarketsandMarkets Analysis
The leading players in the drilling and completion fluids market include Canadian Energy Services (Canada), M-I Swaco (U.S.), Scomi Group (Malaysia), and AkzoNobel N.V. (The Netherlands). The drilling and completion fluids market is a highly fragmented one, owing to the continuous rise in global drilling activities for oil and gas production. Major companies rely on regional and local distributors as well as geographical presence to gain traction in the market. One of the major developments observed in the drilling and completion fluids market is mergers and acquisitions. The application requirements for drilling and completion fluids are constantly changing, making it essential for manufacturers to continually invest in R&D and find innovative solutions. Companies are adopting inorganic growth strategies such as acquisitions to cope with the increasing demand for drilling and completion fluids in key emerging markets. These strategies have aided companies in creating a large customer and partner base in key markets around the world.
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