The global drilling & completion fluids market is projected to reach USD 12.76 Billion by 2023 from an estimated USD 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.
BHGE (US), Halliburton (US), Canada Energy Services (Canada), Schlumberger (US), Newpark Resources (US), Tetra Technologies (US), and Weatherford (US) are some of the key players in the market.
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 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.
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.
Drilling and Completion Fluids Market by Application (Onshore and Offshore), Fluid System (Water-Based System, Oil-Based System, Synthetic-Based System), Well Type (Conventional and HPHT), and Region - Global Forecast to 2023
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