The report "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",
the drilling and completion fluids market are projected to reach USD 12.76
billion by 2023 from USD 9.62 billion in 2018, at a CAGR of 5.82%. The growth
in this market is supported mainly by the increasing onshore and offshore
drilling activities and the rising shale gas exploration. Drilling and
completion fluids are essential for any onshore or offshore drilling
activities. These fluids facilitate the drilling process by suspending
cuttings, controlling pressure, stabilizing the exposed rock, and by providing
buoyancy, cooling & lubrication.
Browse 79 market data Tables and 36 Figures spread
through 135 Pages and in-depth TOC on "Drilling
and Completion Fluids Market - Global Forecast to 2023"
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The onshore segment will continue to lead the drilling and completion
fluids market, by application, during the forecast period
The drilling and completion fluids market are segmented
by application into onshore and offshore. The onshore segment accounted for the
largest share of the drilling and completion fluids market in 2018. The number
of wells drilled onshore drastically increased in 2018 compared with 2017. The
onshore application segment is expected to dominate the drilling and completion
fluids market as the majority of global oil & gas reserves are present
onshore. The increasing use of drilling fluids in the hard rock drilling
process is expected to boost the onshore applications market for drilling and
completion fluids.
The water-based fluid system is the fastest-growing segment of the
drilling and completion fluids market, by fluid system
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.
North America will continue to dominate the drilling and completion
fluids market through 2023
The drilling and completion fluids market have been
segmented by region into North America, Europe, Asia Pacific, South America,
the Middle East, and Africa. In 2018, North America accounted for the largest
market share in the drilling & completion fluids market, followed by Europe
and the Middle East. The US dominates the North American drilling and
completion fluids market because of the increasing drilling activities taking
place in the country. Factors such as the growing drilling activities and
rising exploration of shale gas reserves are driving the growth of the market
in the region.
The drilling and completion fluids market is influenced
by a few leading players, such as BHGE (US), Halliburton (US), Schlumberger
(US), Newpark Resources (US), and Tetra Technologies (US), because of the
initiatives taken by these industry participants related to product
developments, product launches, and contracts & agreements. Market
participants such as M-I Swaco (A Schlumberger Company) and Halliburton have a
diversified portfolio of drilling fluids coupled with extensive geographic
presence. Mergers & acquisitions were the most commonly adopted strategy by
the top players. Other players in the market include Tetra Technologies, Inc.,
National Oilwell Varco, Inc., and Weatherford International plc.
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
