Increase in demand for drilling and completion fluids for exploration of oil reserves in an effective way is expected to fuel the global market growth during the forecast period. In addition, fluids serve as a coolant as well as a lubricant, which is expected to increase their demand in the oil & gas industry. In addition, drilling and completion fluids are used in construction intermediate for foundation of superstructures, which is anticipated to drive the drilling and completion fluids market growth of the market in future.
The drilling and completion fluids market is projected to reach $11.7 billion by 2030, growing at a CAGR of 3.8% from 2020 to 2030.Drilling and completion fluids are a solid-free liquids, which are used in drilling and improve wells productivity. Drilling fluids are mixtures of natural and synthetic chemical compounds used to cool and lubricate the drill bit, clean the hole bottom, carry cuttings to the surface, control formation pressures, and improve the function of the drill string &tools in the hole. Drilling fluids are available in three types, water-based drilling fluids, oil-based drilling fluids, and synthetic drilling fluids. The type of fluid base used depends on drilling and formation needs as well as the requirements for disposition of the fluid after it is no longer needed. Drilling and completion fluids are a special class of drilling fluids used to drill most deep wells.
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Middle-East and North America are the leading markets for drilling and completion fluids, due to the presence of large number of oil fields and reserves. In addition, expansion of the automotive and aeronautical industries in the developing countries, such as Brazil, China, and India, augmented the demand for conventional fuels, which, in turn, led to increase in need for drilling and completion fluids. However, drilling and completion fluids are acidic and reactive in nature and necessitate special treatments while operating with them.
The drilling and completion fluids market is segmented into application, fluid system, well type, and region. The applications covered in the study include onshore and offshore. By fluid system, the market is segregated into water-based system, oil-based system, synthetic-based system, and others. On the basis of well type, it is categorized into conventional wells and high-pressure high temperature (HPHT) wells. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
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The major player studied and profiled in the drilling and completion fluids industry are Baker Hughes Company, Halliburton, New Park resources Inc, National Oilwell Varco (NOV Inc), Schlumberger Limited, Scomi Group Bhd, Secure Energy, Tetra Technologies Inc., Trican Well Service Ltd., and Weatherford International Plc.
Impact Of Covid-19 On The Drilling And Completion Fluids Market
- The price war of crude oil due to surged supply and less demand hampered the growth of the drilling and completion fluids. Furthermore, the International Energy Agency outlined that the revenue in the oil & gas sector declined in 2020, which negatively affected the future market developments.
- The workforce of several industries migrated to their hometowns due to uncertainties and loss of income because of the pandemic. Moreover, the prices of raw materials used in drilling fluids increased.
- The automotive and construction industries are the major end users of the drilling and completion fluids. However, the Covid-19 pandemic negatively affected the market due to a disrupted supply chain, decline in demand for automotive vehicles, and halt in construction activities.