According to the latest report by IMARC Group, titled “Drilling and Completion fluids Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global drilling and completion fluid market reached a strong growth in 2019. Drilling and completion fluids are highly filtered compounds that are used to facilitate oil and gas extraction and production. Drilling fluids are composite liquids produced using various chemicals, oils, mud and water that provide hydrostatic pressure to minimize corrosion and prevent the formation fluids from entering the wellbore. Whereas, completion fluids are characterized by high pH value and ionic composition and consist of brine, which is a mixture of water, chlorides, and bromides.
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Over the years, there has been a significant rise in the number of shale gas exploration and drilling activities due to the increasing demand for crude oil across various parts of the world. As a result, drilling and completion fluids are being used by end users as an alternative to oil and water to lessen the friction involved in drilling. These fluids are critical for optimizing drilling programs, maximizing efficiency, and delivering production-ready wellbores. As a result, governments of numerous countries are taking favorable initiatives to promote the utilization of sustainable drilling fluids. Moreover, with the technological advancements, high-performance drilling and completion fluids have been developed using nanotechnology, which are expected to provide a positive thrust to the market in the coming years. Looking forward, IMARC Group expects the market to exhibit a CAGR of around 4% during 2020-2025.
Breakup by System Type:
- Water-based System
- Oil-based System
- Synthetic Fluid-based System
- Others
Breakup by Well Type:
- HPHT (High Pressure High Temperature) Wells
- Conventional Wells
Breakup by Application:
- Onshore
- Offshore
Competitive Landscape Key Player:
- Hughes Company
- CES Energy Solutions
- Chevron Phillips Chemical
- Drilling Fluids & Chemicals Limited
- Halliburton Company
- National Oilwell Varco Inc.
- Newpark Resources Inc.
- Q'Max Solutions Inc.
- Sagemines, Schlumberger
- Scomi Group Berhad
- Secure Energy Services Inc.
- Tetra Technologies Inc.
- Weatherford International
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