Drilling and Completion Fluids Market Insights, Growth Analysis, Forecast to 2023
Drilling and completion fluids are used to make it easy for drill cuttings to reach the surface during field development. They are also known as drilling mud or mud. Recovery of crude oil prices and assessment of oilfields are critical factors in its usage. The global drilling and completion fluids market report by Market Research Future (MRFR) covers the need for oil exploration and trends in oil field development for the period of 2017 to 2023 (forecast period). The COVID-19 impact on the industry has been noted in the report.
The global drilling and completion fluids market is expected to expand at 7.5% CAGR during the forecast period. Development of deepwater subsea hydrocarbon reservoirs owing to the oil crunch can drive the market demand significantly. Drilling fluids can control subsurface pressures due to the hydrostatic pressure and annular pressure on the wellbore. The huge demand for oil and gas in transportation, manufacturing, and power generation industries can bolster the market in the coming years.
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Investments in oil & gas projects in the U.S. and development of bio-based fluids can bode well for the market. Sustainability of the ocean as well as regulations by federal agencies for protecting the marine environment can spur the demand for drilling and completion fluids. Concerns of environmental impact of the disposal of waste drilling fluids and the COVID-19 pandemic have disrupted drilling activities owing to restrictions on production.
On the basis of well type, the market is segmented into land and offshore. The land wells segment is expected to dominate during the forecast period owing to the effects of drilling being less severe inland. Chevron and Exxon Mobil are continuing with drilling activity in Permian basin of U.S. On the other hand, the offshore segment is expected to garner revenues due to demand for mud in deep water environments.
By type, it is segmented into foam, oil-based, water-based, synthetic-based, and other fluids. The water-based segment is anticipated to capture a major market share owing to being cost-effective in nature and less environmental impact. Optimization of drilling performance in all environments can drive the segment demand over the forecast period.
North Sea in the Europe region and Africa region held the major market share owing to new oil discoveries from these regions. In 2018, discoveries in Nigeria, Egypt, and Norwegian Sea and from deep-water of U.K. sector of North Sea. Furthermore, the Middle East and Asia Pacific are likely to gain market share with increasing exploration activities in these regions and huge potential resources in areas of Kuwait, Bahrain, Russia, and South China Sea. Bahrain has announced a significant discovery of around 80 billion barrels worth of oil fields.
North America can capture a significant market share owing to rise in shale gas exploration activities and rise in offshore projects in New Mexico. Large reserves of hydrocarbon gas and investments from multinational companies can bolster the market demand.
Newpark Resources Inc., Stellar Drilling Fluids LLC, China oilfield services Ltd., M-I Swaco, Halliburton, Schlumberger, and Weatherford international plc are key suppliers of the global drilling and completion fluids market. Recently, Archer Well Company gained a two year contract for drilling and operation services from an operator in the U.K. North Sea in 2020.
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