Global Drilling and Completion Fluids Market – Overview
Drilling and Completion fluids plays a crucial role in oil and gas exploration activities. Drilling fluids are also called as drilling mud. Mud perform various functions while drilling such as cool the drill bit and lubricate its teeth, carries the drill cutting to surface, maintain the hydrostatic pressure in the borehole and others. Completion fluids are used in completion operations of oil and natural gas wells.
According to a recent study report published by the Market Research Future, The global market of drilling and completion fluids is booming and expected to gain prominence over the forecast period. The Global Drilling and Completion Fluids Market is forecasted to demonstrate an exponential growth by 2027, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2027).
Global increasing demand for energy cross the globe has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the drilling and completion fluids market. Moreover, new oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. For example, in Liberia, Exxon Mobile Corporation is planning to start oil drilling in its recently found oil reserves by 2018. However, environmental risks and strict government regulations for drilling as well as high capital cost for drilling are the factors may hinder the market growth of the market.
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Baker Hughes Inc. (U.S.), Weatherford International (U.S.), Halliburton Company (U.S.), M-I Swaco (U.S.), AkzoNobel N.V. (Netherlands), National Oilwell Varco (U.S.), Chevron Phillips Chemical Company (U.S.), BASF SE (Germany), DuPont (U.S.), The Dow Chemical Company (U.S.) and, Scomi Group (Malaysia) among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Drilling and Completion Fluids Market.
Global Drilling and Completion Fluids Market – Competitive Analysis
Global drilling and completion fluids Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, drilling and completion fluids manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of drilling and completion fluids for every application.
In May 2017, Newpark Resources, Inc. has entered into an agreement with Baker Hughes to provide drilling fluids and related services in support of the Greater Enfield project in offshore Western Australia. This contract is expected to begin in late 2017 and generate total revenues of approximately USD 20 million over the period of two-years.
In January 2016, Scomi Energy Services Bhd has secured a USD 41.6 million contract from Total E&P Indonésie. Under this contract, the company offered drilling fluids and completions services for a period of one year
Drilling and Completion Fluids Market – Segmentation
Global Drilling and Completion Fluids Market is segmented in to three key dynamics for an easy grasp and enhanced understanding.
Based on Type, the market has been segmented into Water-Based, Oil-Based, Synthetic-Based, Foams, and others. Water-Based fluid dominates the type segment of global market. Water-based fluids (WBF) are the most commonly used drilling fluid systems. This fluid system is less expensive, requires less chemical treatment before disposal, and their eco-friendly properties are anticipated to fuel the demand of water based fluids during the forecast period.
Based on well type, the market has been segmented land and offshore. Onshore dominates the well type segment of global market. Offshore segment is expected to be the fastest growing segment during the forecast period.
Based on Application, the market has been segmented into Drilling, Completion, and Workover.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific, Middle East & Africa and South America.
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Global Drilling and Completion Fluids Market – Regional Analysis
North America dominates the drilling and completion fluids market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market.
Asia Pacific and Europe are the other major market for the drilling and completion fluids. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe drilling and completion fluids market is expected to be dominated by countries such as U.K, Norway and Russia. New discovery of oil has been found in the Laptev Sea offshore Northern Russia and several drilling projects have been approved in the Russian Arctic sea region closer to the North Pole are the factors driving the market in the region. It is expected to contribute significantly during the forecast period.
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