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A00782 | Pages: 291 | Charts: 79 | Tables: 217 |
The global drilling and completion fluids market was valued at $8.6 billion in 2022, and is projected to reach $12.9 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032.
Drilling and completion fluid is used in drilling boreholes into the earth. Although drilling fluids and completion fluids vary in their functionalities, they can be used for different purposes in the same operations and the same applications such as oil & gas production and piling of metro pillars. Drilling fluids are used in oil & gas drilling to carry rock cutting to the surface and are used as lubricant & coolant for the drill bit. In addition, completion fluids are used to improve well productivity by reducing damage to the production zone and can help repair, prepare, clean out, and complete the well bore during the completion phase.
The global drilling and completion fluids market growth is driven by a surge in demand from oil & gas exploration and production sites and the construction industry. Drilling and completion fluids are used as additives in structures foundation. In addition, drilling and completion fluids are used in piling for piers or pillars for superstructures such as metro railway pillars and flyover pillars. Moreover, the expansion of the oil & gas industry, the surge in demand for conventional fuel, and the development of the construction industry escalated the demand for drilling and completion fluids.
Furthermore, the Middle East and North America are the potential markets for drilling and completion fluids, due to the presence of many oil fields and reserves. In addition, the development of automotive and aeronautical industries across developing countries, such as Brazil, China, and India, has propelled the demand for conventional fuels, which, in turn, led to an increase in demand for drilling and completion fluids.
However, drilling and completion fluids are acidic and reactive in nature; hence, are handled with special requirements while operating with such fluids. Thus, these challenges restrain the growth of the global market.
The drilling and completion fluids market scope are segmented into application, fluid system, well type, and region. By application, the market is bifurcated into onshore and offshore. On the basis of fluid system, it is segregated into water-based system, oil-based system, synthetic-based system, and Others. Depending on well type, it is fragmented into conventional wells and high-pressure high temperature (HPHT) wells. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
[FLUIDSYSTEMGRAPH]
Based on the fluid system, the water-based system segment held the highest market share in 2022, accounting for nearly two-fifths of the global drilling and completion fluids market revenue, and is estimated to maintain its leadership status throughout the forecast period. The rapid increase in demand for oil has led to an increase in oil production, which increases the use of drilling and completion fluids. In addition, a water-based system regulates the temperature in oil fields and creates pressure in the wellbore, which acts as the key growth driver of the drilling and completion fluid market.
[WELLTYPEGRAPH]
Based on well type, the high-pressure high-temperature segment held the highest market share in 2022, accounting for nearly three-fourths of the global drilling and completion fluids market size, and is estimated to maintain its leadership status throughout the forecast period. HPHT wells are majorly in the offshore basin, and the rise in deep water exploration activities leads to an increase in demand for drilling and completion fluids, which is expected to create the drilling and completion fluid market opportunities for lucrative expansion.
[APPLICATIONGRAPH]
Based on application, the onshore segment held the highest market share in 2022, accounting for three-fifths of the global drilling and completion fluids market share and is estimated to maintain its leadership status throughout the forecast period and is projected to manifest a lucrative CAGR. The surge in demand for oil & gas and related products led to an increase in the production of drilling and completion fluid, which act as the major driver of the market. In addition, rising onshore sites propel the market growth, as onshore sites are easily operatable, and it takes fewer years for production in comparison to offshore
[REGIONGRAPH]
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global market revenue, and is likely to dominate the market during the drilling and completion fluids market forecast period. The high rate of production and exploration activities in North America has led to an increase in demand for drilling and completion fluids, which acts as a major driver of the market. In addition, North America is involved in both onshore and offshore production, which is expected to boost the need for drilling and completion of fluids.
The major players studied and profiled in the drilling and completion fluids are Baker Hughes Incorporated, Halliburton, New Park Resources Inc., National Oilwell Varco (NOV INC), Schlumberger Limited, Scomi Group Bhd, Secure Energy, Tetra Technologies, Trican Well Service Ltd., and Weatherford International Plc.
Key Market Segments
Key Market Players