Industry Overview:
The latest report by IMARC Group, titled “Drilling and Completion Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the Drilling and Completion Fluids Market Share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global drilling and completion fluids market size reached US$ 9.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028. Drilling and completion fluids facilitate oil and gas production and exploration. Drilling fluids, or drilling mud, are viscous fluid mixtures added to the wellbore to transport solids and stabilize exposed rock formations by coating the walls. An effectively planned and maintained drilling-fluid system significantly increases the penetration rate when drilling and protects the reservoir from damage. On the other hand, completion fluids are solids-free liquids used to “complete” an oil or gas well. They improve well productivity by minimizing damage to the producing zone, and help prepare, repair and clean out the wellbore during the completion phase.
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Global Drilling and Completion Fluids Market Trends:
Over the years, the demand for drilling and completion fluids has escalated as they deliver superior performance, resulting in lower well costs. Apart from this, increasing investments in shale gas exploration have led to a rise in the adoption of drilling and completion fluids, as they help in controlling the pressure in the wellbore, prolong the life of the drilling equipment by reducing friction and associated heat, and facilitate final operations before the production phase. Moreover, governments of various nations are undertaking favorable initiatives to promote the utilization of sustainable drilling and completion fluids. In line with this, market players are developing recyclable and biodegradable variants of completion and drilling fluids. Along with this, the utilization of nanotechnology in the development of high-performance fluids has significantly contributed to the growth of the market.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
- Baker 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
Key Market Segmentation:
System Type:
- Water-based System
- Oil-based System
- Synthetic Fluid-based System
- Others
Well Type:
- HPHT (High Pressure High Temperature) Wells
- Conventional Wells
Application:
- Onshore
- Offshore
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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