Asia-Pacific Drilling and Completion Fluids Market, By Well Type (HPHT, Conventional); By Fluid System (Water-based system, Oil-based system, Synthetic-based system); By Application (Onshore, Offshore); By Country (China, India, Japan, South Korea, Indonesia, Vietnam, Malaysia, Rest of Asia Pacific), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Asia-Pacific Drilling and Completion Fluids Market Size Grows at CAGR of 6.25% to Touch USD 2.6 Billion by 2029
Asia-Pacific drilling and completion fluids market is flourishing because of an increasing demand for oil and gas and growing number of exploration and production (E&P) activities.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia-Pacific drilling and completion fluids market size at USD 1.8 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Asia-Pacific drilling and completion fluids market size to grow at a CAGR of 6.25% reaching a value of USD 2.59 billion by 2029. Major growth drivers for the Asia-Pacific drilling and completion fluids market include an increasing energy requirement, a growing population, and the exploration of fresh shale deposits. Notably, the rising energy demand driven by economic growth, coupled with the exploration of unconventional resources like shale gas and tight oil, fuels the demand for specialized drilling and completion fluids. Continuous technological advancements in drilling techniques and fluid formulations enhance operational efficiency, attracting investments and fostering market expansion. Also, the expansion of offshore drilling activities, stringent environmental regulations, and the complexity of oil and gas reservoirs in the region are additional factors driving the need for tailored fluid solutions. As economic growth and infrastructure development projects increase energy consumption, the market for drilling fluids experiences a corresponding upsurge. Investments in research and development, alongside global energy trends and their impact on oil and gas demand, collectively shape the Asia-Pacific drilling and completion fluids market's dynamics.
Asia-Pacific Drilling and Completion Fluids Market – Overview
Asia-Pacific drilling and completion fluids market refers to the regional sector within the oil and gas industry, specifically in the Asia-Pacific region, that involves the exploration and production of hydrocarbons. This market segment is primarily focused on the development and use of specialized fluids, known as drilling and completion fluids, which play crucial roles in the drilling and completion processes of oil and gas wells. These fluids serve various purposes, such as lubrication, cooling, wellbore stability, and reservoir protection, throughout the drilling and completion operations. The Asia-Pacific region's unique geological characteristics and extensive oil and gas reserves make it a significant and dynamic market for drilling and completion fluids, with key players and innovations driving its growth and evolution.
Impact of COVID-19 on Asia-Pacific Drilling and Completion Fluids Market
COVID-19 pandemic adversely affected the Asia-Pacific drilling and completion fluids market. It led to a slowdown in drilling and exploration activities as companies faced operational disruptions, logistical challenges, and reduced workforce availability due to lockdowns and safety protocols. Decreased oil prices and uncertainty in the energy sector also influenced reduced investment in drilling operations. This decline in drilling activity, coupled with the postponement of projects, affected the demand for drilling and completion fluids. However, as the region gradually recovers, the market is expected to rebound, driven by the resumption of drilling activities and the ongoing energy demand in the Asia-Pacific region.
Asia-Pacific Drilling and Completion Fluids Market – By Application
On the basis of application, the Asia-Pacific drilling and completion fluids market is split into Onshore and Offshore segments. The onshore segment is expected to witness growth at a faster rate in the market by application during the forecast period. Onshore drilling is generally more cost-effective and logistically simpler compared to offshore operations. Also, the Asia-Pacific region has extensive onshore oil and gas reserves that are increasingly being explored and tapped into. As energy demand continues to rise, particularly in rapidly developing economies within the region, the demand for onshore drilling and completion fluids is expected to surge. This growing focus on onshore exploration and production activities is driving the robust growth of the onshore segment in the Asia-Pacific drilling and completion fluids market.
Competitive Landscape
Major players operating in the Asia-Pacific drilling and completion fluids market include Scomi Group Bhd, Triton Energy Ltd, Secure Energy Services Inc, Baker Hughes Company, Newpark Resources Inc, Schlumberger Limited, Halliburton Company, NOV Inc, Tetra Technologies Inc, China Oilfield Services Limited, CNOOC Limited, Petronas Carigali Sdn Bhd, PT Pertamina Hulu Energi, ONGC Videsh Limited, and Oil India Limited. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia-Pacific Drilling and Completion Fluids Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Asia-Pacific Drilling and Completion Fluids Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Asia-Pacific Drilling and Completion Fluids Market Insights
- 3.1. Technology Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Increasing demand for oil and gas
- 3.2.1.2. Growing number of E&P activities
- 3.2.2. Restraints
- 3.2.2.1. High cost of drilling and completion fluids
- 3.2.2.2. Environmental regulations
- 3.2.3. Opportunities
- 3.2.3.1. New technologies
- 3.2.4. Challenges
- 3.2.4.1. Rising costs
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Asia-Pacific Drilling and Completion Fluids Market Overview
- 4.1. Market Size & Forecast by Value, 2019–2029
- 4.1.1. By Value (USD Billion)
- 4.2. Market Share & Forecast
- 4.2.1. By Well Type
- 4.2.1.1. HPHT
- 4.2.1.2. Conventional
- 4.2.2. By Fluid System
- 4.2.2.1. Water-based system
- 4.2.2.2. Oil-based system
- 4.2.2.3. Synthetic-based system
- 4.2.2.4. Others
- 4.2.3. By Application
- 4.2.3.1. Onshore
- 4.2.3.2. Offshore
- 4.2.4. By Country
- 4.2.4.1. China
- 4.2.4.2. India
- 4.2.4.3. Japan
- 4.2.4.4. South Korea
- 4.2.4.5. Australia & New Zealand
- 4.2.4.6. Indonesia
- 4.2.4.7. Malaysia
- 4.2.4.8. Singapore
- 4.2.4.9. Vietnam
- 4.2.4.10. Rest of APAC
- 5. China Drilling and Completion Fluids Market Overview
- 5.1. Market Size & Forecast by Value, 2019–2029
- 5.1.1. By Value (USD Billion)
- 5.2. Market Share & Forecast
- 5.2.1. By Well Type
- 5.2.2. By Fluid System
- 5.2.3. By Application
- 6. India Drilling and Completion Fluids Market Overview
- 6.1. Market Size & Forecast by Value, 2019–2029
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Well Type
- 6.2.2. By Fluid System
- 6.2.3. By Application
- 7. Japan Drilling and Completion Fluids Market Overview
- 7.1. Market Size & Forecast by Value, 2019–2029
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Well Type
- 7.2.2. By Fluid System
- 7.2.3. By Application
- 8. South Korea Drilling and Completion Fluids Market Overview
- 8.1. Market Size & Forecast by Value, 2019–2029
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Well Type
- 8.2.2. By Fluid System
- 8.2.3. By Application
- 9. Australia & New Zealand Drilling and Completion Fluids Market Overview
- 9.1. Market Size & Forecast by Value, 2019–2029
- 9.1.1. By Value (USD Billion)
- 9.2. Market Share & Forecast
- 9.2.1. By Well Type
- 9.2.2. By Fluid System
- 9.2.3. By Application
- 10. Indonesia Drilling and Completion Fluids Market Overview
- 10.1. Market Size & Forecast by Value, 2019–2029
- 10.1.1. By Value (USD Billion)
- 10.2. Market Share & Forecast
- 10.2.1. By Well Type
- 10.2.2. By Fluid System
- 10.2.3. By Application
- 11. Malaysia Drilling and Completion Fluids Market Overview
- 11.1. Market Size & Forecast by Value, 2019–2029
- 11.1.1. By Value (USD Billion)
- 11.2. Market Share & Forecast
- 11.2.1. By Well Type
- 11.2.2. By Fluid System
- 11.2.3. By Application
- 12. Singapore Drilling and Completion Fluids Market Overview
- 12.1. Market Size & Forecast by Value, 2019–2029
- 12.1.1. By Value (USD Billion)
- 12.2. Market Share & Forecast
- 12.2.1. By Well Type
- 12.2.2. By Fluid System
- 12.2.3. By Application
- 13. Vietnam Drilling and Completion Fluids Market Overview
- 13.1. Market Size & Forecast by Value, 2019–2029
- 13.1.1. By Value (USD Billion)
- 13.2. Market Share & Forecast
- 13.2.1. By Well Type
- 13.2.2. By Fluid System
- 13.2.3. By Application
- 14. Rest of Asia-Pacific Drilling and Completion Fluids Market Overview
- 14.1. Market Size & Forecast by Value, 2019–2029
- 14.1.1. By Value (USD Billion)
- 14.2. Market Share & Forecast
- 14.2.1. By Well Type
- 14.2.2. By Fluid System
- 14.2.3. By Application
- 15. Competitive Landscape
- 15.1. List of Key Players and Their Offerings
- 15.2. Asia-Pacific Drilling and Completion Fluids Company Market Share Analysis, 2022
- 15.3. Competitive Benchmarking, By Operating Parameters
- 15.4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
- 16. Impact of Covid-19 on Asia-Pacific Drilling and Completion Fluids Market
- 17. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
- 17.1. Scomi Group Bhd
- 17.2. Triton Energy Ltd
- 17.3. Secure Energy Services Inc
- 17.4. Baker Hughes Company
- 17.5. Newpark Resources Inc
- 17.6. Schlumberger Limited
- 17.7. Halliburton Company
- 17.8. NOV Inc
- 17.9. Tetra Technologies, Inc
- 17.10. China Oilfield Services Limited
- 17.11. CNOOC Limited
- 17.12. Petronas Carigali Sdn Bhd
- 17.13. PT Pertamina Hulu Energi
- 17.14. ONGC Videsh Limited
- 17.15. Oil India Limited
- 17.16. Other Prominent Players
- 18. Key Strategic Recommendations
- 19. Research Methodology
- 19.1. Qualitative Research
- 19.1.1. Primary & Secondary Research
- 19.2. Quantitative Research
- 19.3. Market Breakdown & Data Triangulation
- 19.3.1. Secondary Research
- 19.3.2. Primary Research
- 19.4. Breakdown of Primary Research Respondents, By Country
- 19.5. Assumption & Limitation
- *Financial information of non-listed companies will be provided as per availability
- **The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
- List of Figures
- Figure 1 Asia-Pacific Drilling and Completion Fluids Market Segmentation
- Figure 2 Asia-Pacific Drilling and Completion Fluids Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 Asia-Pacific Drilling and Completion Fluids Market Size, By Value (USD Billion), 2019–2029
- Figure 5 Asia-Pacific Drilling and Completion Fluids Market Share, By Well Type, By Value, 2019–2029
- Figure 7 Asia-Pacific Drilling and Completion Fluids Share, By Fluid System, By Value, 2019–2029
- Figure 8 Asia-Pacific Drilling and Completion Fluids Market Share, By Application, By Value, 2019–2029
- Figure 9 Asia-Pacific Drilling and Completion Fluids Market Share, By Country, By Value, 2019–2029
- Figure 10 China Drilling and Completion Fluids Market Size, By Value (USD Billion), 2019–2029
- Figure 11 China Drilling and Completion Fluids Market Share, By Well Type, By Value, 2019–2029
- Figure 12 China Drilling and Completion Fluids Market Share, By Fluid System, By Value, 2019–2029
- Figure 13 China Drilling and Completion Fluids Market Share, By Application, By Value, 2019–2029
- Figure 14 India Drilling and Completion Fluids Market Size, By Value (USD Billion), 2019–2029
- Figure 15 India Drilling and Completion Fluids Market Share, By Well Type, By Value, 2019–2029
- Figure 16 India Drilling and Completion Fluids Market Share, By Fluid System, By Value, 2019–2029
- Figure 17 India Drilling and Completion Fluids Market Share, By Application, By Value, 2019–2029
- Figure 18 Japan Drilling and Completion Fluids Market Size, By Value (USD Billion), 2019–2029
- Figure 19 Japan Drilling and Completion Fluids Market Share, By Well Type, By Value, 2019–2029
- Figure 20 Japan Drilling and Completion Fluids Market Share, By Fluid System, By Value, 2019–2029
- Figure 21 Japan Drilling and Completion Fluids Market Share, By Application, By Value, 2019–2029
- Figure 22 South Korea Drilling and Completion Fluids Market Size, By Value (USD Billion), 2019–2029
- Figure 23 South Korea Drilling and Completion Fluids Market Share, By Well Type, By Value, 2019–2029
- Figure 24 South Korea Drilling and Completion Fluids Market Share, By Fluid System, By Value, 2019–2029
- Figure 25 South Korea Drilling and Completion Fluids Market Share, By Application, By Value, 2019–2029
- Figure 26 Australia & New Zealand Drilling and Completion Fluids Market Size, By Value (USD Billion), 2019–2029
- Figure 27 Australia & New Zealand Drilling and Completion Fluids Market Share, By Well Type, By Value, 2019–2029
- Figure 28 Australia & New Zealand Drilling and Completion Fluids Market Share, By Fluid System, By Value, 2019–2029
- Figure 29 Australia & New Zealand Drilling and Completion Fluids Market Share, By Application, By Value, 2019–2029
- Figure 30 Indonesia Drilling and Completion Fluids Market Size, By Value (USD Billion), 2019–2029
- Figure 31 Indonesia Drilling and Completion Fluids Market Share, By Well Type, By Value, 2019–2029
- Figure 32 Indonesia Drilling and Completion Fluids Market Share, By Fluid System, By Value, 2019–2029
- Figure 33 Indonesia Drilling and Completion Fluids Market Share, By Application, By Value, 2019–2029
- Figure 34 Malaysia Drilling and Completion Fluids Market Size, By Value (USD Billion), 2019–2029
- Figure 35 Malaysia Drilling and Completion Fluids Market Share, By Well Type, By Value, 2019–2029
- Figure 36 Malaysia Drilling and Completion Fluids Market Share, By Fluid System, By Value, 2019–2029
- Figure 37 Malaysia Drilling and Completion Fluids Market Share, By Application, By Value, 2019–2029
- Figure 38 Singapore Drilling and Completion Fluids Market Size, By Value (USD Billion), 2019–2029
- Figure 39 Singapore Drilling and Completion Fluids Market Share, By Well Type, By Value, 2019–2029
- Figure 40 Singapore Drilling and Completion Fluids Market Share, By Fluid System, By Value, 2019–2029
- Figure 41 Singapore Drilling and Completion Fluids Market Share, By Application, By Value, 2019–2029
- Figure 42 Philippines Drilling and Completion Fluids Market Size, By Value (USD Billion), 2019–2029
- Figure 43 Philippines Drilling and Completion Fluids Market Share, By Well Type, By Value, 2019–2029
- Figure 44 Philippines Drilling and Completion Fluids Market Share, By Fluid System, By Value, 2019–2029
- Figure 45 Philippines Drilling and Completion Fluids Market Share, By Application, By Value, 2019–2029
- Figure 46 Vietnam Drilling and Completion Fluids Market Size, By Value (USD Billion), 2019–2029
- Figure 47 Vietnam Drilling and Completion Fluids Market Share, By Well Type, By Value, 2019–2029
- Figure 48 Vietnam Drilling and Completion Fluids Market Share, By Fluid System, By Value, 2019–2029
- Figure 49 Vietnam Drilling and Completion Fluids Market Share, By Application, By Value, 2019–2029
- Figure 50 Rest of Asia-Pacific Drilling and Completion Fluids Market Size, By Value (USD Billion), 2019–2029
- Figure 51 Rest of Asia-Pacific Drilling and Completion Fluids Market Share, By Well Type, By Value, 2019–2029
- Figure 52 Rest of Asia-Pacific Drilling and Completion Fluids Market Share, By Fluid System, By Value, 2019–2029
- Figure 53 Rest of Asia-Pacific Drilling and Completion Fluids Market Share, By Application, By Value, 2019–2029
- List of Tables
- Table 1 Asia-Pacific Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 2 Asia-Pacific Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 3 Asia-Pacific Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 4 Asia-Pacific Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 5 Asia-Pacific Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 6 Asia-Pacific Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 7 Asia-Pacific Drilling and Completion Fluids Market Size, By Country, By Value, 2019–2029
- Table 8 China Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 9 China Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 10 China Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 11 India Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 12 India Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 13 India Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 14 Japan Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 15 Japan Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 16 Japan Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 17 South Korea Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 18 South Korea Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 19 South Korea Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 20 Australia & New Zealand Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 21 Australia & New Zealand Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 22 Australia & New Zealand Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 23 Indonesia Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 24 Indonesia Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 25 Indonesia Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 26 Malaysia Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 27 Malaysia Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 28 Malaysia Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 29 Singapore Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 30 Singapore Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 31 Singapore Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 32 Philippines Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 33 Philippines Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 34 Philippines Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 35 Vietnam Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 36 Vietnam Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 37 Vietnam Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 38 Rest of Asia-Pacific Drilling and Completion Fluids Market Size, By Well Type, By Value, 2019–2029
- Table 39 Rest of Asia-Pacific Drilling and Completion Fluids Market Size, By Fluid System, By Value, 2019–2029
- Table 40 Rest of Asia-Pacific Drilling and Completion Fluids Market Size, By Application, By Value, 2019–2029
- Table 41 Scomi Group Bhd Company Overview
- Table 42 Scomi Group Bhd Financial Overview
- Table 43 Triton Energy Ltd Company Overview
- Table 44 Triton Energy Ltd Financial Overview
- Table 45 Secure Energy Services Inc Company Overview
- Table 46 Secure Energy Services Inc Financial Overview
- Table 47 Baker Hughes Company Overview
- Table 48 Baker Hughes Company Financial Overview
- Table 49 Newpark Resources Inc Company Overview
- Table 50 Newpark Resources Inc Financial Overview
- Table 51 Schlumberger Limited Company Overview
- Table 52 Schlumberger Limited Financial Overview
- Table 53 Halliburton Company Overview
- Table 54 Halliburton Company Financial Overview
- Table 55 NOV Inc Company Overview
- Table 56 NOV Inc Financial Overview
- Table 57 Tetra Technologies, Inc Company Overview
- Table 58 Tetra Technologies, Inc Financial Overview
- Table 59 China Oilfield Services Limited Company Overview
- Table 60 China Oilfield Services Limited Financial Overview
- Table 61 CNOOC Limited Company Overview
- Table 62 CNOOC Limited Financial Overview
- Table 63 Oil India Limited Company Overview
- Table 64 Oil India Limited Financial Overview
- Table 65 Other Prominent Players Company Overview
- Table 66 Other Prominent Players Financial Overview
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