Drilling and Completion Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Drilling and Completion Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

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 are highly filtered compounds that are used for oil and gas extraction activities. Drilling fluid, or drilling mud, is usually a composite liquid that is primarily used for minimizing formation damage and transporting solids. It is manufactured using chemical, oil, mud and water, which provides hydrostatic pressure to minimize corrosion and prevent formation fluids from entering the wellbore. On the other hand, the completion fluid is composed of brines, which is a mixture of water, chlorides and bromides, and has a high pH value and ionic composition. It is highly filtered and is available in the form of oil-, water- and synthetic fluids-based and foams.

Global Drilling and Completion Fluids Market

The increasing shale gas exploration activities represent as one of the key factors driving the market growth. Furthermore, a significant increase in the drilling activities across the globe is also providing a boost to the market growth. Drilling and completion fluids aid in reducing the time to drill and enhancing the wellbore stability to maximize the recovery from the reservoir. Additionally, various technological advancements, such as the implementation of nanotechnology in the development of high-performance drilling and completion fluids, are acting as another growth-inducing factor. Nanoparticles are added to these fluids to minimize shale permeability and water loss by physically plugging nanometer-sized pores in the wellbore. Other factors, including increasing investments in onshore oil and gas industry, along with favorable government initiatives to promote the utilization of sustainable drilling fluids, are projected to drive the market further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global drilling and completion fluids market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on system type, well type, and application.

Breakup by System Type:

Water-based System
Oil-based System
Synthetic Fluid-based System
Others

Breakup by Well Type:

HPHT (High Pressure High Temperature) Wells
Conventional Wells

Breakup by Application:

Onshore
Offshore

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined with some 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, etc.

Key Questions Answered in This Report
1. What is the global drilling and completion fluids market growth?
2. What are the global drilling and completion fluids market drivers?
3. What are the key industry trends in the global drilling and completion fluids market?
4. What is the impact of COVID-19 on the global drilling and completion fluids market?
5. What is the global drilling and completion fluids market breakup by system type?
6. What is the global drilling and completion fluids market breakup by well type?
7. What is the global drilling and completion fluids market breakup by application?
8. What are the major regions in the global drilling and completion fluids market?
9. Who are the key companies/players in the global drilling and completion fluids market?