Global Drilling and Completion Fluids Market Size, Share 2020-2025: Explains Recent Trends, Growth and Demand
According to the latest report by IMARC Group, titled “Drilling and Completion Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global drilling and completion fluids market is currently witnessing strong growth. 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. Looking forward, the market is projected to expand at a CAGR of around 5% during 2020-2025.
Market Breakup by System Type:
- Synthetic Fluid-Based
Market Breakup by Well Type:
- HPHT (High Pressure High Temperature)
- Conventional Wells
Market Breakup by Application:
Market Region Summary:
Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Indonesia, Australia and others), Europe (Germany, Italy, the United Kingdom, France, Russia, Spain and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market 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.
- Scomi Group Berhad
- Secure Energy Services Inc
- Tetra Technologies Inc
- Weatherford International
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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