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Drilling and Completion Fluids Market Size, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI3485

Drilling And Completion Fluids Market size is anticipated to grow considerably over the span of 2021-2027. The growth is likely to be accounted for a significant rise in demand for crude oil, which has increased the need for exploration activities. Surge in the utility of drilling fluids in construction activities is expected to further add to the growth spectrum of the market.

Drilling and completion fluids are filtered compounds that are being extensively used for oil and gas extraction activities. Drilling fluids are usually a composite liquid that is primarily used for curtailing formation damage and transporting solids. The product is usually produced using oil, chemical, water, and mud, which offers hydrostatic pressure to prevent formation fluids from entering the wellbore and reduce corrosion.

However, the detrimental impact of chemicals injected into the drilling string on the ecosystem might hinder the market expansion. Besides, the ongoing fluctuations in oil prices subject to the supply-demand gap, geopolitics, and various other factors are likely to further restrict the market growth throughout the stipulated timeframe.

Based on the well type, high pressure high temperature wells (HPHT) are gaining ground across the global drilling and completion fluids market over the recent years. This can be ascribed to a significant rise in exploration activities and the robust presence of HPHT wells worldwide. Furthermore, elevating awareness toward careful management and planning of operations in HPHT wells is fueling the market growth over the coming years.

In terms of application, the onshore segment is poised to grow over the forecast period owing to a surge in demand for crude oil from evolving economies coupled with the rise in onshore exploration activities. Moreover, growth in the demand for energy around the world is leading to the growth of onshore drilling activities. Increasing focus on unconventional resources and tight oil reserves would further boost the market progression.

Regionally, North America drilling and completion fluids market is predicted to garner lucrative gains through 2027. Across the region, the offshore oil and gas projects are becoming more competitive due to the improving efficiencies and tightening of the supply chain, which has led to a decline in costs of offshore drilling. Furthermore, ongoing developments in horizontal drilling, fracking, and shale plays, have resulted in a massive increase in the demand for drilling and completion fluids in various American countries. Thus, the aforementioned factors are expected to lead the growth of regional market over 2021-2027.

Halliburton Company, Schlumberger Limited, Tetra Technologies, BHGE, NOV Inc., Newpark Resources, Inc., Canadian Energy Services, Hitech Fluid Systems, and others, are some of the prominent companies operating in the global drilling and completion fluids industry.

These market vendors are taking up strategic efforts like acquisitions, mergers, collaborations, product launches, and gain a competitive edge in the market.

COVID-19 analysis on drilling and completion fluids market trends

The globe observed a drastic decline in the demand for drilling and completion fluids during COVID-19, mainly due to a significant decrease in crude oil. Besides, disruptions in supply chain in the global market has caused inconsistencies, along with the growing challenge in the shipping activities, are anticipated to change the outlook of drilling and completion fluids market in the coming years.

What Information does this report contain?

Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 2028.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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