Global Drilling and Completion Fluids Market 2017-2021
About Drilling and Completion Fluids
Drilling fluids are primarily composed of bentonite that is mixed in a certain concentration with water or oil, mainly serves the purpose of lubrication and cooling of the drill bit and drill string and transporting the drill cuttings to the surface. Completion fluids are used during well completions in activities such as hydraulic fracturing and well stimulation.
Technavio’s analysts forecast the global drilling and completion fluids market to grow at a CAGR of 6.58% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global drilling and completion fluids market for 2017-2021. To calculate the market size, the report considers the new sales value of drilling and completion fluids used in an oil well and exclude aftermarket and retrofit markets.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Drilling and Completion Fluids Market 2017-2021
Technavio recognizes the following companies as the key players in the global drilling and completion fluids market: General Electric, Halliburton, Schlumberger, TETRA Technologies, and Weatherford.
Other Prominent Vendors in the market are: AES Drilling Fluids, Akzo Nobel, Anchor Drilling Fluids, BASF, Calumet Specialty Products, CES Energy Solutions, ChemSol, Chevron Phillips Chemical, CP Kelco, Drilling Fluids Technology, Ecolab, Flotek Industries, GEO Drilling Fluids, Gumpro Drilling Fluids, IMDEX, Lamberti, National Oilwell Varco, Newpark Resources, Royal Dutch Shell, Scomi Group, Stepan, Tiger Fluids, Wacker Chemie, and WorkSafeBC.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Supercritical carbon dioxide in shale gas fracking. Hydraulic fracturing is a process where huge amounts of water, sand, and chemicals are injected into a well to break the rock. Hydraulic fracturing, also known as ‘fracking’, is a well stimulation process that uses water and chemicals to open the pores of the rock formation, creating a path for the crude oil and natural gas to flow into the well.”
According to the report, one of the major drivers for this market is Rise in unconventional oil and gas resources. Unconventional oil and gas resources comprise shale gas, CBM, gas hydrates, tight oil, oil sands, and others. These resources are difficult to exploit and costly to produce. Technological advances and operational efficiencies have driven cost reductions, thus spurring the exploitation of unconventional resources. The shale gas boom in the US saw the rise of unconventionally produced natural gas supplies. The huge discoveries of oil sands in Canada have shown the unlimited opportunities for oil exploration. As the energy focus shifts toward natural gas, unconventional techniques such as CBM and underground coal gasification (UCG) have witnessed considerable growth.
Further, the report states that one of the major factors hindering the growth of this market is Decline in investments in upstream sector. As per the International Energy Agency, the upstream oil and gas industry witnessed a 25% decline in investments from 2014 to 2015. This was due to the cost reductions done by various upstream companies worldwide, caused by the drop in crude oil prices. As per the US Energy Information Administration, crude oil prices, which were over $117.80/bbl in June 2014, experienced a rapid decline to $47.76/bbl in January 2015, in a time span of just seven months. Crude oil prices continued to fall and were at $30.70/bbl in January 2016 and were around $54.58/bbl in January 2017. This has greatly affected the profitability of upstream oil and gas companies.
General Electric, Halliburton, Schlumberger, TETRA Technologies, and Weatherford, AES Drilling Fluids, Akzo Nobel, Anchor Drilling Fluids, BASF, Calumet Specialty Products, CES Energy Solutions, ChemSol, Chevron Phillips Chemical, CP Kelco, Drilling Fluids Technology, Ecolab, Flotek Industries, GEO Drilling Fluids, Gumpro Drilling Fluids, IMDEX, Lamberti, National Oilwell Varco, Newpark Resources, Royal Dutch Shell, Scomi Group, Stepan, Tiger Fluids, Wacker Chemie, and WorkSafeBC.