Global Drilling and Completion Fluids Market
The Global Drilling and Completion Fluids Market was valued at USD 10.86 billion in 2013 and is projected to reach USD 18.37 billion by 2020, at a CAGR of 7.8% during the forecast period from 2015 to 2020. Drilling and completion fluids play an essential part in upstream oil and gas activities. They are used to aid drilling boreholes into the earth. Completion fluids are used in completion operations of oil and natural gas wells.
The global drilling and completion fluids market is segmented on the basis of application areas into onshore and offshore. On the basis of fluid type, the market is segmented into water-based fluid, oil-based fluid, synthetic-based fluid, and others. On the basis of geography, the market has been segmented into North America (U.S., Canada, Gulf of Mexico), Asia-Pacific (China, India, Indonesia, Australia, others), Europe (U.K., North Sea, Netherlands, others), and South & Central America (Brazil, Venezuela, Argentina, others), Middle East & Africa (Saudi Arabia, Algeria, Nigeria, others).
The fluid is placed in the well to facilitate final operations prior to the initiation of production, such as setting screens production liners, packers, downhole valves or shooting perforations into the producing zone. Completion fluids are typically brines (chlorides, bromides, formates), but in theory, they could be any fluid of proper density and flow characteristics.
Factors; such as shale boom in few regions, increasing offshore drilling activity across the world, and quest for finding potential untapped oil and gas reserves; are driving the market growth for drilling and completion fluids market. However, political instability and the initial cost of investment are some factors that are restraining the growth of this market.
The market would be primarily driven by the increasing shale activity across the U.S., Canada and increasing offshore exploration in the Gulf of Mexico. Europe and Asia-Pacific are growing rapidly in terms of market demand. The demand is high particularly in some countries, such as China, India, the United Kingdom, and the Netherlands. The North Sea region presents a decent market opportunity for drilling and completion fluids segment, as its new exploration activity is at an all-time high primarily owing to the decreasing production levels from the past few years and going into much deeper waters to find new oil and gas reserves. Regions, such as South and Central America and Africa, are expected to share a decent share of market demand in the coming decade, although there are some factors restraining the oil and gas activity in these regions. Although, Africa’s oil and gas industry has suffered from various political and social scenarios, such as internal wars and corruption, the situation is safe enough these days. There was a problem of piracy as well, but it has been handled well by the concerned authorities and is now decreasing. Additionally, there is a tremendous improvement in security across different countries in this region, helping the companies to look into the region again, thus boosting the oil and gas industry.
Major companies that are functional in this market are Anchor Drilling Fluids Inc., Geo Drilling FluidsInc., Tetra Technologies Inc., Canadian Energy Services, Royal Dutch Shell Inc., and BP Plc among others.
Key Deliverables in the Study:
Market analysis for the Global Drilling and Completion Fluids Market, with region specific assessments and competition analysis on global and regional scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the global drilling and completion fluids market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped