(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 06, 2021, 00:09 /Comserve / -- The global drilling & completion fluids market is estimated at USD 9.62 billion in 2018 and is projected to grow at a CAGR of 5.82% during the forecast period, to reach USD 12.76 billion by 2023.
COVID-19 has reformed the way we work and has impacted various aspects of the businesses worldwide. Keeping in mind the multi-faceted challenges and the impact on economies post pandemic, companies are focusing on the risks and probabilities for sustainability, growth, and development from this transition.
The global drilling & completion fluids market is estimated at USD 9.62 billion in 2018 and is projected to grow at a CAGR of 5.82% during the forecast period, to reach USD 12.76 billion by 2023. The increase in drilling and exploration for oil and gas is driving the drilling and completion fluids market. The rise in the exploration of shale gas is another key factor driving the growth of the market. On the other hand, the major restraint for the drilling & completion fluids market is the environmental impact and stringent environmental regulations.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Drilling and Completion Fluids Market Insights by Latest Trends, CAGR Status, and SWOT Analysis Insights by Regions Global Forecast to 2023
Water-based fluids are preferred due to their technical properties, such as higher heat capacity, better flow rate, and low viscosity among others. The economic advantage is also significant as the water-based fluids are easily available. The advancements in technology have enabled the use of water-based fluids in challenging high-pressure high-temperature environment during deep and ultra-deepwater drilling activities. Also, as water-based fluids have less toxic chemicals, the regulations for water-based fluids are not very stringent. Thus, water-based fluids have a major share in drilling and completion fluids market during the forecast period.
The abundance of shale reserves in North America has led to a considerable increase in drilling activity. The North American region has a large number of offshore reserves, which are currently being explored. The North American drilling and completion fluids market is driven by the growth in drilling activities for oil and gas reserves. The offshore exploration activities in the Gulf of Mexico are on the rise, which has prompted the expansion of companies in the region. The government has imposed stringent regulations for the prevention of the degradation of the environment.
Fill This Form and get the Sample Copy of This Report:
The Final Report will cover the impact analysis of COVID-19 on this industry: Drilling and Completion Fluids Market Insights by Latest Trends, CAGR Status, and SWOT Analysis Insights by Regions Global Forecast to 2023
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1— 55%, Tier 2 — 15% Tier 3—30%,
By Designation: C–Level—12%, Director Level—25%, Others—63%
By Region: North America—15%, Europe—25%, Asia Pacific—40%, Middle East—15%, ROW—5%
Research Coverage:
The report defines, describes, and forecasts the global drilling & completion fluids market on the basis of fluid systems, application, well type, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market.
TABLE OF CONTENTS
1 INTRODUCTION 15
1.1 OBJECTIVES OF THE STUDY 15
1.2 MARKET DEFINITION 15
1.3 MARKET SCOPE 16
1.3.1 MARKETS COVERED 16
1.3.2 YEARS CONSIDERED FOR THE STUDY 17
1.4 CURRENCY 17
1.5 LIMITATIONS 17
1.6 STAKEHOLDERS 18
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