(MENAFN- EIN Presswire) drilling and Completion Fluids market Expected to Reach $11.7 Billion by 2030
PORTLAND, OREGON, UNITED STATE, May 17, 2023 /einpresswire.com / -- Drilling and completion fluids are a solid-free liquids, which are used in drilling and improve wells productivity. Drilling fluids are mixtures of natural and synthetic chemical compounds used to cool and lubricate the drill bit, clean the hole bottom, carry cuttings to the surface, control formation pressures, and improve the function of the drill string &tools in the hole. Drilling fluids are available in three types, water-based drilling fluids, oil-based drilling fluids, and synthetic drilling fluids. The type of fluid base used depends on drilling and formation needs as well as the requirements for disposition of the fluid after it is no longer needed. Drilling and completion fluids are a special class of drilling fluids used to drill most deep wells. The drilling and completion fluids market size was valued at $8.1 billion in 2020, and is projected to reach $11.7 billion by 2030, growing at a CAGR of 3.8% from 2020 to 2030.
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Increase in demand for drilling and completion fluids for exploration of oil reserves in an effective way is expected to fuel the global market growth during the forecast period. In addition, fluids serve as a coolant as well as a lubricant, which is expected to increase their demand in the oil & gas industry. In addition, drilling and completion fluids are used in construction intermediate for foundation of superstructures, which is anticipated to drive the drilling and completion fluids market growth of the market in future.
Middle-East and North America are the leading markets for drilling and completion fluids, due to the presence of large number of oil fields and reserves. In addition, expansion of the automotive and aeronautical industries in the developing countries, such as Brazil, China, and India, augmented the demand for conventional fuels, which, in turn, led to increase in need for drilling and completion fluids. However, drilling and completion fluids are acidic and reactive in nature and necessitate special treatments while operating with them.
The drilling and completion fluids market is segmented into application, fluid system, well type, and region. The applications covered in the study include onshore and offshore. By fluid system, the market is segregated into water-based system, oil-based system, synthetic-based system, and others. On the basis of well type, it is categorized into conventional wells and high-pressure high temperature (HPHT) wells. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
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The major player studied and profiled in the drilling and completion fluids industry are Baker Hughes Company, Halliburton, New Park resources Inc, National Oilwell Varco (NOV Inc), Schlumberger Limited, Scomi Group Bhd, Secure Energy, Tetra Technologies Inc., Trican Well Service Ltd., and Weatherford International Plc.
Key Findings Of The Study:
- Depending on the application, the onshore emerged as the global leader, acquiring 60.2% of the global share in 2020, and is anticipated to be the largest market during the forecast period.
- On the basis of fuel systems, the water-based system dominated the market, garnering around 44.16% of the drilling and completion fluids market share in 2020.
- Depending on well type, HPHT well segment registered the highest market share of around 78.7%, and is projected to maintain the same during the forecast period.
- North America accounted for around 39.41% of the market share in 2020.
- Saudi Arabia is the major producer of oil among other countries in LAMEA. It accounted for around 25.6% of the LAMEA market 2020, followed by Brazil and South Africa with market share of around 18.6% and 13.4%, respectively.
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Impact Of Covid-19 On The Drilling And Completion Fluids Market
- According to the Organization for Economic Co-operation and Development (OECD), during the lockdown, price war began in crude oil prices, due to the extensive supply and less demand. This factor led to sluggish growth of the drilling and completion fluids market.
- The International Energy Agency projects that oil & gas revenues for a number of key producers fell between 50% and 85% in 2020, compared to 2019, yet the losses could be larger depending on future market developments. With overall calculation of oil & gas demand, the oil & gas industry witnessed significant decline, thereby impacting the drilling and completion fluids market, which is completely dependent on the oil & gas industry.
- Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the oil & gas industry, which, in turn, negatively impacted the drilling and completion fluids market.
- According to the UNIDO, 30.0–70.0% of the pre-COVID-19 workforce of various industries, such as construction and mills have migrated back to their hometowns due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production activities , thereby resulting in decline in demand for raw materials used in drilling fluids. This is expected to decline the growth of the market during the forecast period.
- The automotive industry garners a major share in terms of consumption of conventional fuel globally. The automotive industry has been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded decline in vehicle on road (passenger & commercial) in 2020. This has further declined the oil & gas demand, due to disrupted supply chain, which, in turn, hampered the drilling and completion fluids market.
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