Drilling and completion fluids are used to make it easy for drill cuttings to reach the surface during field development. They are also known as drilling mud or mud. Recovery of crude oil prices and assessment of oilfields are critical factors in its usage. The global drilling and completion fluids market research report by Market Research Future (MRFR) covers the need for oil exploration and trends in oil field development for the period of 2017 to 2023 (forecast period). The COVID-19 impact on the industry has been noted in the report.
Market Scope
The global drilling and completion fluids market is expected to expand at 7.5% CAGR during the forecast period. Development of deepwater subsea hydrocarbon reservoirs owing to the oil crunch can drive the market demand significantly. Drilling fluids can control subsurface pressures due to the hydrostatic pressure and annular pressure on the wellbore. The huge demand for oil and gas in transportation, manufacturing, and power generation industries can bolster the market in the coming years.
Investments in oil & gas projects in the U.S. and development of bio-based fluids can bode well for the market. Sustainability of the ocean as well as regulations by federal agencies for protecting the marine environment can spur the demand for drilling and completion fluids. Concerns of environmental impact of the disposal of waste drilling fluids and the COVID-19 pandemic have disrupted drilling activities owing to restrictions on production.
Segmentation
On the basis of well type, the drilling and completion fluids market is segmented into land and offshore. The land wells segment is expected to dominate during the forecast period owing to the effects of drilling being less severe inland. Chevron and Exxon Mobil are continuing with drilling activity in Permian basin of U.S. On the other hand, the offshore segment is expected to garner revenues due to demand for mud in deep water environments.
By type, it is segmented into foam, oil-based, water-based, synthetic-based, and other fluids. The water-based segment is anticipated to capture a major market share owing to being cost-effective in nature and less environmental impact. Optimization of drilling performance in all environments can drive the segment demand over the forecast period.
Regional Analysis
North Sea in the Europe region and Africa region held the major market share owing to new oil discoveries from these regions. In 2018, discoveries in Nigeria, Egypt, and Norwegian Sea and from deep-water of U.K. sector of North Sea. Furthermore, the Middle East and Asia Pacific are likely to gain market share with increasing exploration activities in these regions and huge potential resources in areas of Kuwait, Bahrain, Russia, and South China Sea. Bahrain has announced a significant discovery of around 80 billion barrels worth of oil fields.
North America drilling and completion fluids market can capture a significant market share owing to rise in shale gas exploration activities and rise in offshore projects in New Mexico. Large reserves of hydrocarbon gas and investments from multinational companies can bolster the market demand.
Competitive Landscape
Newpark Resources Inc., Stellar Drilling Fluids LLC, China oilfield services Ltd., M-I Swaco, Halliburton, Schlumberger, and Weatherford international plc are key suppliers of the global drilling and completion fluids market. Recently, Archer Well Company gained a two year contract for drilling and operation services from an operator in the U.K. North Sea in 2020.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/drilling-completion-fluids-market-1100
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact:
Market Research Future
528, Amanora Chambers, Magarpatta Road, Hadapsar
Pune – 411028, Maharashtra, India
Email: sales@marketresearchfuture.com
Blog:https://www.mrfrblog.com/
Drilling and completion fluids are used to make it easy for drill cuttings to reach the surface during field development. They are also known as drilling mud or mud. Recovery of crude oil prices and assessment of oilfields are critical factors in its usage. The global drilling and completion fluids market research report by Market Research Future (MRFR) covers the need for oil exploration and trends in oil field development for the period of 2017 to 2023 (forecast period). The COVID-19 impact on the industry has been noted in the report.
Market Scope
The global drilling and completion fluids market is expected to expand at 7.5% CAGR during the forecast period. Development of deepwater subsea hydrocarbon reservoirs owing to the oil crunch can drive the market demand significantly. Drilling fluids can control subsurface pressures due to the hydrostatic pressure and annular pressure on the wellbore. The huge demand for oil and gas in transportation, manufacturing, and power generation industries can bolster the market in the coming years.
Investments in oil & gas projects in the U.S. and development of bio-based fluids can bode well for the market. Sustainability of the ocean as well as regulations by federal agencies for protecting the marine environment can spur the demand for drilling and completion fluids. Concerns of environmental impact of the disposal of waste drilling fluids and the COVID-19 pandemic have disrupted drilling activities owing to restrictions on production.
Segmentation
On the basis of well type, the drilling and completion fluids market is segmented into land and offshore. The land wells segment is expected to dominate during the forecast period owing to the effects of drilling being less severe inland. Chevron and Exxon Mobil are continuing with drilling activity in Permian basin of U.S. On the other hand, the offshore segment is expected to garner revenues due to demand for mud in deep water environments.
By type, it is segmented into foam, oil-based, water-based, synthetic-based, and other fluids. The water-based segment is anticipated to capture a major market share owing to being cost-effective in nature and less environmental impact. Optimization of drilling performance in all environments can drive the segment demand over the forecast period.
Regional Analysis
North Sea in the Europe region and Africa region held the major market share owing to new oil discoveries from these regions. In 2018, discoveries in Nigeria, Egypt, and Norwegian Sea and from deep-water of U.K. sector of North Sea. Furthermore, the Middle East and Asia Pacific are likely to gain market share with increasing exploration activities in these regions and huge potential resources in areas of Kuwait, Bahrain, Russia, and South China Sea. Bahrain has announced a significant discovery of around 80 billion barrels worth of oil fields.
North America drilling and completion fluids market can capture a significant market share owing to rise in shale gas exploration activities and rise in offshore projects in New Mexico. Large reserves of hydrocarbon gas and investments from multinational companies can bolster the market demand.
Competitive Landscape
Newpark Resources Inc., Stellar Drilling Fluids LLC, China oilfield services Ltd., M-I Swaco, Halliburton, Schlumberger, and Weatherford international plc are key suppliers of the global drilling and completion fluids market. Recently, Archer Well Company gained a two year contract for drilling and operation services from an operator in the U.K. North Sea in 2020.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/drilling-completion-fluids-market-1100
Related Reports:-
Subsea System Market Research Report - Global Forecast to 2027
FSRU (Floating Storage and Regasification Unit) Market Research Report - Forecast to 2027
Floating LNG Power Vessel Market Research Report - Global Forecast till 2027
Protective Relay Market Research Report - Global Forecast till 2027
Energy Harvesting Market Research Report - Global Forecast To 2027
Shunt Reactor Market Research Report - Global Forecast till 2027
Global Capacitor Banks Market Research Report - Forecast to 2027
Generator Sales Market Research Report - Forecast to 2027
Industrial Control Systems Market Research Report - Global Forecast to 2027
Global Power Transmission Cables Market Research Report - Forecast to 2027
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact:
Market Research Future
528, Amanora Chambers, Magarpatta Road, Hadapsar
Pune – 411028, Maharashtra, India
Email: sales@marketresearchfuture.com
Blog:https://www.mrfrblog.com/