Drilling and Completion Fluids Market - Growth, Trends, and Forecast (2020-2025)

The Drilling and Completion Fluids Market is segmented by application (onshore and offshore), fluid type (water-based, oil-based, and other fluid types), well type (conventional and HPHT), and geography (North America, Europe, Asia-Pacific, South America, and Middle East & Africa).

Market Snapshot

Study Period:

2018-2025

Base Year:

2019

Fastest Growing Market:

North America

Largest Market:

North America

CAGR:

5 %

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Market Overview

The drilling and completion fluids market is expected to register a CAGR of over 5% during the forecast period of 2020-2025. Factors, such as increase in the number of drilling operations in Europe, North America, and Middle East are expected to drive the demand for the drilling and completion fluids market. Additionally, development of shale and deep-water and ultra-deepwater fields is expected to drive the market for drilling and completion fluids. However, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors, are restraining the market’s growth.

The onshore segment accounted for the maximum market share in the market in 2018. Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of the global oil production.

· With wells being drilled farther away from land and into the sea, primarily drilled deeper than before, there is an increasing demand for drilling and completion fluids. The total rig count increased by 18% from 933 in beginning of 2017 to 1,104 by the end of 2019. During the same period, the offshore rig count increased by 24% from 206 to 257.

· North America is the largest market for drilling and completion fluids, accounting for over 40% of the market share. Moreover, it is expected to be the fastest growing market over the forecast period mainly due to the development of shale plays.

Scope of the Report

The drilling and completion fluids market report includes:

Application
Onshore
Offshore
Fluid Type
Water-based
Oil-based
Other Fluid Types
Well Type
Conventional
HPHT
Geography
North America
Europe
Asia-Pacific
South America
Middle East & Africa

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Key Market Trends

Onshore to Dominate the Market

Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of the global oil production. Onshore drilling is similar to offshore drilling but without the difficulty of deep water between the platform and the oil.

· The demand for oil and gas has always been increasing, and this resulted in an increase of drilling activities around the world in an effort to discover new fields. This, in turn, resulted in an increase in the demand for drill collars.

· Currently, the wells are being drilled deeper, and they are more complex than before. This is expected to drive the drill collar market’s growth.

· In 2019, ONGC announced that it allotted INR 6,000 crore for drilling 200 wells over the next seven years in Assam, to increase the output from the state. The wells are expected to be drilled during the next seven years.

· Hence, new investment in the onshore oil and gas industry, increasing exploration of unconventional resources, and the crude oil price stability are expected to increase the demand for drill collar across the world.

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North America to Dominate the Market

· North America is expected to dominate the drilling and completion fluids market, and it is expected to witness significant growth over the forecast period.

· In North America, the offshore oil and gas projects are becoming more competitive, owing to improving efficiencies and tightening of the supply chain, which led to declining costs of offshore drilling. For example, prior to 2014, a deepwater well in the Gulf of Mexico used to cost about USD 200 million to drill. As of 2017, drilling a deepwater well in the same region costs between USD 10-50 million.

· In terms of policy support, 2017 witnessed some positive developments. The tax overhaul plan drastically increased the fiscal competitiveness of the offshore projects in the Gulf of Mexico, relative to other offshore basins. Additionally, the Trump administration announced to uplift the ban on offshore drilling off the coasts of Florida and California. The administration is considering more than 40 sites for the leasing of natural gas and oil production.

· Furthermore, the recent development of shale plays, horizontal drilling, and fracking resulted in a massive increase in the demand for drilling and completion fluids in the country.

· Therefore, factors, such as rising offshore oil and gas investments, along with the development of shale plays in the region, are expected to drive the drilling and completion fluids market’s growth over the forecast period.

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Competitive Landscape

The drilling and completion fluids market is moderately fragmented, with numerous small and big companies operating in the market. The key players in this market include Schlumberger Limited, Baker Hughes Company, Halliburton Company, CES Energy Solutions Corp., Tetra Technologies and Scomi Energy Services BHD, among others.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Onshore and Offshore Active Rig Count and Forecast, till 2025

    4. 4.4 Historic and Demand Forecast of Upstream CAPEX in USD billion, by Onshore and Offshore, 2017-2025

    5. 4.5 Historic and Demand Forecast of Offshore CAPEX in USD billion, by Water Depth, 2017-2025

    6. 4.6 Historic and Demand Forecast of Offshore CAPEX in USD billion, by Region, 2017-2025

    7. 4.7 Major Upcoming Upstream Projects

    8. 4.8 Recent Trends and Developments

    9. 4.9 Market Dynamics

      1. 4.9.1 Drivers

      2. 4.9.2 Restraints

    10. 4.10 Supply Chain Analysis

    11. 4.11 Porter's Five Forces Analysis

      1. 4.11.1 Bargaining Power of Suppliers

      2. 4.11.2 Bargaining Power of Consumers

      3. 4.11.3 Threat of New Entrants

      4. 4.11.4 Threat of Substitutes Products and Services

      5. 4.11.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Onshore

      2. 5.1.2 Offshore

    2. 5.2 Fluid Type

      1. 5.2.1 Water-based

      2. 5.2.2 Oil-based

      3. 5.2.3 Other Fluid Types

    3. 5.3 Well Type

      1. 5.3.1 Conventional

      2. 5.3.2 HPHT

    4. 5.4 Geography

      1. 5.4.1 North America

      2. 5.4.2 Europe

      3. 5.4.3 Asia-Pacific

      4. 5.4.4 South America

      5. 5.4.5 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Baker Hughes Company

      2. 6.3.2 CES Energy Solutions Corp.

      3. 6.3.3 Chevron Phillips Chemical Company LLC

      4. 6.3.4 Halliburton Company

      5. 6.3.5 Newpark Resources Inc.

      6. 6.3.6 Schlumberger Limited

      7. 6.3.7 Tetra Technologies Inc.

      8. 6.3.8 Weatherford International PLC

      9. 6.3.9 National Oilwell Varco Inc.

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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