Drilling and Completion Fluids Market - Forecasts and Segments by Technavio

According to the latest market study released by Technavio, the global drilling and completion fluids market is expected to grow at a CAGR of almost 7% during the forecast period.

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Technavio has published a new report on the global drilling and completion fluids market from 2017-2 ...

Technavio has published a new report on the global drilling and completion fluids market from 2017-2021. (Graphic: Business Wire)

This research report titled ‘Global Drilling and Completion Fluids Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

The global drilling and completion fluids market is highly reliant upon the upstream oil and gas industry and connected crude oil prices. Drilling and completion fluids are used during drilling and well completion activities to bring up the drill cuttings and prepare the well for production. The rise in the global oil and gas demand has been the major driver for the industry and will continue to do so during the forecast period. The slump in crude oil prices has affected the upstream industry significantly while benefitting the downstream industry.

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Technavio’s energy research analysts categorize the global drilling and completion fluids market into the following segments by fluid type. They are:

  • Water-based fluids
  • Oil-based fluids
  • Synthetic-based fluids

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The top three revenue-generating fluid type segments of the global drilling and completion fluids market are discussed below:

Water-based fluids

The water-based fluids segment of the global drilling and completion fluids market is expected to witness rapid growth during the forecast period. Water-based fluids are the most widely used drilling and completion fluids type owing to their lower cost as well as low environmental impact and disposal costs.

According to Thanikachalam Chandrasekaran, a lead oil and gas research analyst from Technavio, “Water-based fluids are composed of base fluids, usually freshwater or seawater, clay, and other additives. High-performance water-based drilling fluids have the similar characteristics of oil-based drilling fluids and synthetic-based drilling fluids but lower on costs. When the performance characteristics of oil-based or synthetic-based drilling fluids are required, HPWB drilling fluids are used as they are relatively economical with low waste management and disposal costs.”

Oil-based fluids

The oil-based fluids segment of the global drilling and completion fluids market is expected to witness a steady growth during the forecast period. The base fluid in oil-based fluids can be diesel, kerosene, or mineral low toxic oil. Advantages of oil-based fluids include the ability to support drilling in high-temperature conditions, high rate of penetration, and effective shale inhibition.

“The high salinity of oil-based fluids helps prevent shale from hydrating or swelling into the wellbore. However, the toxicity poses a challenge in disposing of the drill cutting generated by oil-based drilling fluids. Thus, the drill cutting and waste fluids need to be processed before disposal, adding to the costs. Major shale exploration in China and the US is coming up as crude oil prices stabilize,” adds Thanikachalam.

Synthetic-based fluids

The synthetic-based fluids segment of the global drilling and completion fluids market is expected to witness a steady growth during the forecast period. Base fluids are synthetic oils such as esters, olefins, and paraffins that offer superior performance in high-temperature wells and are mostly preferred for offshore applications. These fluids provide an increased rate of penetration and high drilling efficiency.

The disposal of synthetic-based fluids in the ocean increases environmental concerns and hence needs to be shipped onshore for processing and disposal. This increases the overall well cost. However, increase in global offshore exploration in regions such as Brazil, East Africa, India, Myanmar, North Sea, and South China Sea will fuel the growth of synthetic-based fluids during the forecast period.

The top vendors highlighted by Technavio’s research analysts in this report are:

  • General Electric
  • Halliburton
  • Schlumberger
  • TETRA Technologies
  • Weatherford

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