Global Water-based Drilling and Completion Fluids Market 2019-2023| Nanotechnology for Oilfield Application to Boost Growth| Technavio

The global water-based drilling and completion fluids market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio.

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A key factor driving the growth of the market is the increasing global rig activity. With the oil prices gradually recovering in 2018, the average active rig count increased close to 40% compared with 2016, thereby improving the profit margins of the upstream oil and gas companies globally. Furthermore, an increase in drilling projects due to high global crude oil prices has motivated the oil and gas companies to collaborate as well as invest in oil and gas projects to gain profit margins. Subsequently, the rise in drilling activities fuels the demand for oil and gas drilling rigs, thus increasing the demand for water-based drilling and completion fluids, as these fluids are required for the drilling and completion of the oil and gas wells. Therefore, these collaborations and investments among the major suppliers in the oil and gas market will drive oil and gas drilling and further drive the global water-based drilling and completion fluids market during the forecast period.

As per Technavio, nanotechnology for oilfield application will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global water-based drilling and completion fluids market research report also analyze other important trends and market drivers that will affect market growth over 2019-2023.

Global water-based drilling and completion fluids market: Nanotechnology for oilfield applications

Nanotechnology involves the design and application of naturally occurring nanoparticles with dimensions in the range of 1 to 100 nm (nanometer) to be used for various operations in the oil and gas fields. Drilling and completion fluids can be water-based, oil-based, and synthetic-based. Nanoparticles can be used as a component of drilling and completion fluids to enhance and stabilize well drilling through unstable zones. They increase the rate of penetration, reduce the cost of drilling, and minimize the environmental impact of the drilling process. Nanoparticles are considered an advancement in conventional drilling and completion fluids as it helps improve the efficiency of drilling, mining, and other industrial processes. Thus, the advancements in the technology used in drilling and completion fluids to improve the recovery of oil and gas from onshore as well as offshore environments will fuel the growth of the global water-based drilling and completion fluids market.

“Apart from nanotechnology for oilfield applications, some other factors boosting the growth of the global market are the increasing investment in oil and gas E&P activities and the rise in unconventional oil and gas E&P activities,” says a senior analyst at Technavio.

Global water-based drilling and completion fluids market: Segmentation analysis

This market research report segments the global water-based drilling and completion fluids market by application (onshore and offshore) and geographical regions (North America, MEA, APAC, Europe, and South America).

The North American region led the market in 2018, followed by MEA, APAC, Europe, and South America, respectively. During the forecast period, the North American region is expected to continue dominating as well as register the highest incremental growth due to the increase in E&P activities and large investments.

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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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