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Drilling and Completion Fluids Market to Reach $12.9 Billion, Globally, by 2032 at 4.2% CAGR: Allied Market Research

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Allied Market Research

09 Jan, 2024, 08:59 GMT

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"The ongoing sanction against Russia due to the Russia-Ukraine war has led to a decline in the European countries' import of oil from Russia, which has a significant impact on the market. The decline in this trade led to increase in the search for oil resources in offshore areas, which is expected to drive the demand for drilling and completion fluids."

WILMINGTON, Del., Jan. 9, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Drilling and Completion Fluids Market by Fluid System (Water-Based System, Oil-Based System, Synthetic-Based System, and Others), Well Type (Conventional Wells and High-Pressure High Temperature (HPHT) Wells), and Application (Onshore and Offshore): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report. The global drilling and completion fluids market was valued at $8.6 billion in 2022 and is projected to reach $12.9 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/929

Prime determinants of growth 

The upsurge in demand for conventional fuel and the increase in offshore production are some prime factors that drive the growth of the global drilling and completion fluids market. However, the expansion of the electric car market and its effects on human health restrict market growth. Moreover, the increase in crude exploration and production activities is expected to present new opportunities in the coming years.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$8.6 billion

Market Size in 2032

$12.9 billion

CAGR

4.2 %

No. of Pages in Report

291

Segments covered

Application, Fluid System, Well Type, and Region.

Drivers

•  Surge in demand for conventional fuel 

•  Increase in offshore production

Opportunities

•  Increase in crude exploration and production activities 

•  Development of infrastructure, smart cities, and means of transport projects

Restraints

•  Expansion of the electric cars market 

•  Effects on human health

Impact Scenario

The COVID-19 lockdown led to a price war in crude oil prices, causing slow growth in the drilling and completion fluid market. The International Energy Agency projected a 50% to 85% decline in oil and gas revenues in 2020, impacting the drilling and completion fluid market. Import and export activities were also negatively impacted, negatively impacting the industry. The UNIDO reported that 30.0-70% of the pre-COVID-19 workforce migrated back to their hometowns, affecting production activities and declining the demand for raw materials used in drilling fluids. The automotive industry, which consumes conventional fuel, experienced a decline in vehicle on-road sales in 2020, further reducing oil and gas demand. The construction industry, which accounted for a significant share of drilling fluid consumption globally, experienced halted construction due to the pandemic, resulting in a decline in drilling fluid demand.

The Russia-Ukraine war significantly impacted the drilling and completion fluids market in the region, disrupting oil and gas production and exploration, and causing a decline in drilling operations. This has led to geopolitical uncertainties, increased energy security concerns, and reduced investments. Companies face logistics, supply chain disruptions, and increased risks, causing a slowdown in drilling and completion activities. The conflict also affects the availability and transportation of key raw materials and additives, further exacerbating market challenges.

Procure Complete Report (291 Pages PDF with Insights, Charts, Tables, and Figures) @

http://www.alliedmarketresearch.com/checkout-final/drilling-and-completion-fluids-market

The water-based fluid system to maintain its leadership status throughout the forecast period

Based on the fluid system, the water-based system segment held the highest market share in 2022, accounting for nearly two-fifths of the global drilling and completion fluids market revenue, and is estimated to maintain its leadership status throughout the forecast period. The rapid increase in demand for oil has led to an increase in oil production, which increases the use of drilling and completion fluids. In addition, a water-based system regulates the temperature in oil fields and creates pressure in the wellbore, which acts as the key growth driver of the drilling and completion fluid market. Moreover, the water-based system segment is projected to manifest a CAGR of 4.5% from 2022 to 2032.

The high-pressure high-temperature wells segment to maintain its leadership status throughout the forecast period

Based on well type, the high-pressure high-temperature segment held the highest market share in 2022, accounting for nearly three-fourths of the global drilling and completion fluids market revenue, and is estimated to maintain its leadership status throughout the forecast period with a CAGR of 4.3%. HPHT wells are majorly in the offshore basin, and the rise in deep water exploration activities leads to an increase in demand for drilling and completion fluids, which is expected to create lucrative opportunities for the expansion of the drilling and completion fluid market.

The onshore segment to maintain its leadership status throughout the forecast period

Based on application, the onshore segment held the highest market share in 2022, accounting for three-fifths of the global drilling and completion fluids market revenue and is estimated to maintain its leadership status throughout the forecast period and is projected to manifest a CAGR of 4.3%. The surge in demand for oil & gas and related products led to an increase in the production of drilling and completion fluid, which act as the major driver of the market. In addition, rising onshore sites propel the market growth, as onshore sites are easily operatable, and it takes fewer years for production in comparison to offshore.

For Purchase Inquiry: https://www.alliedmarketresearch.com/drilling-and-completion-fluids-market/purchase-options

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global drilling and completion fluids market revenue, and is expected to dominate the market during the forecast period. The high rate of production and exploration activities in North America has led to an increase in demand for drilling and completion fluids, which acts as a major driver of the market. In addition, North America is involved in both onshore and offshore production, which is expected to boost the need for drilling and completion of fluids.

However, the Asia-Pacific region is expected to witness the fastest CAGR of 4.5% from 2023 to 2032. The region is characterized by rapid urbanization and the presence of most of the developing countries. These factors, among others, are driving the demand for exploration and production activities, which led to the demand for the drilling and completion fluids market in the Asia-Pacific.

Leading Market Players: -

  • Baker Hughes Incorporated
  • Halliburton
  • New Park Resources Inc.
  • National Oilwell Varco (NOV INC)
  • Schlumberger Limited
  • Scomi Group Bhd
  • Secure Energy
  • Tetra Technologies
  • Trican Well Service Ltd.
  • Weatherford International Plc.

The report provides a detailed analysis of these key players in the global drilling and completion fluids market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power
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Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

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