Drilling and Completion Fluids Market Size (2024 - 2029)

The drilling and completion fluids market is anticipated to experience growth, driven by increased drilling activities in regions such as Europe, North America, and the Middle East, as well as the development of shale and deep-water fields. Despite challenges posed by volatile oil prices and the impact of the COVID-19 pandemic, which initially dampened demand, the market is expected to expand. The onshore segment currently holds a significant portion of the market share, while North America leads in market size, largely due to shale development.

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Market Size of Drilling and Completion Fluids Industry

Drilling and Completion Fluids Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 5.00 %
Fastest Growing Market North America
Largest Market North America
Market Concentration Medium

Major Players

Drilling and Completion Fluids Market Major Players

*Disclaimer: Major Players sorted in no particular order

Drilling and Completion Fluids Market Analysis

The drilling and completion fluids market is expected to register a CAGR of over 5% during the forecast period, 2022-2027. Due to the COVID-19 pandemic, the oil and gas industry witnessed a significant decline in demand due to the various lockdowns and restrictions, which resulted in decreased demand for drilling and completion fluids. Additionally, the COVID-19 outbreak in Q1 of 2020 resulted in the delay of significant drilling projects worldwide. For Instance, in April 2020, Beach Energy announced a termination notice to Diamond Offshore for its year-long offshore drilling program in the Otway basin in Southern Australia with the semi-submersible Ocean Onyx, citing the logistical difficulties caused by the COVID-19 pandemic services. Factors such as an increase in drilling operations in Europe, North America, and the Middle East are expected to drive the demand for the drilling and completion fluids market. Additionally, the development of shale and deep-water and ultra-deepwater fields is expected to drive the drilling and completion fluids market. 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 2020. 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 during the upcoming years.
  • 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.

Drilling and Completion Fluids Industry Segmentation

The drilling and completion fluids market report includes:

Application
Onshore
Offshore
Fluid Type
Water-based
Oil-based
Other Fluid Types
Well Type
Conventional
High Pressure High Temperature (HPHT)
Geography
North America
Europe
Asia-Pacific
South America
Middle East & Africa
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Drilling and Completion Fluids Market Size Summary

The drilling and completion fluids market is poised for growth, driven by increasing drilling activities in regions such as Europe, North America, and the Middle East. The market is recovering from the setbacks caused by the COVID-19 pandemic, which had led to a temporary decline in demand due to project delays and logistical challenges. The development of shale, deep-water, and ultra-deepwater fields is expected to further propel market demand. However, the market faces challenges from volatile oil prices influenced by geopolitical factors and supply-demand imbalances. The onshore segment remains a significant contributor, with onshore drilling sites accounting for a substantial portion of global oil production. As drilling operations extend further offshore and into deeper waters, the demand for advanced drilling and completion fluids is anticipated to rise.

North America stands out as the largest and fastest-growing market for drilling and completion fluids, largely due to the expansion of shale plays and improvements in offshore project efficiencies. Government initiatives, such as the US federal government's leasing auctions for oil and gas production, are expected to bolster market growth in the region. The market is characterized by moderate fragmentation, with key players like Schlumberger Limited, Baker Hughes Company, and Halliburton Company leading the industry. Recent mergers and acquisitions, such as Maersk Drilling's merger with Noble Corporation, highlight the dynamic nature of the market, aiming to enhance operational capabilities and expand market presence. As investments in onshore oil and gas projects increase and unconventional resource exploration expands, the global demand for drilling and completion fluids is projected to grow steadily.

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Drilling and Completion Fluids Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Onshore and Offshore Active Rig Count, till 2021

    4. 1.4 Historic and Demand Forecast of Upstream CAPEX in USD billion, by Onshore and Offshore, 2022-2027

    5. 1.5 Historic and Demand Forecast of Offshore CAPEX in USD billion, by Water Depth, 2022-2027

    6. 1.6 Historic and Demand Forecast of Offshore CAPEX in USD billion, by Region, 2022-2027

    7. 1.7 Major Upcoming Upstream Projects

    8. 1.8 Recent Trends and Developments

    9. 1.9 Market Dynamics

      1. 1.9.1 Drivers

      2. 1.9.2 Restraints

    10. 1.10 Supply Chain Analysis

    11. 1.11 Porter's Five Forces Analysis

      1. 1.11.1 Bargaining Power of Suppliers

      2. 1.11.2 Bargaining Power of Consumers

      3. 1.11.3 Threat of New Entrants

      4. 1.11.4 Threat of Substitutes Products and Services

      5. 1.11.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Application

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

    2. 2.2 Fluid Type

      1. 2.2.1 Water-based

      2. 2.2.2 Oil-based

      3. 2.2.3 Other Fluid Types

    3. 2.3 Well Type

      1. 2.3.1 Conventional

      2. 2.3.2 High Pressure High Temperature (HPHT)

    4. 2.4 Geography

      1. 2.4.1 North America

      2. 2.4.2 Europe

      3. 2.4.3 Asia-Pacific

      4. 2.4.4 South America

      5. 2.4.5 Middle East & Africa

Drilling and Completion Fluids Market Size FAQs

The Drilling and Completion Fluids Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Schlumberger Limited , Halliburton Company , CES Energy Solutions Corp , Newpark Resources Inc. and Weatherford International Plc are the major companies operating in the Drilling and Completion Fluids Market.

Drilling Fluids Market Report Snapshots

Drilling and Completion Fluids Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)