The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Drilling and Completion Fluids Market.
It was estimated prior to this unanticipated outbreak that the Drilling and Completion Fluids Market will reach CAGR of 6.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Drilling and Completion Fluids Market Insights
Drilling and Completion Fluids Market is likely to witness an impressive CAGR of 6.1% during the forecast period. The upsurge in shell gas exploration and the growth in onshore and offshore drilling activities are the factors driving the drilling and completion fluids market globally.
Market Share Analysis
Drilling and Completion Fluids Market Share: By Application Type
Based on the application type, the market is segmented as onshore and offshore. The onshore application segment is estimated to lead the market during the forecast period. Majority of oil & gas wells are present onshore; further, the number of wells drilled onshore is larger than the number of wells drilled offshore.
Drilling and Completion Fluids Market Share: By Fluid System Type
Based on the fluid system type, the market is segmented as water-based, oil-based, synthetic-based, and others. The water-based fluid system segment is expected to lead the market during the forecast period. Water-based fluid systems are cost-effective than the non-aqueous-based fluids and they find application in both onshore and offshore platforms.
Drilling and Completion Fluids Market Share: By Well Type
Based on the well type, the market is segmented as HPHT wells and conventional wells. The HPHT wells are anticipated to be the faster-growing segment during the forecast period. Most of the conventional wells are now matured, leading to increasing need for drilling of HPHT wells to meet the growing demand for hydrocarbons.
Drilling and Completion Fluids Market Share: By Region
In terms of regions, North America is expected to be the largest market for drilling and completion fluids during the forecast period. Increasing demand for oil and gas along with the increasing drilling activities and surge in exploration of shale gas reserves are the major factors behind the dominance of North America. Europe and Asia-Pacific are the other major markets and are expected to witness substantial growth during the forecast period.