Drilling fluids are mainly used to aid drilling of boreholes in the earth, especially while drilling for oil and natural gas. Important functions of drilling fluids include, providing hydrostatic pressure to prevent formation fluids from entering into a well bore, keeping the drill bit cool and clean during drilling, carrying out drill cuttings, and suspending the drill cuttings while drilling is paused. Completion fluids are placed in the well to facilitate final operations prior to initiation of production, such as setting screens production liners, packers, downhole valves or shooting perforations into the producing zone. Completion fluids are meant to control a well whenever downhole hardware fails, without causing damage to the producing equipment formation or completion components. Completion fluids are typically brines (chlorides, bromides and formates).
Rising demand for unconventional energy resources such as shale gas, CBM, and gas hydrates is a key factor driving growth of the global drilling and completion fluids market. In addition, technological advances in equipment, and increasing energy demand globally are other major factors expected to fuel growth for the global drilling and completion fluids market. Also, increasing investments in R&D by major players in the market for development of innovative fluids that can be used in other end use applications is also another factor anticipated to aid in growth of the global drilling and completion fluids market to a significant extent.
However, adverse impact of various drilling and completion fluids on the environment is a major factor restraining growth of the global drilling and completion fluids market.
The global drilling and completion fluids market report has been segmented on the basis of application, type, and region. On the basis of region, the global drilling and completion fluids market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Currently, the market in North America dominates the global drilling and completion fluids market in revenue terms owing to increasing number of drilling activities, presence of high amount of shale gas reserves, coupled with rising demand for shale gas in countries in the region. The market in Asia Pacific accounted for second-highest revenue share in the global drilling and completion fluids market, due to increasing number of underwater drilling activities, and rising demand for completion fluids from emerging economies such as China and India, followed by markets in Europe, Latin America, and Middle East & Africa respectively. The market in Europe is also projected to witness significant growth over the forecast period.
Prominent players in the global drilling and completion fluids market include Canadian Energy Services, Scomi Group, AkzoNobel N.V., Secure Energy Services, Geo Drilling Fluids, Chevron Phillips Chemical Company, Global Drilling Fluids & Chemicals Ltd., National Oilwell Varco, Hitech Fluid Systems Ltd., Newpark Resources, Tetra Technologies Inc., and Cp Kelco.
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