Portland, OR, Aug. 23, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global drilling and completion fluids market generated $8.1 billion in 2020, and is expected to reach $11.7 billion by 2030, growing at a CAGR of 3.8% from 2021 to 2030.
Rise in demand for conventional fuel, advancement in construction technology, and increase in offshore production have boosted the growth of the global drilling and completion fluids market. However, effects on human health and surge in the electric cars industry hampered the market growth. On the contrary, surge in crude exploration and production, rise in infrastructure & smart cities, and expansion of transport are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The price war of crude oil due to surged supply and less demand hampered the growth of the drilling and completion fluids. Furthermore, the International Energy Agency outlined that the revenue in the oil & gas sector declined in 2020, which negatively affected the future market developments.
- The workforce of several industries migrated to their hometowns due to uncertainties and loss of income because of the pandemic. Moreover, the prices of raw materials used in drilling fluids increased.
- The automotive and construction industries are the major end users of the drilling and completion fluids. However, the Covid-19 pandemic negatively affected the market due to a disrupted supply chain, decline in demand for automotive vehicles, and halt in construction activities.
The report segments the global drilling and completion fluids market on the basis of application, fluid system, well type, and region.
Based on application, the report is divided into onshore and offshore. The onshore segment held the largest share in 2020, accounting for around three-fifths of the market. Moreover, the segment is projected to register the highest CAGR of 3.9% during the forecast period.
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On the basis of the fluid system, the report is classified into water-based system, oil-based system, synthetic-based system, and others. The water-based system segment held the largest share in 2020, contributing to more than two-fifths of the market. In addition, the segment is estimated to manifest the highest CAGR of 4.1% from 2021 to 2030.
The global drilling and completion fluids market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, Asia-Pacific is anticipated to portray the highest CAGR of 4.1% during the forecast period.
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The global drilling and completion fluids market includes an in-depth analysis of the prime market players such as Halliburton, Baker Hughes Incorporated, National Oilwell Varco(NOV INC), New Park resources Inc, Scomi Group Bhd, Schlumberger Limited, Tetra Technologies, Secure Energy, Weatherford International Plc., and Trican Well Service Ltd.
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