Water-based Drilling and Completion Fluids Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Water-based Drilling and Completion Fluids Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : January, 2022 | Energy & Mining

Report Digest


Global Water-based Drilling and Completion Fluids Market: Snapshot

The water-based drilling and completion fluids market is estimated to observe profitable growth across the assessment period of 2020-2030. The rising influence of oil and gas drilling will prove to be a good growth-generating factor for the water-based drilling and completion fluids market. The increasing number of offshore oil and gas explorations will also prove to be a game-changer for the water-based drilling and completion fluids market.

The exponential demand for eco-friendly and sustainable drilling fluids will set a new growth trend across the global market. The overwhelming need for using eco-friendly products will bring tremendous growth prospects for the water-based drilling and completion fluids market. Furthermore, manufacturers in the water-based drilling and completion fluids market are focusing on developing such products to appeal more to the customers. These factors bode well for the growth of the water-based drilling and completion fluids market.

Research and development activities have a prominent role in the growth of the water-based drilling and completion fluids market. The players indulge in these activities for discovering new formulations and also derive insights that prove to be beneficial for the growth of the water-based drilling and completion fluids market. These aspects help in increasing the growth rate of the water-based drilling and completion fluids market, ultimately contributing to the growth.

Strategic collaborations are crucial for the overall development of the water-based drilling and completion fluids market. The players are involved in these activities for increasing their influence across the water-based drilling and completion fluids market, eventually increasing the growth rate.

The COVID-19 pandemic has proved to be a disaster for the water-based drilling and completion fluids market. The sudden shutting down of manufacturing facilities and production units served as a hindrance to the growth structure of the water-based drilling and completion fluids market. However, the relaxations in the restrictions of the lockdown will help stabilize growth.   

Global Water-based Drilling and Completion Fluids Market: Overview

Drilling and completion fluids of different rheological properties serve several purposes of oil and gas drilling operations. Water-based drilling fluid also called mud fluids facilitate oilfield service operations by meeting numerous reservoir conditions for a cost-effective and reliable borehole drilling. Hydrocarbon exploration and oil and gas producing companies, world over, have been extensively using water-based drilling and completion fluids in large-scale operations. Their characteristic non-toxicity makes them preferable than most other types.

Drilling engineers try various additives in water-based drilling and completion fluids to improve the drilling-fluid properties of the resultant formulations, so that overall this leads to higher cost savings in well drilling. The global water-based drilling and completion fluids market will see a large number of avenues from growing number of drilling activities in challenging oilfield environments.

Global Water-based Drilling and Completion Fluids Market: Notable Developments

Rapidly rising numbers of offshore oil and gas explorations over recent years has stimulated mud engineers to fine tune rheological properties. This has increased the scope of novel additives, mainly based on environmentally acceptable alternatives.

  • A case in point is the growing popularity of polyanionic cellulose as an oilfield chemical in the water-based drilling and completion fluids market. The additive allows drilling engineers to control the viscosity and filtration properties of water-based drilling and completion fluids. In the past couple years, this has been found to be more beneficial than conventional clay used as the additive. In the late 2018, one of the novel formulations of water-based drilling and completion fluids with high-temperature tolerance was designed and tested in oil reservoir lying offshore Sarawak, Malaysia.
  • Extraction of oil resources in new finds with demanding reservoir conditions has made it imperative for using better water-based drilling and completion fluids for environmental risk assessment.
  • A case in point is the recent discovery of Brulpadda gas in southern coast of South Africa. The production hasn’t taken off but the oil and gas industry has been cautious in following all protocols to avoid accident risk. In these measures, water-based drilling and completion fluids have come to occupy an important position.

Some of the most prominent competitors operating in the competitive landscape of global water-based drilling and completion fluids market include –

  • Weatherford
  • Schlumberger
  • National Oilwell Varco
  • Baker Hughes 

Global Water-based Drilling and Completion Fluids Market: Key Growth Dynamics

Rising rig count activity in a number of countries has propelled attractive strides witnessed by the global water-based drilling and completion fluids market in recent years. This in part is fueled by tougher environmental regulations. The water-based drilling and completion fluids market is notably bolstered by growing need for better lubricants for developing formulations for demanding reservoir conditions.

Good drilling practices make it imperative for mud engineers to modify the rheological properties of water-based drilling and completion fluids to meet reservoir pore pressure and temperature conditions. These changes are mostly pertain to viscosity and cuttings carrying capacity.

Numerous findings from recent testing and development initiatives by companies have cemented the efforts of drilling engineers to aim for better chemistries in water-based drilling and completion fluids. Such pursuits fuel the growth dynamics of the water-based drilling and completion fluids market. Environmentally acceptable alternatives for conventional additives have also gained striking traction in the water-based drilling and completion fluids market.

The advent of nanotechnology has enabled mud engineers to enhance the thermal and electrical properties of water-based drilling and completion fluids. Recently, nanofluids-enhanced water-based mud has come to hold a promising potential in this direction.

Global Water-based Drilling and Completion Fluids Market: Regional Assessment

Regionally, North America hold vast potential in the water-based drilling and completion fluids market. Swelling exploration and production activities in the oil and gas industry has been offering a large, sustained momentum to the regional market. Some of the other promising regional markets for water-based drilling and completion fluids market are Asia Pacific and the Middle East. The growth is also propelled by rising numbers of exploration of new gas reservoirs.

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5-Point Growth Formula

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The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

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Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?