Global Water-based Drilling and Completion Fluids Market 2019-2023

The water-based drilling and completion fluids market size will grow by USD 1.95 billion during 2019-2023. This report offers an analysis of the market by application (onshore and offshore) and geography (APAC, Europe, Middle East and Africa, North America, and South America). The water-based drilling and completion fluids market research report analyzes the market’s competitive landscape and offers information on several companies including Baker Hughes, Halliburton, National Oilwell Varco, Newpark Resources, Schlumberger, and Weatherford.

Global water-based drilling and completion fluids industry overview

The increase in global rig activity is one of the critical factors that will drive market growth in the forthcoming years. With the fluctuating global crude oil prices, there has been a significant increase in drilling projects as companies are increasingly investing in oil and gas projects to increase profit margins. Because of the continuously rising drilling operations, the demand for water-based drilling and completion fluids will increase as they form a crucial component for the drilling of oil and gas wells. Moreover, the rise in the number of active rigs for both onshore and offshore oil and gas drilling because of the surging collaborations among the major oil and gas suppliers will also accelerate water-based drilling and completion fluids market growth.

The emergence of nanotechnology for oilfield applications is one of the key trends expected to gain traction in the market. Nanoparticles are often used for enhancing and stabilizing well drilling as they increase the rate of penetration, reduce the cost of drilling, and minimize the environmental impact of the drilling process. The increased adoption of nanoparticles owing to their unique properties for improving the efficiency of drilling, mining, and other industrial operations will accelerate the market growth. The increasing global rig activity coupled with the emergence of nanotechnology for oil field applications will drive the water-based drilling and completion fluids market growth at a CAGR of close to 6%.

Top water-based drilling and completion fluids companies covered in this market research report

The water-based drilling and completion fluids market is moderately fragmented with companies focusing on leveraging advanced technologies to offer high-quality products. By providing a complete analysis of the market’s competitive landscape and with information on the products offered by the companies, this water-based drilling and completion fluids industry analysis report will help the clients in assessing the market potential and strengthening their position in the market.

The report offers a complete analysis of various companies including:

Baker Hughes

Halliburton

National Oilwell Varco

Newpark Resources 

Schlumberger

Weatherford

Water-based drilling and completion fluids market segmentation based on geographic regions

North America

Middle East and Africa

APAC

Europe

South America

The North America region will account for the highest growth of this market throughout the forecast period owing to the rising number of active rigs. The increasing E&P activities and significant investments made toward such activities will further lead the region to contribute the largest share in the forthcoming years.

Water-based drilling and completion fluids market segmentation based on application

Onshore

Offshore

The onshore application segment will account for the highest growth in the market owing to the increase in both conventional and unconventional oil and gas activities. Additionally, the report also provides an accurate prediction of the contribution of the various application segments to the growth of the water-based drilling and completion fluids market size.

Key highlights of the global water-based drilling and completion fluids market for the forecast years 2019-2023:

CAGR of the market during the forecast period 2019-2023

Detailed information on factors that will accelerate the growth of the water-based drilling and completion fluids market during the next five years

Precise estimation of the global water-based drilling and completion fluids market size and its contribution to the parent market

Accurate predictions on upcoming trends and changes in consumer behavior

The growth of the water-based drilling and completion fluids industry across the Americas, APAC, and EMEA

A thorough analysis of the market’s competitive landscape and detailed information on several vendors

Comprehensive details on the factors that will challenge the growth of water-based drilling and completion fluids companies