High Growth Potential in the North America Drilling and Completion Fluids Market

Thursday 21 May 2015, Amsterdam

Drilling and completion fluids are used for the drilling and completion process of any oil or gas well. Rapid growth in energy demand and increase in the number of exploration and production activities for hydrocarbons on new boundaries are the major drivers of the North America drilling and completion fluids market. This market is estimated to grow at a decent rate due to its various usages, exploitation of hydrocarbons, increasing demand, changing government regulations, and its eco-friendly nature. Drilling and completion fluids serve various purposes, including removal of cuttings from wellbore, suspend and release cuttings, counterbalance the formation pressure, seal permeable formations, maintain wellbore stability, minimize formation damages, work as a coolant & lubricant for drill bit, transmit hydraulic energy to drill bit, and control corrosion of an equipment.

The North America drilling and completion fluids market is growing worldwide, and the same trend is expected to continue for the next five years. The market was dominated by the U.S. in 2013. The country is expected to grow at the highest rate in the North America drilling and completion fluids market, followed by Canada.

Drilling and exploration activities use drilling and completion fluids, which are of various types and composed of a base fluid. The fluids include water-based system, oil-based system, synthetic-based system, and other drilling fluids (aerated, foam, gaseous, and air-based). It has been estimated that in the next five years, the usage of water-based drilling fluids will be the most in North America because it is cost-effective and ecological. After water-based drilling system, oil-based and synthetic-based drilling fluids systems markets will be growing at the fastest pace.
The North America drilling and completion fluids market is directly connected to drilling activities carried out in onshore and offshore regions and various drilling conditions. These conditions affect the type and quantity of drilling fluid to be used. The onshore application accounted for the largest share of the North America drilling and completion fluids market in 2013, as majority of drilling operations were carried out onshore. In addition, in the next five years, it is estimated that the growth rate of the North America offshore drilling and completion fluids market will increase due to a rise in the number of deep and ultra-deepwater drilling activities.

There are a number of players operating in the production and distribution channel of drilling and completion fluids in North America. .
Increasing energy demand will lead to higher drilling activities in search of hydrocarbons and pressing environmental concerns will lead to higher demand for better drilling and completion fluids. Due to this, the market share of drilling and completion fluids is expected to increase during the forecast period.