Drilling and Completion Fluids market 2015 to grow at a CAGR of 8.02% by 2019: Market Research Store
Deerfield Beach, FL -- (SBWIRE) -- 09/18/2015 -- Global Drilling and Completion Fluids Market 2015-2019
Drilling and completion fluids are fluids used in drilling activities to perform various functions. Drilling fluids, also referred to as drilling mud, is a composite fluid that is a mixture of chemical, water, and clays. Global Drilling and Completion Fluids market to grow at a CAGR of 8.02% over the period 2014-2019. Sometimes, oil is used instead of water to obtain desirable properties. These fluids, essentially used to cool and clean drill bits, reduce friction, maintain wellbore stability, lubricate and reduce friction, seal pores and openings in formation while drilling, and control formation pressures. After the initial drilling of the well, completion fluids, which are primarily brines, are pumped down the hole to conduct further operations. They primarily serve to reduce formation pressures and formation damage, and circulate and transport solids.
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Covered in this Report
Global Drilling and Completion Fluids Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers North America, the APAC region, Europe, the MEA region, and Latin America; it also covers the Global Drilling and Completion Fluids market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Commenting on the report, an our analyst said: "An increase in the incorporation of nanofluids is one key trend emerging in the market. Nanofluids will lend additional functional properties to drilling and completion fluids and enhance their technical performance, resulting in increased efficiency and effectiveness of these fluids."
According to the report, one of the main drivers in this market is the increase in exploration and drilling activities. An increased need for energy and the growth in the global population have resulted in greater demand for oil and gas, resulting in more exploration and drilling activities.
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Calumet Specialty Products
New Park Resources
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Other Prominent Vendors
Canadian Energy Services
Chevron Phillips Chemical Company
Geo Drilling Fluids
Global Drilling Fluids & Chemicals
Hitech Drilling Fluids
National Oilwell Varco
Secure Energy Services
Further, the report states that one of the major challenges confronting the market is the lost circulation of drilling and completion fluids because of naturally occurring fractures in the reservoirs, causing serious complications during drilling of wells. It reduces the hydrostatic pressure, which allows gas to flow to the wellbore, and increases the risk of explosions.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.