(EMAILWIRE.COM, September 18, 2019 ) According to the market report published by MarketsandMarkets™ "Drilling and Completion Fluids Market by Application (Onshore and Offshore), Fluid System (Water-Based System, Oil-Based System, Synthetic-Based System), Well Type (Conventional and HPHT), and Region - Global Forecast to 2023", the drilling and completion fluids market are projected to reach USD 12.76 billion by 2023 from USD 9.62 billion in 2018, at a CAGR of 5.82%. The growth in this market is supported mainly by the increasing onshore and offshore drilling activities and the rising shale gas exploration. Drilling and completion fluids are essential for any onshore or offshore drilling activities. These fluids facilitate the drilling process by suspending cuttings, controlling pressure, stabilizing the exposed rock, and by providing buoyancy, cooling & lubrication.

The onshore segment will continue to lead the drilling and completion fluids market, by application, during the forecast period

The drilling and completion fluids market are segmented by application into onshore and offshore. The onshore segment accounted for the largest share of the drilling and completion fluids market in 2018. The number of wells drilled onshore drastically increased in 2018 compared with 2017. The onshore application segment is expected to dominate the drilling and completion fluids market as the majority of global oil & gas reserves are present onshore. The increasing use of drilling fluids in the hard rock drilling process is expected to boost the onshore applications market for drilling and completion fluids.

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The water-based fluid system is the fastest-growing segment of the drilling and completion fluids market, by fluid system

The fluid system segments the drilling and completion fluids market into water-based, oil-based, synthetic-based, and others. The water-based fluid system segment led the drilling and completion fluids market in 2018 and is expected to continue its market dominance during the forecast period. Water-based fluid systems are suitable for onshore and offshore drilling activities. These fluids are cost-effective and eco-friendly compared with the other types of fluids. The discharge policies for water-based fluids are also not very stringent across the world as they contain less toxic chemicals. These factors are driving the water-based fluid system market.

North America will continue to dominate the drilling and completion fluids market through 2023

The drilling and completion fluids market have been segmented by region into North America, Europe, Asia Pacific, South America, the Middle East, and Africa. In 2018, North America accounted for the largest market share in the drilling & completion fluids market, followed by Europe and the Middle East. The US dominates the North American drilling and completion fluids market because of the increasing drilling activities taking place in the country. Factors such as the growing drilling activities and rising exploration of shale gas reserves are driving the growth of the market in the region.

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The drilling and completion fluids market is influenced by a few leading players, such as BHGE (US), Halliburton (US), Schlumberger (US), Newpark Resources (US), and Tetra Technologies (US), because of the initiatives taken by these industry participants related to product developments, product launches, and contracts & agreements. Market participants such as M-I Swaco (A Schlumberger Company) and Halliburton have a diversified portfolio of drilling fluids coupled with extensive geographic presence. Mergers & acquisitions were the most commonly adopted strategy by the top players. Other players in the market include Tetra Technologies, Inc., National Oilwell Varco, Inc., and Weatherford International plc.