Dublin, Nov. 07, 2018 (GLOBE NEWSWIRE) -- The "North America Drilling & Completion Fluids Market - Segmented by Fluid Type, Deployment, and Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.

The North American drilling and completion fluids market was valued USD 4.78 billion in 2016, and is expected to witness robust growth during the forecast period of 2018-2023.

Over the past decade, the North American region, particularly the United States and Canada, have experienced impressive growth in terms of unconventional fossil fuel production, particularly shale reserves, tight oil, and oil sands. Technologies, such as hydraulic fracturing and horizontal directional drilling (HDD), have helped the North American region to sustain the global oil prices downturn, starting mid-2014. Despite the lower oil prices scenarios beginning mid-2014, the quest for unconventional reserve production in the United States has resulted in the drilling of more wells.

The US shale producers have drilled at record rates over the past 18 months, increasing from 491 wells in May 2016 to 1246 wells in January 2018, thus driving an increased demand for specialized drilling & completion fluids in the region. Factors, such as an increased investment to harness the unconventional reserves, coupled with rising deepwater and ultra-deepwater exploration and production (E&P) activities in the Gulf of Mexico (GOM) region amid oil prices rebound to a sustainable level since mid-2014, is expected to supplement the demand during the forecast period.

Quest for Unconventional Recovery to Drive the Market

The United States has set itself an ambitious target of being a net oil exporter by 2022. In the midst of the current lower for longer' oil prices scenario across the globe, the US shale witnessed a 53% jump in investment in 2017 and lead the global upstream investment chart. Despite the concerns surrounding worldwide over oil prices and reduced upstream capital expenditure, shale drillers of the region remain optimistic of the increased drilling and completion activity, resulting in Shale Boom 2.0. Furthermore, oil production from Alberta oil sands is projected to reach 3.4 million billion per day (MMbpd) by 2020, on account of the increased drilling activity, thus bolstering the demand for drilling & completions fluids in the North American region. Mexico is also expected to offer a significant number of offshore oil blocks for exploration, thereby boosting the demand for drilling & completion fluids in the North American region.

Growing Demand for Longer Lateral Supplementing in the United States

The lateral lengths of the unconventional wells drilled in the United States have increased from 2,500 feet to nearly 7,000 feet. Each unconventional well, on an average, is being drilled with longer lateral well sections. Furthermore, advancements in drilling technology, dynamic positioning equipment, and floating production and drilling units, have made drilling into farther and farther offshore more viable, thereby boosting deepwater drilling. With the increased application of horizontal drilling and into deeper water, the average drilling & completion fluids required for a well is on the rise. With the opening up of approximately 90% of outer continental shelf (OCS) by the US government, the deepwater drilling activities with increased lateral are expected to register further growth, thereby boosting the demand for drilling & completion fluids in the United States.

Key Topics Covered:

1. Executive Summary

2. Research Methodology

3. Market Overview
3.1 Introduction
3.2 Market Size and Demand Forecast Until 2023
3.3 Recent Trends and Developments
3.4 Government Policies and Regulations

4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities

5. Supply Chain Analysis

6. Industry Attractiveness - Porter's Five Forces Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitute Products and Services
6.5 Intensity of Competitive Rivalry

7. Market Segmentation and Analysis (Overview, Market Size, and Demand Forecast until 2023)
7.1 By Fluid Type
7.1.1 Water-based
7.1.2 Oil-based
7.1.3 Synthetic-based
7.1.4 Other Fluid Types
7.2 By Deployment
7.2.1 Onshore
7.2.2 Offshore

8. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)
8.1 United States
8.2 Canada
8.3 Rest of North America

9. Key Company Analysis
9.1 Schlumberger Limited
9.2 Baker Hughes (A GE Company)
9.3 Halliburton Company
9.4 CES Energy Solutions Corp.
9.5 National-Oilwell Varco Inc.
9.6 Tetra Technologies Inc.
9.7 Anchor Drilling Fluids USA Inc. (A QMax Company)
9.8 Newpark Resources Inc.
9.9 Chevron Phillips Chemical Company LLC
9.10 Geo Drilling Fluids Inc.
9.11 Trican Well Service Ltd

10. Competitive Landscape
10.1 Mergers & Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Strategies Adopted by Leading Players

For more information about this report visit https://www.researchandmarkets.com/research/gcp85z/north_america?w=12

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Related Topics: Oilfield Equipment and Services

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