Drilling Fluids Industry Overview
The global drilling fluid market is expected to reach USD 11.3 billion by 2030, expanding at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the increasing demand in the energy industry, which is anticipated to drive growth in the drilling fluid market. The growing demand for crude oil by various industries, such as transportation and energy, has been ramping up oil & gas production globally.
Growing concerns about crumbling boreholes, handling solid waste, and spill containment are anticipated to increase drilling fluid demand significantly during the forecast period. The oil and gas industry, particularly the industries that are linked with it, has been creating immense opportunities in the market.
Drilling Fluids Market Segmentation
Grand View Research has segmented the global Drilling Fluids market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Oil-based, Synthetic-based, Water-based, and Others
- Water-based dominated the global market with a revenue share of about 52.1% in 2021. They are used to drill over 75% of wells globally.
- Growing concern towards toxicity and biodegradation of other drilling fluids is expected to play a vital role in rising product demand over the projected period.
- The rising demand for an efficient fluid system in high-pressure and high-temperature wells is anticipated to trigger the demand for water-based oils.
- Oil-based product is the second-largest revenue contributor to the product market globally. Though Oil-based fluid is anticipated to witness significant growth in coming years, its reaction affects the environment, resulting in stringent regulations imposed by the government on its use.
- Synthetic-based fluid is anticipated to witness rising growth due to biodegradability characteristics. Its production consists of base oil, such as esters, poly alpha-olefins, and linear paraffin.
Based on the Application Insights, the market is segmented into Onshore and Offshore
- Onshore application dominated the drilling fluid market with a share of 60.3% in 2021. Its high share is attributed to the increasing number of oil drilling activities to fulfill growing energy needs.
- Due to an increase in the number of research activities to develop abandoned oil wells and revived projects in various onshore oilfields, the worldwide volume of oil and gas production is expected to grow dramatically.
- Growing onshore oil & gas exploration in countries like Saudi Arabia, the U.S., China, and Russia is expected to increase awareness and demand during the forecast period.
- The increasing number of ongoing projects and implementations in the Middle East and Africa is expected to provide immense demand opportunities to the market.
Drilling Fluids Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The drilling fluid markets have become highly competitive due to the presence of multinationals and more than 100 companies working in the same industry. The big players are involved in product innovation involving R&D investment to develop multi-functional fluid additives, which offer a competitive edge over other players. Top market players handling diverse industry demand set them apart from other market players.
Some prominent players in the global Drilling Fluids market include:
- Baker Hughes, Inc
- Halliburton, Inc
- Weatherford International
- Schlumberger Limited
- Newpark Resources, Inc
- Anchor Drilling Fluids USA, LLC
- Tetra Technologies
- Petrochem Performance Chemical Ltd. LLC
- Canadian Energy Services & Technology Corporation
- International Drilling Fluids and Engineering Services (IDEC) Ltd
- Flotek Industries, Inc.
- National Oilwell Varco (NOV)
- Scomi Group Bhd
- Catalyst LLC
Order a free sample PDF of the Drilling Fluids Market Intelligence Study, published by Grand View Research.
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