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Drilling Fluids Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

Drilling Fluids Market
1. Drilling Fluids Market Overview
The drilling fluid, also known as drilling mud, is a key component in the drilling process. It is used to lubricate and cool the drill bit, remove cuttings from the borehole, and balance the hydrostatic pressure in the well. The drilling fluid also provides a medium for carrying the drill bit and drill pipe to the bottom of the hole.

The global drilling fluids market is expected to grow at a CAGR of 5.5% from 2016 to 2022. The market is driven by the increase in exploration and production (E&P) activities, particularly in the oil & gas industry. The growth in the oil & gas industry is attributed to the rise in demand for energy and the need to explore and develop new resources.

The market is segmented based on type, application, and geography. The types of drilling fluids include water-based, oil-based, and synthetic-based. The water-based drilling fluid segment is further classified into freshwater-based and saltwater-based. The oil-based drilling fluid segment is further classified into invert emulsion, diesel oil, and mineral oil. The synthetic-based drilling fluid segment is further classified into polyglycol, polyglycol/diesel oil, and polyglycol/oil.

The applications of drilling fluids include onshore and offshore. The onshore application segment is further classified into oil & gas, mining, and construction. The offshore application segment is further classified into oil & gas and mining.

The market is further segmented on the basis of geography into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The major players in the market are Schlumberger Limited (U.S.), Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Weatherford International plc (Ireland), and National Oilwell Varco, L.P. (U.S.).

2. Drilling Fluids Market Segmentation
The global drilling fluids market is segmented on the basis of type, function, and geography. On the basis of type, the market is divided into water-based, oil-based, and synthetic-based drilling fluids. On the basis of function, the market is classified into mud engineer, drilling engineer, and service company. On the basis of geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Water-based drilling fluids are anticipated to grow at the highest CAGR during the forecast period

Water-based drilling fluids are anticipated to grow at the highest CAGR during the forecast period. This is due to their low cost and easy availability as compared to other drilling fluid types. Moreover, these fluids are compatible with a wide range of drilling activities and provide good lubrication, which helps in reducing wear and tear of drill bits.

Mud engineer is expected to hold the largest share of the drilling fluids market during the forecast period

Mud engineer is expected to hold the largest share of the drilling fluids market during the forecast period. This is due to the increasing need for skilled professionals to manage the mud system and to maintain drilling fluid properties as per the requirement.

North America is expected to hold the largest share of the drilling fluids market during the forecast period

North America is expected to hold the largest share of the drilling fluids market during the forecast period. This is due to the presence of major oil & gas companies in the region and the increasing exploration & production activities in the region. Moreover, the region has a well-developed infrastructure for the oil & gas industry.

Some of the key players operating in the global drilling fluids market are Schlumberger Limited, Halliburton Company, Baker Hughes Incorporated, Weatherford International plc, National Oilwell Varco, Inc., Superior Drilling Products, Inc., Dril-Quip, Inc., and NOV Grant Prideco.

3. Drilling Fluids Market Drivers
The global drilling fluids market is expected to grow at a CAGR of 4.5% during the forecast period to reach USD 13.33 billion by 2025. The major drivers for this market are the increasing demand for energy, growing exploration and production activities, and the need for environmental protection.

1. Increasing demand for energy:

The world is facing an energy crisis due to the growing population and the increasing demand for energy. The traditional sources of energy such as coal and oil are running out. As a result, there is a need to explore and develop new sources of energy such as shale gas, tight gas, and coal bed methane. This has led to an increase in the number of drilling activities, which in turn is driving the growth of the drilling fluids market.

2. Growing exploration and production activities:

The exploration and production activities have increased in the recent years due to the growing demand for energy. The oil and gas companies are exploring new areas to find new reserves of oil and gas. This has led to an increase in the number of drilling activities, which is driving the growth of the drilling fluids market.

3. Need for environmental protection:

The drilling activities often result in the release of harmful chemicals and pollutants into the environment. This has led to a need for environmental protection. The government regulations and the need to protect the environment are some of the factors that are driving the growth of the drilling fluids market.

4. Drilling Fluids Market Challenges
The global drilling fluids market is forecast to grow at a CAGR of 5.5% during the period 2019-2024. The report provides a detailed analysis of the market dynamics, including drivers, restraints, opportunities, and challenges. It also segments the market by product, application, and geography.

The drilling fluids market faces a number of challenges, which include:

1. High cost of drilling fluids: Drilling fluids are used in a wide range of applications, such as oil and gas exploration, mining, and water well drilling. However, the high cost of drilling fluids is a major challenge for the market growth.

2. Stringent environmental regulations: Stringent environmental regulations are imposed on the use of drilling fluids. These regulations are expected to hamper the market growth.

3. Volatile raw material prices: The prices of raw materials used in the manufacture of drilling fluids are highly volatile. This is expected to impact the cost of drilling fluids and, ultimately, the market growth.

4. Limited availability of skilled workforce: The drilling fluids market requires a skilled workforce for its efficient functioning. However, the limited availability of skilled workforce is a challenge for the market growth.

5. Drilling Fluids Market Opportunities
The global drilling fluids market is expected to reach USD 17.09 billion by 2025, according to a new report by Grand View Research, Inc. Increasing oil & gas exploration and production activities on account of depleting energy reserves is anticipated to propel demand over the forecast period.

In addition, government initiatives toward the development of shale gas resources is projected to boost industry growth. For instance, in 2016, the U.S. government had approved a five-year plan for shale gas development, which is expected to open up around 27,000 square miles for exploration and production activities.

Rising exploration and production activities in North America and the Middle East & Africa are further expected to drive market growth over the next nine years.

Here are five opportunities in the drilling fluids market:

1. Increasing exploration and production activities in the U.S.

The U.S. is one of the leading producers of oil and gas in the world. According to the Energy Information Administration (EIA), the country produced an average of 12.2 million barrels of oil per day in 2016. This is expected to increase to 13.6 million barrels per day by 2020.

In addition, the country is also one of the leading producers of natural gas. The EIA estimates that the country produced an average of 73.6 billion cubic feet of natural gas per day in 2016. This is expected to increase to 86.5 billion cubic feet per day by 2020.

The increasing exploration and production activities in the country are expected to drive the demand for drilling fluids over the next nine years.

2. Rising exploration and production activities in the Middle East & Africa

The Middle East & Africa is one of the leading regions for oil and gas exploration and production activities. According to the EIA, the region produced an average of 25.1 million barrels of oil per day in 2016. This is expected to increase to 28.2 million barrels per day by 2020.

In addition, the region is also home to some of the largest reserves of oil and gas in the world. The estimated proved reserves of oil in the region were 1,023 billion barrels as of 2016. This is expected to

6. Drilling Fluids Market Future Outlook
The future of the drilling fluids market looks promising with the increasing demand for energy around the world. The market is expected to grow at a CAGR of 5.5% from 2019 to 2025.

The need for energy is constantly increasing due to the growing population and urbanization. This has resulted in the exploration and production of oil and gas in difficult and complex environments. The demand for drilling fluids is expected to increase in the coming years as the oil and gas industry expands into these difficult environments.

The market for drilling fluids is highly competitive with a large number of players. The key players in the market are Schlumberger, Halliburton, Baker Hughes, and Weatherford International. These companies hold a significant share of the market and are expected to continue their dominance in the coming years.

The future of the drilling fluids market looks promising with the increasing demand for energy around the world. The market is expected to grow at a CAGR of 5.5% from 2019 to 2025.

LIST OF KEY COMPANIES PROFILED:

 

    • Schlumberger (U.S.)
    • Halliburton (U.S.)
    • Newpark (U.S.)
    • Baker Hughes (U.S.)
    • TETRA Technologies, Inc. (U.S.)
    • Canadian Energy Services (Canada)
    • NOV (U.S.)
    • Secure Energy (Canada)
    • Weatherford (U.S.)
    • Q’Max Solutions Inc. (U.S.)
    • Global Drilling Fluids and Chemical Limited (India)
    • Sagemines
    • Scomi Group Bhd (Malaysia)
    • Catalyst Middle East (Dubai)
    • Flotek Industries, Inc. (U.S.

 

REPORT SCOPE & SEGMENTATION

 

  ATTRIBUTE

 

 

DETAILS

 

 

Study Period

 

 

2017-2028

 

 

Base Year

 

 

2020

 

 

Estimated Year

 

 

2021

 

 

Forecast Period

 

 

2021-2028

 

 

Historical Period

 

 

2017-2019

 

 

Unit

 

 

Value (USD Billion)

 

 

Segmentation

 

 

By Type; Application; and Region

 

 

 

 

Segmentation

 

 

By Type  

 

    • Water-based
    • Oil-based
    • Synthetic-based
    • Others

 

 

 

By Application   

    • Onshore
    • Offshore

 

 

 

By Region

 

    • North America
        • By Type

       

        • By Application

       

        • By Country
            • The U.S. (By Application)

           

            • Canada (By Application)

           

           

       

    • Europe
        • By Type

       

        • By Application

       

        • By Country
            • Germany (By Application)

           

            • The U.K. (By Application)

           

            • Norway (By Application)

           

            • Ukraine (By Application)

           

            • Turkey (By Application)

           

            • Russia (By Application)

           

            • Rest of Europe (By Application)

           

           

       

    • Asia Pacific
        • By Type

       

By Application

        • Rest of Asia Pacific (By Application)By Country
            • China (By Application)

           

            • India (By Application)

           

            • Australia (By Application)

           

            • Indonesia (By Application)

           

            • Thailand (By Application)

           

        • By Country
            • Algeria (By Application)

           

            • Egypt (By Application)

           

            • Nigeria (By Application)

           

            • Kuwait (By Application)

           

            • Oman (By Application)

           

            • Saudi Arabia (By Application)

           

            • UAE (By Application)

           

            • Rest of the Middle East & Africa (By Application)

           

           

          The Middle East & Africa

            • By Type

           

            • By Application

           

        • By Country
            • Mexico (By Application)

           

            • Brazil (By Application)

           

            • Argentina (By Application)

           

            • Colombia (By Application)

           

            • Rest of Latin America (By Application)

           

           

          Latin America

            • By Type

           

            • By Application

           

By Type  

    • Water-based
    • Oil-based
    • Synthetic-based
    • Others

By Application   

    • Onshore
    • Offshore

 

    • Schlumberger (U.S.)
    • Halliburton (U.S.)
    • Newpark (U.S.)
    • Baker Hughes (U.S.)
    • TETRA Technologies, Inc. (U.S.)
    • Canadian Energy Services (Canada)
    • NOV (U.S.)
    • Secure Energy (Canada)
    • Weatherford (U.S.)
    • Q’Max Solutions Inc. (U.S.)
    • Global Drilling Fluids and Chemical Limited (India)
    • Sagemines
    • Scomi Group Bhd (Malaysia)
    • Catalyst Middle East (Dubai)
    • Flotek Industries, Inc. (U.S.

 

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