Drilling Fluid Additives Market Projected to Reach $2.5 Billion by 2028, Says MarkWide Research
According to a new report published by MarkWide Research, titled, “Drilling Fluid Additives Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2028,” the drilling fluid additives market is poised to achieve significant growth over the forecast period. The market is projected to reach a valuation of $2.5 billion by 2028, with a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2021 to 2028.
The drilling industry has witnessed substantial advancements in drilling techniques, equipment, and technologies over the years. Drilling fluid additives play a pivotal role in enhancing drilling operations by improving the performance and efficiency of drilling fluids. These additives are formulated to address various challenges faced during drilling operations, such as maintaining wellbore stability, reducing friction, managing pressure, and preventing formation damage.
The increasing demand for energy resources, coupled with growing exploration and production activities in both onshore and offshore fields, is driving the demand for drilling fluid additives. The report highlights that the rising need for unconventional energy sources, such as shale gas and tight oil, is further bolstering the market’s growth. Additionally, the revival of exploration activities in mature oilfields is anticipated to contribute to the expansion of the drilling fluid additives market.
The report provides a comprehensive analysis of the global drilling fluid additives market based on product type, application, and region. The product type segment is categorized into viscosifiers, fluid loss control additives, shale inhibitors, lubricants, defoamers, and others. Among these, the viscosifiers segment holds a significant share in the market, owing to their critical role in maintaining the desired viscosity of drilling fluids and preventing wellbore instability.
On the basis of application, the market is divided into onshore and offshore drilling. The offshore drilling segment is expected to witness substantial growth, attributed to the increasing exploration activities in deepwater and ultra-deepwater regions. The unique challenges posed by offshore drilling environments, such as extreme pressure and temperature conditions, make the utilization of effective drilling fluid additives imperative for operational success.
Geographically, North America holds a prominent share in the global drilling fluid additives market, driven by the robust oil and gas industry in the United States and Canada. The Asia-Pacific region is anticipated to witness remarkable growth during the forecast period, owing to the growing energy demand in countries like China and India, coupled with increasing investments in oil and gas exploration.
The report also highlights key players operating in the drilling fluid additives market, including Schlumberger Limited, Halliburton Company, Baker Hughes Company, Nouryon, and Newpark Resources Inc. These companies are adopting strategies such as product innovation, mergers and acquisitions, and collaborations to strengthen their market presence and cater to the evolving needs of the industry.
In conclusion, the global drilling fluid additives market is witnessing robust growth opportunities driven by the increasing demand for energy resources and advancements in drilling technologies. The market’s projected valuation of $2.5 billion by 2028, along with a CAGR of 6.8% during the forecast period, underscores the promising prospects for investors, manufacturers, and stakeholders in the drilling fluid additives industry.