Overview and Scope
Drilling fluids refers to a fluid that is circulated in the borehole to carry out a cost-effective and efficient drilling operation resulting in the stable and gauged borehole to the specified depth to prospective formations.
Sizing and Forecast
The drilling fluids market size has grown strongly in recent years. It will grow from $9.56 billion in 2023 to $10.16 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to growing exploration and production activities, regulatory compliance and environmental concerns, rise in offshore drilling activities, demand for high-performance fluids, exploration in challenging geographies..
The drilling fluids market size is expected to see strong growth in the next few years. It will grow to $12.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increasing global energy demand, rising focus on enhanced oil recovery (eor), expansion of geothermal energy projects, development of high-temperature fluids, demand for water-based drilling fluids, global oil price dynamics.. Major trends in the forecast period include advanced fluid systems for unconventional resource, technological advancements in fluid additives, rise in deepwater and ultra-deepwater exploration, reservoir drill-in fluids for well completion, increasing use of synthetic-based fluids, emphasis on real-time monitoring and control..
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Segmentation & Regional Insights
The drilling fluids market covered in this report is segmented –
1) By Product: Oil-based, Synthetic-based, Water-based, Other products
2) By Application: Onshore, Offshore
3) By End-User: Crude Petroleum Companies, Natural Gas Extraction Companies
North America was the largest region in the drilling fluids market in 2023 and is expected to be the fastest-growing region in the drilling fluid market report during the forecast period. The regions covered in the drilling fluids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increased demand for oil is expected to fuel the growth of the drilling fluids market. Oil is a common product used in the production of petroleum that is extracted from the surface of the earth through drilling. Drilling fluids are used in the drilling activity carried out for oil extraction for various purposes, such as cooling and lubricating the drill and so on. Therefore, the increase in the demand for oil has, in turn, increased the oil extraction activities by companies, which is driving the drilling fluid market. For instance, in March 2021, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global demand for oil was 9 mb/d (million barrels per day) in 2019, and this is anticipated to rise to 104.1 mb/d, which is an increase of 4.4 mb/d in the coming years. Further, according to The Organization of the Petroleum Exporting Countries, an Austria-based intergovernmental organization of 13 oil-producing countries, oil demand is estimated to rise by 1.6 mb/d in 2022, while non-OECD growth is expected at 1.5 mb/d. Therefore, growing oil demand is driving the drilling fluids market.
Key Industry Players
Major companies operating in the drilling fluids market report are Baker Hughes Holdings LLC, Halliburton Company, Weatherford International plc, Schlumberger Limited, Newpark Resources Inc., Anchor Drilling Fluids USA Inc., TETRA Technologies Inc., Petrochem Performance Chemicals LLC, International Drilling Fluids and Engineering Services Ltd., National Oilwell Varco Inc., Scomi Group Bhd, Stellar Drilling Fluids LLC, Gumpro Drilling Fluids Pvt. Ltd., Global Drilling Fluids & Chemicals Limited, DIAMOCO Group, Q’Max Solutions Inc., Badische Anilin und Soda Fabrik SE, Chevron Phillips Chemical Company LLC, The Dow Chemical Company, Canadian Energy Services & Technology Corp., Secure Energy Services Inc., Sinopec, Horizon Mud Company Inc., Medserv PLC, IMDEX LIMITED, AES Drilling Fluids LLC, Francis Drilling Fluids Ltd., Avril Group, Unique Drilling Fluids Inc., Sunwest Fluids LLC, McAda Drilling Fluids, Geo Drilling Fluids Inc.
The drilling fluids market report table of contents includes:
1. Executive Summary
- Drilling Fluids Market Characteristics
- Drilling Fluids Market Trends And Strategies
- Drilling Fluids Market – Macro Economic Scenario
- Global Drilling Fluids Market Size and Growth
.
31. Global Drilling Fluids Market Competitive Benchmarking - Global Drilling Fluids Market Competitive Dashboard
- Key Mergers And Acquisitions In The Drilling Fluids Market
- Drilling Fluids Market Future Outlook and Potential Analysis
- Appendix
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