Drilling Fluids refers to the liquid and gaseous fluid or mixtures of fluids and solids used in drilling operations. They are widely used to provide lubrication, cooling to the drill bit, remove cuttings from the well, control formation pressure, seal permeable formations, and maintain wellbore stability in drilling operation for extraction of hydrocarbons from the earth surface. Drilling fluids are also known as drilling mud. Drilling fluids are generally classified as water based, oil based and synthetic fluids.
Drilling fluids market for oil & gas industry is expected to gain significant growth with increasing drilling activities for the production of hydrocarbons. Growing energy demand from various industries such as power, manufacturing and transportation is projected to augment the growth of drilling fluids during the forecast period. Moreover, growing drilling activities on offshore reserve along with growing exploration of non-conventional shale gas reserves is expected to fuel the demand for drilling fluids over the forecast period (2021-2029). However, slowdown oil and gas industry, increasing use of alternative energy sources such as solar, wind along with environmental concerns over usage and disposal of drilling fluids is anticipated to restrain the growth of drilling fluids market during the forecast period (2021-2029).
North America is expected to largest region in global drilling fluids market which is anticipated to contribute highest revenue share owing to growing drilling activities for the production of shale gas coupled with increasing offshore drilling activities in U.S. Gulf of Mexico is expected to augment the growth of drilling fluids market in the region. Middle East & Africa is projected to be the second largest region due to increasing oil production coupled with high oil & gas reserves in the region.
Global drilling fluids market is projected to be valued at US$ 10.9 Bn by the end of 2021 and is expected to expand at a CAGR 5.1% during the forecast period 2021-2029.
Purpose of the Report
The purpose of this strategic research study titled “Global Drilling Fluids Market- Growth, Future Prospects, Competitive Analysis and Forecast, 2021 – 2029” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global drilling fluids market.
Target Audience
USP and Key Offerings
The report titled “Global Drilling Fluids Market- Growth, Future Prospects, Competitive Analysis and Forecast, 2021 – 2029” offers strategic insights into the drilling fluids market along with the market size and estimates for the duration 2019 to 2029. The said research study covers in-depth analysis of multiple market segments based on product type, reserve type and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading drilling fluids manufacturers, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the drilling fluids market growth, offering market size and estimates for the period from 2019 to 2029, keeping in mind the above mentioned factors.
On the basis of product type, global drilling fluid market is categorized into following types:
Drilling fluids are prepared with various chemicals, clay, mud, gases, diesel fuel, and synthetic oil. Various combinations are used to prepare drilling fluids based on the reserve type. For instance, synthetic based fluids are widely used in offshore drilling as it has similar properties of oil based drilling fluids but is produces less toxic fluid fumes than oil based drilling fluids.
On the basis of product type, the global drilling fluid market can be segmented into oil based drilling fluids, water based drilling fluids and synthetic based drilling fluids.
Among all product type, water based segment is expected to be the largest and fastest growing segment due to easy availability and cost effectiveness of water based drilling fluids coupled with its eco-friendly properties anticipated to fuel the demand of water based fluids during the forecast period. Followed by it, oil based fluid is expected to be the second largest segment by virtue of wide application in exploration of various type of reserves. The segment is projected to register moderate growth over the forecast period (2021-2029). However, environmental concerns coupled with regulatory policies over water contamination especially in offshore drilling is anticipated to hamper the growth of the segment over the forecast period.
On the basis of application type, global drilling fluids market for oil & gas is categorized into following types:
Oil & gas industry has witnessed shift from conventional to non-conventional oil & gas production. Advancement in technology assisting oil producers in discovery of offshore oil reserves economically. Increasing discovery of offshore reserves along with conventional onshore reserves is expected to augment the growth of the drilling fluids market over the forecast period.
On the basis of application, the global drilling fluid market can be segmented into onshore reserves and offshore reserves.
Among all application, onshore segment is anticipated to be the most dominant segment owing to increasing exploration and production of conventional reserves coupled with high number of proven reserves is expected to fuel the demand for drilling fluids over the forecast period. Followed by it, offshore segment is expected to be the fastest growing segment by virtue of shale gas from the matured and abandoned reserves coupled with increasing deep water drilling activities especially in U.S Gulf of Mexico, shale and tight oil production in Canada and discovery of ultra deep water drilling reserves in North Sea, South China Sea and other regions of the globe. The segment is projected to register significant growth over the forecast period (2021-2029).
Global energy demand is growing at rapid pace with increasing population along with growing energy applications. Global oil & gas companies investing in exploration and production of new wells to cater the growing demand of fossil fuel. Moreover, advancement in technology has facilitated oil companies to explore non-conventional reserve such as tight oil, shale oil, and coal bed methane.
Global drilling fluids market is segmented on the basis of geography. North America is expected to largest region in global drilling fluids market which is anticipated to contribute highest revenue share owing to growing drilling activities for the production of shale gas coupled with increasing offshore drilling activities in U.S. Gulf of Mexico is expected to augment the growth of drilling fluids market in the region. Middle East & Africa is projected to be the second largest region due to increasing oil production coupled with high oil & gas reserves in the region. The segment expected to register moderate growth over the forecast period (2021-2029).
On the basis of product type, global drilling fluid market is categorized into following types:
Drilling fluids are prepared with various chemicals, clay, mud, gases, diesel fuel, and synthetic oil. Various combinations are used to prepare drilling fluids based on the reserve type. For instance, synthetic based fluids are widely used in offshore drilling as it has similar properties of oil based drilling fluids but is produces less toxic fluid fumes than oil based drilling fluids.
On the basis of product type, the global drilling fluid market can be segmented into oil based drilling fluids, water based drilling fluids and synthetic based drilling fluids.
Among all product type, water based segment is expected to be the largest and fastest growing segment due to easy availability and cost effectiveness of water based drilling fluids coupled with its eco-friendly properties anticipated to fuel the demand of water based fluids during the forecast period. Followed by it, oil based fluid is expected to be the second largest segment by virtue of wide application in exploration of various type of reserves. The segment is projected to register moderate growth over the forecast period (2021-2029). However, environmental concerns coupled with regulatory policies over water contamination especially in offshore drilling is anticipated to hamper the growth of the segment over the forecast period.
On the basis of application type, global drilling fluids market for oil & gas is categorized into following types:
Oil & gas industry has witnessed shift from conventional to non-conventional oil & gas production. Advancement in technology assisting oil producers in discovery of offshore oil reserves economically. Increasing discovery of offshore reserves along with conventional onshore reserves is expected to augment the growth of the drilling fluids market over the forecast period.
On the basis of application, the global drilling fluid market can be segmented into onshore reserves and offshore reserves.
Among all application, onshore segment is anticipated to be the most dominant segment owing to increasing exploration and production of conventional reserves coupled with high number of proven reserves is expected to fuel the demand for drilling fluids over the forecast period. Followed by it, offshore segment is expected to be the fastest growing segment by virtue of shale gas from the matured and abandoned reserves coupled with increasing deep water drilling activities especially in U.S Gulf of Mexico, shale and tight oil production in Canada and discovery of ultra deep water drilling reserves in North Sea, South China Sea and other regions of the globe. The segment is projected to register significant growth over the forecast period (2021-2029).
Global energy demand is growing at rapid pace with increasing population along with growing energy applications. Global oil & gas companies investing in exploration and production of new wells to cater the growing demand of fossil fuel. Moreover, advancement in technology has facilitated oil companies to explore non-conventional reserve such as tight oil, shale oil, and coal bed methane.
Global drilling fluids market is segmented on the basis of geography. North America is expected to largest region in global drilling fluids market which is anticipated to contribute highest revenue share owing to growing drilling activities for the production of shale gas coupled with increasing offshore drilling activities in U.S. Gulf of Mexico is expected to augment the growth of drilling fluids market in the region. Middle East & Africa is projected to be the second largest region due to increasing oil production coupled with high oil & gas reserves in the region. The segment expected to register moderate growth over the forecast period (2021-2029).
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Drilling Fluids market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Product Type
| |
Application
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
