New York, June 14, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, worldwide demand for drilling fluids is estimated to reach a market valuation of US$ 19.14 billion by the end of 2033. The Global Drilling Fluids Market has been predicted to expand at a CAGR of 5.2% during the forecast period (2023 to 2033) owing to consistent demand for use in both onshore and offshore drilling applications.
The market is largely concentrated in North America with the United States being the largest producer and consumer of drilling fluids in the world. Demand for drilling fluids in South Asia and Pacific, on the other hand, is projected to grow at a healthy pace due to the increased offshore exploration activities in the countries in this region.
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Key manufacturers of drilling fluids are engaged in boosting their market position through acquisitions and expansion strategies. A few market participants are engaged in research and development activities to launch new products with enhanced drilling operations, improved efficiencies, and minimal environmental impact. The launch of eco-friendly drilling fluids based on water as a carrier fluid is a rising trend in the drilling fluids market.
Key Takeaways from Market Study
- The global drilling fluids market is projected to expand at 5.2% CAGR from 2023 to 2033.
- The onshore segment occupies 60% share of the market in 2023.
- Water-based drilling fluids account for a substantial share of the market by application.
- North America accounts for 45% share of the global market in 2023.
“Drilling fluids are indispensable for achieving optimal drilling outcomes, ensuring well integrity and supporting sustainable oil & gas extraction,” says an analyst at Persistence Market Research.
Competitive Landscape
The global drilling fluids market is moderately consolidated with the presence of some prominent market players. These companies collectively hold 50% to 55% of the market share. Some of the top manufacturers included in the research study are Halliburton Company, Schlumberger Limited, Weatherford International, Newpark Resources, and Baker Hughes.
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In recent years, significant trends in the industry include the expansion of regional presence through acquisitions and collaborations, as well as the introduction of environmentally friendly products.
Recent Developments
- Paragon ISG, a company with over 70 years of drilling fluids experience, acquired Cinco Mud Solutions in January 2023, further expanding its portfolio of environmentally friendly products.
- In July 2022, researchers at Curtin University achieved a significant milestone by developing a new technology for the rapid cleaning and re-use of drilling fluids, contributing to more efficient and environmentally friendly mineral exploration practices.
Conclusion
Demand for drilling fluids has been predominantly influenced by certain macroeconomic factors along with demographic factors, including the growing population, increasing demand for housing, rising urbanization, and global GDP growth. Further, government initiatives, technological advancements in the construction industry, environmental regulations, etc., are contributing to the rising energy demand, leading to a rising need for drilling fluids.
More Industry Insights Available
In its latest report, Persistence Market Research offers an unbiased analysis of the global drilling fluids market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on product type, application, and region.
- By Product Type: Oil-based, Synthetic-based and Water-based
- By Application: Onshore, Offshore
- By Region: North America, Latin America, Europe, East Asia, South Asia and Pacific,Middle East and Africa
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