NEWARK, Del, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The Drilling Polymers Market size reached US$ 2050.4 million in 2022. Demand for drilling polymers is likely to witness at US$ 2132.4 million in 2023. In the forecast period between 2023 and 2033, demand is poised to exhibit 3.5% CAGR. Revenue is anticipated to cross around US$ 3 billion by the end of 2033.
There is a growing demand for environmentally friendly drilling polymers due to increasing environmental regulations and sustainability concerns. Biodegradable and low-toxicity polymers are gaining traction in the market.
Research and development efforts are focused on creating polymers with enhanced performance characteristics. It includes improved viscosity control, thermal stability, and fluid loss prevention, to optimize drilling operations.
The expansion of shale gas exploration activities has driven the demand for drilling polymers. These polymers are essential for efficient drilling and hydraulic fracturing operations in unconventional reservoirs.
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Offshore drilling activities continue to play a significant role, requiring specialized polymers that can withstand harsh conditions. It includes high pressure and high salinity while maintaining drilling fluid stability.
Horizontal drilling techniques, commonly used in oil and gas production, require specific drilling polymers. It is used to manage cuttings and maintain wellbore stability, contributing to the market growth.
The Asia-Pacific region, especially in countries such as China and India, has shown increased drilling activities, leading to a high demand for drilling polymers in this region.
Adoption of digital technologies and automation in drilling processes is driving the need for polymers that can perform effectively in complex and dynamic drilling environments. Fluctuations in raw material prices can impact the cost of drilling polymers, influencing market dynamics and strategies for procurement and pricing.
Evolving regulations related to drilling fluids, including restrictions on certain chemicals, influence the formulation and adoption of drilling polymers. Collaborations between polymer manufacturers, oil and gas companies, and research institutions are fostering innovation in the field of drilling polymers.
Key Takeaways from the Drilling Polymers Market Report:
- The global market is expected to reach a valuation of US$ 3 billion by the end of 2033.
- Sales of drilling polymers are anticipated to grow at a CAGR of 3.5% over the forecast period.
- The United States drilling polymers market is projected to have a valuation of US$ 606 million by 2033.
- China is projected to reach a market valuation of US$ 635.3 million by 2033.
- By type, the polyacrylamide segment is estimated to grow at a value CAGR of 3.4% during the forecast period 2023 to 2033.
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“Rising demand from offshore drilling activities is likely to drive demand for drilling polymers in the forecast period. Manufacturers are collaborating with oil and gas companies to jointly develop and test new drilling polymer solutions. Innovations in this business hold massive potential to meet evolving customer needs and push growth through 2033.” says a lead analyst at Future Market Insights (FMI)
Competitive Landscape and Their Winning Strategies
Key manufacturers are developing eco-friendly and biodegradable drilling polymer products. These are used to align with increasing environmental regulations and corporate sustainability goals. They are also expanding market reach by establishing distribution networks, partnerships, and production facilities in key regions to better serve local markets.
Manufacturers are providing tailored drilling polymer solutions and technical support to address specific challenges faced by customers. They are ensuring consistent product quality and adherence to industry standards to build trust with customer.
A few companies present in the Drilling Polymers Market:
- Baker Hughes Co is a provider of energy and industrial products and services. The company's product line includes drilling equipment, compressors, pipe systems, regulators, control systems, and pumps. The firm also provides digital solutions such as non-destructive evaluation and inspection, as well as plant controls.
- Halliburton Energy Services, Inc. is an oil field service provider. The Company supplies the exploration, development, and extraction firms with products, services, and solutions, as well as oil fields devices, parts, logistics, and staff.
Top key Players in the Global Market
- SINO MUD
- Baroid Industrial Drilling Products
- Baker Hughes, Inc.
- Halliburton, Inc.
- Chevron Corp.
Get More Valuable Insights
FMI has released an objective assessment of the global market, presenting past demand data from 2018 to 2022 and projecting forecast statistics for the 2023 to 2033 period.
Drilling polymers market by product type (polyacrylamide and others), by technique (down to hole drills/rotary air blast drilling, diamond drilling, top hammer drilling, reverse circulation drilling, and others), by end-use (mining, oil & gas, construction, and others) & region from 2023 to 2033
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Drilling Polymers Market Outlook by Category
By Type:
- Polyacrylamide
- Others
By Technique:
- Down The Hole Drills (DTH)/Rotary Air Blast Drilling (RAB)
- Diamond Drilling
- Top Hammer Drilling
- Reverse Circulation Drilling
- Others
By End-use:
- Mining
- Oil & Gas
- Construction
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About the Chemical & Material Division at Future Market Insights (FMI)
FMI's chemical and materials team offers comprehensive business intelligence services, with a vast array of reports and data points analysed across 50+ countries over a decade. The team provides consulting services and end-to-end research, offering expert analysis, actionable insights, and strategic recommendations to clients worldwide. Contact them to explore how they can assist with your unique business intelligence needs.
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