SEATTLE, May 21, 2019 (GLOBE NEWSWIRE) -- The global drilling chemicals market was valued at US$ 10,829.0 million in 2018, and is projected to exhibit a CAGR of 5.3% over the forecast period (2019–2027), in terms of revenue.
Key Trends and Analysis of the Drilling Chemicals Market:
The drilling chemicals market is expected to witness substantial growth over the forecast period. This is owing to increasing demand for drilling chemicals from various end-use industries such as oil and gas, construction, and others.
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Among base fluid type, the water-based fluid system holds dominant position in the global drilling chemicals market. Water-based fluids are used as a drilling fluid system, in which water is in continuous phase. These fluids require less chemical treatment before disposal and their eco-friendly properties are expected to boost their demand during the forecast period. This system is also less expensive. Oil is in continuous phase in the oil-based fluid system. Horizontal and directional or deeper drilling leads to high stress on drilling apparatus. Therefore, oil-based muds are preferred in such drillings to reduce corrosion of drilling tools. This is expected to boost demand for oil-based muds (OBM) over the forecast period
Major players in the market are focused on adopting various business strategies to expand their product portfolio and enhance their market share. For instance, in 2015, Schlumberger acquired Fluid Inclusion Technologies, Inc. to expand its rock and fluids services portfolio and add geochemical logging capability.
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Key Market Takeaways:
- The global drilling chemicals market is expected to exhibit a CAGR of 5.3% during the forecast period in terms of revenue. The market growth is driven by increasing use of drilling chemicals in various end-use industries such as construction, oil and gas, and others.
- On the basis of region, North America accounted for the largest market share during the forecast period. Improved drilling technologies such as hydraulic fracturing and horizontal drilling find application in vast hydrocarbon reserves in the region. This has allowed oil and gas companies to carry on the drilling activities, profitably. The U.S. holds dominant position in the drilling chemicals market in North America.
- Offshore drilling process is expected to be the fastest growing application segment in the drilling chemicals market over the forecast period. Increasing expenditure in existing offshore wells in deep waters especially in the Gulf of Mexico, Persian Gulf , North Sea, and the South China Sea is expected escalate growth of the segment.
- Drilling chemicals find applications in various fields such as on spill containment, holding solid wastes, and bore holes. Increasing demand of drilling chemicals from these fields is expected to boost the market growth during the forecast timeframe. Moreover, factors such as increasing offshore drilling activities across various regions, shale boom, technology in hydraulic fracturing (fracking) to create extensive artificial fractures around well bores in few regions, and increasing exploration activities to discover untapped oil & gas reserves are also expected to be potential drivers of the market.
- Some of the major players operating in the global drilling chemicals market include, Anchor Drilling Fluids Inc., MB Holding Company LLC, Tetra Technologies Inc., International Drilling Fluids and Engineering Services (Idec) Ltd., Canadian Energy Services Inc., Weatherford International Ltd., Global Fluids & Chemical Co., Baker Hughes, Newpark Drilling Fluids LLC., Diamoco Group, M-I SWACO, Schlumberger, Oren Hydrocarbons, Halliburton, and others.
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