Dublin, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The "Drilling Fluids Market - A Global and Regional Analysis: Focus on Application, Type, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global drilling fluids market was estimated to be at $6,100.0 million in 2021, which is expected to grow with a CAGR of 7.8% and reach $12,927.6 million by 2031.
The growth in the global drilling fluids market is expected to be driven by increasing onshore and offshore drilling activities due to the rise in energy demand.
Market Lifecycle Stage
Drilling fluids are a large and growing industry. Increased research and development activities are underway to develop more efficient drilling fluid while reducing the cost. Additionally, a large number of wells are projected to be drilled in the next few years.
Impact
Increased demand for energy and an increase in drilling processes for oil exploration and production are some of the key driving factors for the drilling fluids market. The shift toward the usage of water-based drilling fluids is more prominent in the oil and gas industry owing to its environment friendly and cost-effective nature. The U.S. has the largest industry for drilling fluids as the oil and gas companies are using these fluids for smooth and efficient well drilling.
Impact of COVID-19
COVID-19 has had a significant global impact on the supply chain of the drilling fluids market. Moreover, the oil and gas industry witnessed a substantial decline in demand due to the several lockdowns and restrictions, which caused in decreased demand for drilling fluids.
Market Segmentation
The global drilling fluids market in the application segment is expected to be dominated by onshore applications. This is due to increased oil and gas exploration activities at onshore oil fields and the advantage of the availability of customized drilling fluids according to the formation location.
The global drilling fluids market is dominated by water-based drilling fluids. This is due to its cost-effectiveness and lower environmental impact. Moreover, growing concern about the toxicity of other drilling fluids is expected to create demand for water-based drilling fluids.
North America is expected to be the largest market for drilling fluids. This is mainly because growing oil and gas production with substantial oil field development, particularly in the U.S., is projected to trigger the demand in the region.
How Can This Report Add Value to an Organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of drilling fluids available for drilling wells and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different drilling fluids applications offshore and onshore.
Growth/Marketing Strategy: The global different drilling fluids market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture.
For instance, in May 2021, Baker Hughes Company and Akastor ASA announced an agreement to create a joint venture company to bring together Baker 'Hughes' Subsea Drilling Systems (SDS) business with Akastor's wholly owned subsidiary MHWirth AS. The company will deliver a full-service of offshore drilling equipment that will provide consumers with a broad portfolio of products and services.
Competitive Strategy: Key players in the drilling fluids market analyzed and profiled in the study involve drilling fluids manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the global drilling fluids market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
- Baker Hughes Company
- Halliburton
- Schlumberger Limited
- Newpark Resources Inc.
- Weatherford
- AES Drilling Fluids
- DIAMOCO Group
- NOV Inc.
- Conquest Drilling
- Stellar Drilling Fluids. LLC
- QMax
- Secure Energy
- ChemFor
- TotalEnergies
- Dynamic Drilling Fluids
- Valence Drilling Fluids, LLC
Key Topics Covered:
1 Markets
1.1 Industry Outlook
1.1.1 Trends: Current and Future
1.1.1.1 Shale Gas
1.1.1.2 Nanoparticles
1.1.2 Supply Chain Network
1.1.3 Ecosystem/Ongoing Programs
1.1.3.1 Regulatory Bodies
1.1.4 Impact of COVID-19 on Drilling Fluids Market
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Increasing Onshore and Offshore Drilling Activities
1.2.1.2 Government Initiatives
1.2.1.3 Increasing Focus on Shale Gas
1.2.2 Business Challenges
1.2.2.1 Volatility in Prices of Crude Oil to Impact the Drilling Fluids Consumption
1.2.2.2 Rise in Cost of Deepwater and Ultra-Deepwater Drilling
1.2.2.3 Impact of Drilling Fluids on the Environment
1.2.3 Business Strategies
1.2.3.1 Product Developments
1.2.3.2 Market Developments
1.2.4 Business Opportunities
1.2.4.1 Increased Demand for Oil in Asia-Pacific Region
1.2.4.2 Prioritized Deepwater and Ultra-Deepwater Drilling Activities
1.3 Start-Up Landscape
1.3.1 Key Start-Ups in the Ecosystem
2 Application
2.1 Drilling Fluids Market - Applications and Specifications
2.1.1 Offshore
2.1.2 Onshore
2.2 Drilling Fluids Market - Demand Analysis (by End-Use Applications)
2.2.1 Demand Analysis (by End-Use Applications), Value and Volume Data
3 Products
3.1 Drilling Fluids Market - Type and Specifications
3.1.1 Water-Based Drilling Fluids
3.1.2 Oil-Based Drilling Fluids
3.1.3 Synthetic-Based Drilling Fluids
3.1.4 Others
3.2 Drilling Fluids Market - Demand Analysis (by Product Type)
3.2.1 Demand Analysis (by Product Type), Value and Volume Data
3.3 Product Benchmarking: Growth Rate - Market Share Matrix, 2021
3.4 Patent Analysis
3.4.1 Patent Analysis (by Region)
3.4.2 Top Assignees of Drilling Fluids Patents
3.5 Global Pricing Analysis
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.1.1 Competitive Position Matrix
5.1.2 Product Matrix for Key Companies
5.1.3 Market Share Analysis
5.2 Company Profile
For more information about this report visit https://www.researchandmarkets.com/r/gj5wc1
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