LOS ANGELES , Dec. 09, 2022 (GLOBE NEWSWIRE) -- The Global Drilling Fluids Market Size accounted for USD 8,582.8 Million in 2021 and is projected to occupy a market size of USD 14,796.4 Million by 2030 growing at a CAGR of 6.6% from 2022 to 2030.
Drilling Fluids Market Overview
The growing global demand for oil and gas is a major factor driving the drilling fluids market. For example, BP, the world's largest oil company, recently announced plans to continue spending on the most recent exploration activities in its major projects in the Gulf of Mexico's various production platforms.
Similarly, drilling fluids are in high demand in North America and Europe. North America has the highest oil & gas production, followed by Europe, due to the continuous rise in onshore activities in Russia and offshore activities in the North Sea.
Drilling Fluids Market Statistics
- Global drilling fluids market value was USD 8,582.8 Million in 2021 and expected to grow at CAGR of 6.6% from 2022 to 2030
- North America drilling fluids market share accounted for USD 2,995.4 million in 2021
- Asia-Pacific segment will register a CAGR of over 8% from 2022 to 2030
- Among product, water-based fluids segment occupied USD 4,368.7 million in 2021
- In 2021, the onshore oil & gas sub-segment generated market size of US$ 5,287 million
Drilling Fluids Market Growth Factors
- Rising oil & gas exploration activities worldwide
- Growing emphasis on deep and ultra-deepwater drilling
- Increasing investments in synthetic-based fluids (SBF)
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Drilling Fluids Market Coverage:
| Market | Drilling Fluids Market | |
| Drilling Fluids Market Size 2021 | USD 8,582.8 Million | |
| Drilling Fluids Market Forecast 2030 | USD 14,796.4 Million | |
| Drilling Fluids Market CAGR During 2022 - 2030 | 6.6% | |
| Drilling Fluids Market Analysis Period | 2018 - 2030 | |
| Drilling Fluids Market Base Year | 2021 | |
| Drilling Fluids Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Product, By Application, And By Geography | |
| Drilling Fluids Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Schlumberger Limited, Halliburton Inc, Newpark Resources Inc., Scomi Group Bhd, National Oilwell Varco., Anchor Drilling Fluids USA, LLC, Canadian Energy Services & Technology Corp., TETRA Technologies, Baker Hughes Incorporated, and Calumet | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Drilling Fluids Market Dynamics
Deep Sea Drilling Activities Will Increase Demand For Drilling Fluids
Drilling activities are expanding rapidly around the world. With rising oil and gas demand, governments in both developed and developing countries are investing heavily in drilling infrastructure development. Drilling fluids are in high demand due to rising energy demand and an increase in underwater projects for better sustainability. According to the US government's Energy Information Service (EIA), the majority of new US oil production in the near term will be in the deep waters of the Gulf of Mexico. Numerous deep water drilling projects are being carried out by major players.
Players are focusing on the introduction of innovative solutions in order to gain a significant revenue share in the global drilling fluids market. Halliburton, a chemical company, introduced "BaraShale Lite Fluid Systems" in 2017. The product is a high-performance water-based fluid that is designed to maintain full salt saturation while reducing density, thereby preventing lost circulation and lowering waste disposal costs. The product launch aided the company in improving its product offerings.
In 2017, the US Department of Justice granted OneStim, a joint venture company, permission to deliver completion products and services for the advancement of innovative resource plays in the US and Canadian land markets. This is expected to help the company improve its operations and expand its customer base.
The trend toward locating untapped markets in developing countries is expected to have an impact on the growth of the drilling fluids market. The approach to collaboration and agreement is anticipated to fuel the growth. Well Service Group (WSG) was acquired by Newpark Resources, a leading supplier of value-added drilling fluids systems, in 2017. The acquisition aided the company's ability to provide industry-leading services and products. Stringent regulatory related to the environment and product approval, as well as funding issues, is expected to stymie demand for drilling fluids. Furthermore, the environmental impact of drilling fluids is expected to pose a challenge to drilling fluids growth.
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Drilling Fluids Market Segmentation
The segmented mentioned in the global drilling fluids report are product type and application. The product type segment is divided into oil-based fluids (OBF), synthetic-based fluids (SBF), water-based fluids (WBF), and others. Furthermore, the regional categorization can be given into North America, Asia-Pacific, Latin America, Europe, and the MEA.
Drilling Fluids Market Share
According to our drilling fluids industry analysis, water-based fluids (WBF) segment gathered the utmost share of the market in 2021. According to our drilling fluids market forecast, onshore oil and gas will account for a sizable market share between 2022 and 2030.
Drilling Fluids Market Regional Scenario
The North America region accounted for the largest share of the global drilling fluids market in 2021 due to the increased shale offshore drilling activities. Suncor Energy, Husky Energy, Shell, Imperial Oil, and Cenovus, as well as increased investment in drilling projects on untapped lands, will drive up demand for drilling oils. Manufacturers' increased R&D activities with the goal of delivering eco-friendly products will have an impact on regional drilling fluids growth.
The US government's unwavering investment in numerous unconventional oil and gas drilling projects is likely to increase economic output from fossil fuels. For example, the US Department of Energy directed $30 million in early 2018 to R&D activities for unconventional shale development. As a result, the country's demand for drilling fluids has increased.
Growing investments across the value chain of the oil and gas industry in the Gulf Coast and Latin America are also key factors likely to support drilling fluid demand in the near future. Exxon Mobil Corporation, for example, announced a USD 20 billion investment through 2022 to expand its oil refining plant on the US Gulf Coast, which is expected to increase demand for drilling fluids in this region.
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Drilling Fluids Market Players
Prominent players operating in the global drilling fluids market are Anchor Drilling Fluids USA, LLC, Baker Hughes Incorporated, Canadian Energy Services & Technology Corp., Calumet, Halliburton Inc, National Oilwell Varco., Newpark Resources Inc., Schlumberger Limited, Scomi Group Bhd, and TETRA Technologies. The market is highly competitive due to heavy presence of players operating on low profit ratio.
Drilling Fluids Players Business Strategies
- Total Energies SE completed the investment decision (FID) to develop the Anchor oil field in 2019. Front-end engineering and design (FEED) for the North Platte discovery has also begun. Both projects are in the deepwater United States. The Gulf of Mexico
- In 2018, Shell made the final investment decision for the Vito deep-water project in the United States Gulf of Mexico. Vito is expected to reach a peak output of 100,000 barrels of oil equivalent (boe) per day.
- In 2016, ONGC launched its first deep water project, with two drilling rigs deployed at the Vashishta S1 Fields on India's east coast. The project will drill 700 metres below sea level using remotely operated vehicles (ROV).
Questions Answered By This Report
- What was the market size of Drilling Fluids Market in 2021?
- What will be the CAGR of Drilling Fluids Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Drilling Fluids Market?
- Which region held the largest share Drilling Fluids Market in 2021?
- What are the key market drivers Drilling Fluids Market?
- Who is the largest end user Drilling Fluids Market?
- What will be the Drilling Fluids Market value in 2030?
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