New York, United States , Feb. 19, 2024 (GLOBE NEWSWIRE) -- A borehole into the earth is drilled with the help of drilling fluid, also known as drilling mud. Boreholes are drilled to extract oil and gas, core samples, and other uses. Drilling fluids perform various tasks, including regulating formation pressures, clearing drilling debris from the wellbore, sealing permeable formations encountered during drilling, cooling, lubricating the bit, transferring hydraulic energy to downhole bits and tools, and preserving wellbore stability and well control.
A healthy growth rate for the worldwide drilling fluids market is anticipated between 2022 and 2030 due to increased funding for offshore oil and gas exploration and production. Exploiting their unconventional gas resources has become more popular worldwide thanks to shale oil and gas exploration growth. Along with improvements in drilling fluids, businesses are producing durable drill pipes. For drilling in oil fields, a drill pipe is a crucial instrument. Drill pipes are used in a variety of environments and are subjected to a variety of loads.
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Report Scope
| Study Period | 2018-2030 | CAGR | 4.34% |
| Historical Period | 2018-2020 | Forecast Period | 2022-2030 |
| Base Year | 2021 | Base Year Market Size | USD 7.7 Billion |
| Forecast Year | 2030 | Forecast Year Market Size | USD 11.29 Billion |
| Largest Market | North America | Fastest Growing Market | Asia Pacific |
Increasing Oil and Gas Exploration Activities Around the World to Aid Growth
According to Straits Research, “The global drilling fluids market size was valued at USD 7.7 billion in 2021, and it is anticipated to reach USD 11.29 billion by 2030 at a CAGR of 4.34%.” The global market for drilling fluid will be driven by the substantial growth in the demand for oil and gas, which has opened up significant prospects for well drilling activities. On offshore resources, North America is the highest producer of crude oil, followed by Russia and Saudi Arabia. Additionally, several nations worldwide are investing in searching for new resources for the oil and gas industry. For instance, the GOM announced two new crude oil production projects on April 14, 2021, totalling 200,000 barrels per day, or 14% of the Gulf of Mexico's overall oil production. This significant undertaking has forecast increased crude oil output in the United States Federal Gulf of Mexico (GOM).
Increasing Shale Gas Demand to Drive Market Growth
The increasing demand for technology for gas-fired power generation and the increased emphasis on lowering carbon emissions are two reasons that propel the expansion of the worldwide shale gas market. Globally, numerous nations, such as Canada, India, and Germany, are concentrating on developing shale gas exploration resources. According to the International Energy Agency (IEA), gas might increase from its current share of 23 per cent to 25 per cent in the global energy mix in 2035, surpassing coal's share of 24 per cent to become the second-largest primary energy source after oil (27 per cent). Due to its many advantages, shale gas-fired power generation is growing in the United States. Gas-fired generation in the U.S. increased by 3% in that year. Shale gas accounted for 45 per cent of the country's electrical generation in July 2020. The worldwide drilling fluid market is anticipated to be driven by this aspect, which is also anticipated to drive the shale gas market.
Growth Opportunities for The Global Drilling Fluids Market
Deepwater and ultra-deepwater drilling operations are becoming more prominent.
Future deepwater and ultra-deepwater drilling operations are anticipated to rise due to fresh discoveries in the Asia Pacific, West Africa, and Latin America. Deepwater areas like those in Angola, the U.S., Brazil, Nigeria, Malaysia, and Norway are where most offshore activities are concentrated. Additionally, recent discoveries in frontier areas like the west coast of Australia, the eastern Mediterranean Sea, and the east coast of Africa would significantly accelerate the increase of offshore reserves.
Competitive Analysis
The Top 10 players in the global drilling fluids market are AkzoNobel N.V. (Netherlands), National Oilwell Varco (U.S.), Halliburton (U.S.), Schlumberger (U.S.), Newpark Resources Inc. (U.S.), Stellar Drilling Fluids LLC (U.S.), Weatherford International plc. (U.S.), China oilfield services Ltd. (China), M-I Swaco (U.S.), Chevron Phillips Chemical Company (U.S.), BASF SE (Germany), DuPont (U.S.), The Dow Chemical Company.
Regional Analysis
According to region, the global drilling fluids market is segmented into North America, Europe, Asia-Pacific and LAMEA based on region.
Due to increased shale gas exploration in Canada and the U.S., North America is anticipated to dominate the drilling fluids market globally. In the near future, Latin America is expected to grow significantly. Drilling offshore in Venezuela and Brazil is likely to raise demand for drilling fluids in the region.
Asia Pacific demand for drilling fluid is predicted to rise because of government assistance and subsidies for oil and gas exploration and production businesses in growing economies such as China, India, and Malaysia.
Key Highlights
- The global market for drilling fluids is segmented into four parts based on application, fluid system, well type and region. Further, based on application, the market is broken down into Onshore and Offshore. The onshore segment dominated the market.
- Based on fluid systems, the market is classified into Water-Based Systems, Oil-Based Systems, Synthetic-Based Systems, and Others. The water-based category held market dominance.
- The market is bifurcated into Conventional Wells and High-Pressure, High Temperature (HPHT) Wells. The high-pressure high temperature (HPHT) well category held the largest market share.
- According to region, the global drilling fluids market is segmented into North America, Europe, Asia-Pacific and LAMEA based on region. North America dominated the market.
Market News
- In March 2022, NOV and Chevron announced a joint development agreement aimed at increasing the effectiveness of offshore processing.
- In May 2022, Halliburton Company and Aker BP, a Norwegian oil and gas exploration and production company, announced a collaboration to create next-generation field development planning software.
- In March 2022, Weatherford International plc ("Weatherford" or the "Company") announced that its Memory Raptor cased-hole evaluation system had received an Offshore Technology Conference Asia (OTC Asia) Spotlight on New Technology award for OTC Asia 2022 Exhibitors.
Global Drilling Fluids Market: Segmentation
By Application
- Onshore
- Offshore
By Fluid System
- Water-based System
- Oil-based System
- Synthetic-based System
- Others
By Well Type
- Conventional Wells
- High-pressure High Temperature (HPHT) Wells
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/drilling-fluids-market/segmentation
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