Portland, OR, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global offshore drilling fluid market was estimated at $3.2 billion in 2021 and is expected to hit $4.8 billion by 2031, registering a CAGR of 4.5% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.2 Billion |
| Market Size in 2031 | $4.8 Billion |
| CAGR | 4.5% |
| No. of Pages in Report | 263 |
| Segments Covered | Type, Applications, End-user Industry, and Region. |
| Drivers | Rise in demand for crude oil and natural gas in energy-extensive industries such as manufacturing, power generation, and transportation |
| Increasing government expenditure for the development of the oil & gas industry | |
| Restraints | High cost of drilling |
| Several concerns regarding the toxic waste disposal from drilling fluids | |
| Opportunities | Increase in exploration activities across the world. |
Covid-19 scenario-
- The pandemic outbreak gave way to decreased revenue in the oil and gas industry, which negatively impacted the global offshore drilling fluid market, especially during the initial period.
- However, given the huge part of the oil and gas industry in the energy mix, the market for offshore drilling fluid started recovering as soon as the global situation began to normalize. Due to increased exploration and extraction activities in the market has almost been able to recuperate the incurred loss.
The global offshore drilling fluid market is analyzed across type, applications, end-use industry, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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Based on type, the oil-based fluid segment contributed to more than two-fifths of the global offshore drilling fluid market share in 2021, and is projected to dominate by 2031. The same segment would also portray the fastest CAGR of 4.8% from 2022 to 2031. The water-based fluids and synthetic-based fluids segments are also assessed in the study.
Based on applications, the oil and gas extraction segment accounted for more than two-thirds of the global offshore drilling fluid market share, and is expected to retain the lion's share by 2031. The same segment would also display the fastest CAGR of 4.6% from 2022 to 2031. The maintain wellbore stability and mineral extraction segments are also analyzed in the study.
Based on end-user industry, the oil and gas segment accounted for around four-fifths of the global offshore drilling fluid market share in 2021, and is expected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 4.6% during the forecast period. The energy industry segment is also covered in the report.
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By region, North America generated the highest share in 2021, holding more than two-fifths of the global offshore drilling fluid market revenue. The same region would also manifest the fastest CAGR of 4.7% from 2022 to 2031. The other provinces analyzed in the report include Europe, North America, and LAMEA.
The key market players analyzed in the global offshore drilling fluid market report include Aker Hughes Inc., General Electric, China Oilfield Services Limited, Halliburton Company, National Oilwell Varco, Inc., Akzo Nobel N.V., Shell Plc., National Energy Services Reunited Corp., Gumpro Drilling Fluids Pvt. Ltd, and Weatherford International Ltd.These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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