New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global Onshore Drilling Fluid Market is expected to witness significant growth at a CAGR of 5.1% during the forecast period of 2023-2031. Factors such as increasing demand for oil and petroleum is a major factor that drives the market growth. Moreover, the rising use of petroleum in various industries also drives the growth of the market.
According to a recent report by Consegic Business Intelligence, the onshore drilling fluid market is poised for strong expansion and is expected to reach USD 6,660.67 million by 2031 and USD 4,457.40 million by 2023. The market which was valued at USD 4,269.19 million in 2022, is predicted to grow at a compound annual growth rate of 5.1% during the period 2023-2031. The report highlights the significant growth in the growing demand for onshore drilling fluid in oil and petroleum. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the onshore drilling fluid market.
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Onshore drilling fluids are specialized fluids that are used during the drilling and exploration of oil and gas wells on land. These fluids are designed to perform several important functions, such as lubrication, cooling, and stabilization of the drilling equipment, and removal of cuttings from the wellbore. These types of drilling fluids are essential for drilling operations as they help to maintain the stability and integrity of the wellbore, prevent damage to the equipment, and ensure efficient drilling progress.
They are designed to make the pumping of drilling fluid into oil wells, remain in constant contact with the wellbore throughout the entire process. Onshore drilling fluids are important for the drilling process, they have various functions, such as saving the cost of the drilling operation, it minimizing the chances of damage to the new formations. The rising use of petroleum in various industries drives the growth of the market.
Global Onshore Drilling Fluid Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 (USD Million) | USD 6,660.67 Million |
| CAGR (2023-2031) | 5.1% |
| By Product Type | Oil-based Drilling Fluid, Synthetic-based Drilling Fluid, Water-based Drilling Fluid, and Others |
| By Well Type | HPHT and Conventional |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Schlumberger Limited, Halliburton Energy Services, Inc., Newpark Resources Inc., Petrochem Performance Chemical LLC, McAda Drilling Fluids, AES Drilling Fluids LLC, Weatherford International Plc, Baker Hughes Company, Tetra Technologies Inc., and Canadian Energy Services L.P. |
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Global Onshore Drilling Fluid Market Segmentation Details:
Based on Product Type, the water-based drilling fluid segment contributed the largest shares to the market growth in 2022. This is because, water-based drilling fluids offer a good balance of performance, environmental considerations, and cost-effectiveness, making them a popular choice for many drilling operations.
Based on Well Type, the conventional segment accounted for the largest market share in the year 2022. Conventional wells have been the primary source of oil and gas production for decades, and many oil and gas companies have established expertise in drilling and operating conventional wells.
Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth. This is because the region is home to some of the world's largest oil and gas producers and has a well-established drilling industry.
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Competitive Landscape
Schlumberger Limited, Halliburton Energy Services, Inc., Weatherford International Plc, and Baker Hughes Company are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of onshore drilling fluids. Further, the onshore drilling fluid market is expected to grow steadily due to the rising use of petroleum in various industries. Additionally, the trend toward increasing expansion of onshore drilling fluid players in the international market is expected to increase the competition in the industry.
Recent Developments
- In March 2022, Schlumberger secured a contract from TotalEnergies for the provision of drilling, completions, and production services for the Tilenga onshore oil development project in Uganda. The contract is expected to involve a comprehensive range of services, highlighting Schlumberger's capability in delivering end-to-end solutions for oil and gas projects.
- In September 2021, Chevron U.S.A. Inc. and Bunge North America, Inc. signed a memorandum of understanding (MOU) to establish a proposed 50/50 joint venture aimed at meeting the growing demand for renewable fuels and developing lower carbon-intensity feedstocks.
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Key Market Takeaways
- North America accounted for the highest market share at 43.01% valued at USD 1,836.18 million in 2022 and USD 1,914.01 million in 2023 and is expected to reach USD 2,790.15 million in 2031. Moreover, in North America, the U.S. accounted for the highest market share of 87.30% during the base year of 2022.
- Based on product type, the water-based drilling fluid segment accounted for the highest market share contribution to the onshore drilling fluid market statistics in 2022.
- In the well type, the conventional segment is expected to contribute significant shares to the growth of the onshore drilling fluid market statistics during the forecast period.
- Asia Pacific is expected to boost the market demand for onshore drilling fluid, as countries such as China and India have significant potential for onshore oil and gas production, and they are investing heavily in exploration and production activities.
List of Major Global Onshore Drilling Fluid Market:
- Schlumberger Limited
- Halliburton Energy Services, Inc.
- Newpark Resources Inc.
- Petrochem Performance Chemical LLC
- McAda Drilling Fluids
- AES Drilling Fluids LLC
- Weatherford International Plc
- Baker Hughes Company
- Tetra Technologies Inc.
- Canadian Energy Services L.P.
Global Onshore Drilling Fluid Market Segmentation:
- By Product Type
- Oil-based Drilling Fluid
- Synthetic-based Drilling Fluid
- Water-based Drilling Fluid
- Others
- By Well Type
-
- HPHT
- Conventional
-
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Frequently Asked Questions in the Onshore Drilling Fluid Market Report
- What was the market size of the onshore drilling fluid industry in 2022?
- In 2022, the market size of onshore drilling fluid was USD 4,269.19 million.
- What will be the potential market valuation for the onshore drilling fluid industry by 2031?
- In 2031, the market size of onshore drilling fluid will be expected to reach USD 6,660.67 million.
- What are the key factors restraining the growth of the onshore drilling fluid market?
- Huge upfront investment in equipment, infrastructure, and personnel is a major factor that restraints the market growth.
- What is the dominating segment in the onshore drilling fluid market by product type?
- In 2022, the water-based drilling fluid segment accounted for the highest market share in the overall onshore drilling fluid market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the onshore drilling fluid market?
- Asia Pacific is likely to grow at the fastest CAGR over the forecast period in the onshore drilling fluid market
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