Wilmington, Delaware, United States, , Dec. 14, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Drilling Fluid Market was valued at US$ 8.2 Bn in 2021. It is expected to expand at a 5.9% CAGR from 2022 to 2031, according to the Drilling Fluid Market research report by TMR. The market is anticipated to expand at a reasonable rate between 2022 and 2031 owing to the rising investments in offshore oil and gas exploration and production.
Companies in the Drilling Fluid Market are expanding their regional presence considering the increased usage of crude oil as a source of energy. Concurrently, the large presence of multinational corporations has created intense competition among the players. These players are involved in the development of new products for air drilling fluids and other specialty chemicals. They are investing in R&D to create multi-functional fluid additives that would give them a competitive advantage and contribute toward the Drilling Fluid Market expansion.
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Drilling Fluid Market: Growth Drivers
- Rapid industrialization and population growth have increased daily energy consumption. It has been determined that a large percentage of the world's energy comes from fossil fuels. Consequently, the extraction of oil & gas, and fossil fuels has increased worldwide.
- Rising investments in offshore oil & gas exploration are expected to lead to the Drilling Fluid Market expansion between 2022 and 2031. Numerous countries across the globe are trying to develop technologically well-equipped gas resources owing to the rise in exploration activities. Innovations in drilling fluid used in a range of settings have broadened the growth prospects of the drilling fluid industry.
Key Findings of Drilling Fluid Market
- In 2021, the water-based muds segment held a substantial share of 53.4% of the global market. The segment is projected to expand due to its eco-friendly properties and non-toxic nature.
- In 2021, the onshore application category dominated the overall Drilling Fluid Market with a significant share of 66.16%. Furthermore, a rise in awareness regarding the safe operation of oilfield equipment is likely to drive the demand for onshore drilling fluid.
- The onshore segment is also likely to be driven by approvals for new operations by the governments of countries. Market participants are focusing on extensive research and development activities that have contributed to the expansion of the onshore market.
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Drilling Fluid Market: Regional Assessment
- North America is estimated to gain a substantial share of the global Drilling Fluid Market during the review period. The burgeoning demand for drilling fluid in this region can be attributed to the increase in shale gas exploration and drilling in North America.
- Asia Pacific is also one of the prominent regions in the global Drilling Fluid Market in terms of volume. In 2021, it held a 16% market share due to the increase in drilling operations in countries such as Indonesia, India, China, and Australia. Demand for drilling fluid is likely to rise in the Asia Pacific region during the forecast period.
- Oil and gas resources are not evenly distributed across the globe. The correspondingly large proportion of undiscovered oil resources around the world is expanding business opportunities in OPEC nations, such as Saudi Arabia, Iran, and Kuwait.
Drilling Fluid Market: Key Players
- Solvay S.A.
- DowDuPont Inc.
- Halliburton
- Schlumberger Limited
- Clariant International Ltd
- Oren Hydrocarbons Middle East Inc.
- Newpark Resources Inc.
- National Oilwell Varco, L.P.
- Baker Hughes, a GE Company
- Gumpro Drilling Fluid Private Limited
- NuGenTec
- Petrochem Performance Chemicals Ltd. LLC
- Royal Dutch Shell PLC
- Weatherford International Plc.
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Drilling Fluid Market: Segmentation
Type
- Water-based Muds
- Oil-based Muds
- Synthetic-based Muds
Application
- Offshore
- Onshore
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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