Pune, India, July 08, 2021 (GLOBE NEWSWIRE) -- The global drilling fluids market size is expected to experience significant growth by reaching USD 13.61 billion by 2028. Fortune Business Insights, in its report titled “Drilling Fluids Market, 2021-2028.”, observes that the high demand for energy and the increasing investment in the development of advanced drill fluid chemicals is propelling the growth of the market. The report further mentions that the market stood at USD 8.48 billion in 2020 and is likely to exhibit a CAGR of 5.4% between 2021 and 2028.
COVID-19 Impact:
Lower Growth & Disrupted Supply Chains; Market Bore Brunt with a Growth rate of -24.8%
The COVID-19 pandemic had a significant effect on the oil & gas sector. With lockdowns announced across several countries, the government agencies ordered a complete halt of industrial activities to contain the pandemic. Reduced labor force and disrupted supply chain were some of the factors that heavily impacted the oil & gas sector. This led to the market suffering heavy losses economically and registering a growth rate of -24.8% in 2020.
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Market Segmentation:
Water-Based Segment to Dominate; Product Cost-effectiveness to Surge Adoption
Based on type, the market is divided into water-based, oil-based, synthetic-based, and others.
- The water-based segment held a global drilling fluids market share of about 49.40% in 2020. The segment is expected to remain at the forefront backed by their attributes such as reduced environmental impact and cost-effectiveness that are likely to boost their demand worldwide.
On the basis of application, the market is bifurcated into onshore and offshore. Lastly, based on region, the market is classified into North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa.
What does the Report Include?
The global market report includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the market's growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate that will further contribute to market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
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DRIVING FACTORS
Increasing Investment in Product Development to Promote Growth
Schlumberger company manufactures its fluids with synthetic technology. Besides, back in September 2018, the company introduced CemFIT Shield mud-sealing cement system to improve the isolation between hydraulic fracturing stages across long horizontal wells. Major players like Schlumberger are investing in drill fluids technology with lucrative opportunities across the oil & gas sector. Regions such as West Africa, Latin America, and Asia Pacific, with their extensive oil fields, are attracting significant investments by the companies. These factors are expected to contribute to the global drilling fluids market growth during the forecast period.
REGIONAL INSIGHTS
North America – The region stood at USD 2.60 billion in 2020 and is expected to remain at the forefront during the forecast period. This is ascribable to factors such as the increasing shale gas exploration activities and fracking operations that is likely to propel the demand for advanced drilling fluids in the region.
Asia-Pacific – The market in the region is projected to experience considerable growth backed by the growing discoveries of oil fields across untapped reserves. Moreover, the surging demand for energy from countries such as India and China will boost the adoption of these fluids in the region between 2021 and 2028.
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COMPETITIVE LANDSCAPE
Key Players Focus on Partnerships to Expand Their Product Portfolio & Boost Sales Revenue
The market comprises small, medium, and large companies striving to maintain a stronghold. These companies partner with other companies to develop advanced drilling fluids to cater to the growing demand for energy worldwide. Additionally, the adoption of strategies such as collaboration, merger and acquisition, and facility expansion by other key players is anticipated to contribute to the growth of the market.
Industry Development
- February 2021 - National Oilwell Varco (NOV) announced the launch of a falcon reamer required for drilling operations in the Middle East & North Africa (MENA). The product is designed to provide high-quality wellbores and is equipped with excellent operational efficiency.
List of the Companies Profiled in the Global Market:
- Schlumberger (U.S.)
- Halliburton (U.S.)
- Newpark (U.S.)
- Baker Hughes (U.S.)
- TETRA Technologies, Inc. (U.S.)
- Canadian Energy Services (Canada)
- NOV (U.S.)
- Secure Energy (Canada)
- Weatherford (U.S.)
- Q’Max Solutions Inc. (U.S.)
- Global Drilling Fluids and Chemical Limited (India)
- Sagemines
- Scomi Group Bhd (Malaysia)
- Catalyst Middle East (Dubai)
- Flotek Industries, Inc. (U.S.)
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Drilling Fluids Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Drilling Fluids Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Water-based
- Oil-based
- Synthetic-based
- Others
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Drilling Fluids Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Water-based
- Oil-based
- Synthetic-based
- Others
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Canada Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- U.S. Market Analysis, Insights and Forecast – By Application
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