Newark, July 14, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global drilling fluids are expected to grow from USD 9.65 billion in 2021 to USD 14.42 billion by 2030, at a CAGR of 4.57% during the forecast period 2022-2030.
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Globally, the need for energy has increased as the world's population has grown. Rapid urbanization and industrialization have also boosted crude oil and gas demand. Oil and gas are vital components of an economy's industry. The rising energy demands have persuaded the national governments and private market stakeholders to enhance their oil exploration activities. As drilling fluids are primarily used for oil and natural gas drilling, the market will be driven by the rising oil and natural gas drilling operations. New technological advancements have enabled humans to investigate the world's most isolated locations in search of fossil fuels. New oil and gas field sources with tremendous energy potential are being discovered as humans gain greater access to isolated areas and deep oceans. The finding of previously untapped reserves will open up new drilling opportunities for market operators to meet escalating energy demands. The drilling activities' negative environmental impact will hamper the market's growth. The stringent government regulations concerning ecological conservation will also challenge the market's growth. Developing sustainable and environmentally friendly drilling fluids can overcome the restraints and challenges of the market.
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Competitive Strategy
To enhance their market position in the global drilling fluids, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• National Oilwell Varco (NOV) announced the launch of a falcon reamer for drilling operations in the Middle East and North Africa in February 2021. (MENA). The product is meant to provide high-quality wellbores while also being extremely efficient.
Market Growth & Trends
The increasing oil and drilling activities to meet the rising energy demands of the consumer, automotive, construction, and manufacturing industries will drive the drilling fluids market globally. With rising infrastructural projects, the demand for drilling fluids in the construction industry will also drive the drilling fluids markets. The growing energy demands of the rising population in the developing nations will provide an impetus to the growth of the drilling fluids market. The discovery of offshore oil and gas reserves around the Asian and African subcontinent will all contribute to the development of the market. The expanding shale gas exploration in the US will also increase the demand for drilling fluids. Automation and technological integration in the drilling industry to reduce operational costs & enhance production efficiency will lead to innovation of improved drilling fluids, providing future growth opportunities to the market players.
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Key Findings
• In 2021, the onshore segment dominated the market with the largest market share of 84% and market revenue of 8.10 billion.
The application segment is divided into onshore and offshore. In 2021, the onshore segment dominated the market with the largest market share of 84% and market revenue of 8.10 billion.
• The synthetic-based segment is expected to grow at the fastest CAGR of 5.91% over the forecast period.
The type segment is divided into oil-based, water-based, synthetic-based, and others. Over the forecast period, the synthetic-based segment is expected to grow at the fastest CAGR of 5.91%.
• In 2021, the high-pressure high temperature (HPHT) wells segment accounted for the largest share of the market, with 65% and a market revenue of 6.27 billion.
The well type segment is divided into conventional and high-pressure high-temperature wells (HPHT). In 2021, the high-pressure high-temperature wells (HPHT) segment accounted for the largest share of the market, with 65% and a market revenue of 6.27 billion.
Regional Segment Analysis of the Drilling Fluids
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region emerged as the largest market for global drilling fluids, with a market share of around 33.45% and 3.22 billion of the market revenue in 2021. The Asia Pacific is expected to grow at the fastest CAGR forecast period. The drilling fluids market in the Asia Pacific has been expanding rapidly. The discovery of offshore oil and gas reserves around the islands in the south China sea, off the coast of Malaysia, Papua New Guinea, and Brunei, have paved the way for deep-water and ultra deep-water drilling operations. The advent of sophisticated drilling fluids to avoid any environmental damage or oil spills will also encourage the market players to undertake deep-water and ultra deep-water drilling operations at the untapped reserves off the coast of the Asian subcontinent.
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Key players operating in the global drilling fluids are:
• Baker Hughes Inc.
• Schlumberger Limited
• TETRA Technologies
• Halliburton
• National Oilwell Varco (NOV INC)
• Newpark Resources Inc.
• Anchor Drilling Fluids USA, LLC
• Secure Energy
• Weatherford International Plc.
• ExxonMobil Corporation
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global drilling fluids based on the below-mentioned segments:
Global Drilling Fluids Market by Application:
• Onshore
• Offshore
Global Drilling Fluids Market by Type:
• Oil-Based
• Water-Based
• Synthetic-Based
• Others
Global Drilling Fluids Market by Well Type:
• Conventional Wells
• High-Pressure High Temperature (HPHT) Wells
About the report:
The global drilling fluids are analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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