(MENAFN - GetNews) Drilling fluids play a vital role in oil and gas exploration activities. It is the mixture of water, oil, clay, & several chemicals. It is also called drilling mud.
The global drilling fluids market is valued at USD 13,454.5 million, which is projected for the foreseen year 2023 at a registered CAGR of 7.03%. The drilling fluids are now popular since an increase in oil and gas activities across the globe. Drilling fluids are reliable and play a vital role in the exploration process which is created by a mixture of water, oil, clay & several chemicals to maintain cooling of the drill, lubrication of its teeth, maintain stability in the drilling operation and reduction of stucking of drill pipes.
Factors Driving the Global Drilling Fluids Market
The desire to increase energy consumption from various industries such as power, transportation and manufacturing coupling with increased drilling activities in hydrocarbon production has ignited the growth of the global drilling fluids market till 2023. The global drilling fluids market is all set to achieve unprecedented valuation due to drilling activities on the offshore reserve along with the exploration of non-conventional shale gas reserves. These will fuel the demand for drilling fluids in the foreseen years.
The developing global drilling fluids market has also seen an incredible rise due to less CapEx and increasing investments in onshore activities and a little collapse in prices if crude oil and gas during 2014-2016. Some of the leading companies in the market are continuously engaged in designing and planning for drilling fluids as per increasing demands. This has led the market garner more and more investments to cover the decline of market share.
In drilling fluid industry, there are various types of drilling fluids that are utilized in offshore and onshore oil and gas exploration. These are oil-based fluids, water-based fluids, non-aqueous fluids, synthetic fluids, and others. Of these, water-based fluids are widely preferred for usage, which certainly holds the market to grow. Due to minimum toxicity level, these liquids are extensively utilized for offshore drilling activities. Recently, the trend has shifted towards the usage of synthetic fluids over oil-based fluids due to high risk of environmental hazards and affecting flora and fauna in significant ways.
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Market Segmental Analysis
The global drilling fluid market has segments based on type and application.
Water-based drilling fluid tops the global drilling fluid market with a share of 55.90% in 2016 on the market value of USD 4,706.6 Million. This is projected to grow at the highest CAGR of 7.52% during the forecast period. The water-based fluid is less expensive, requires less chemical treatment on disposing of it. The alluring properties such as it being eco-friendly projects the demand in the market.
Next comes, oil-based fluids that held the second largest market in 2016 with a valuation of USD 2,248.0 Million. This is projected to expand at a CAGR of 6.66%. Oil based is preferred for creating greater depths while drilling, thermal stability and reduced corrosion of grilling tools. These factors made the global drilling fluids market upsurge at a higher level than previous years.
By application, onshore activity accounted the most significant market share with 69.40% in 2016 and valuation of USD 5,843.2 million. This is expected to expand at a CAGR of 6.80% during the forecast period. Whereas, offshore activity has the second largest place by the application in 2016 with a valuation of USD 2,576.4 Million. This includes deep-water drilling, shale, and tight oil production and more as seen highly across the globe.
Geographically, the global drilling fluid market is segmented in the region of North America, Europe, Asia-Pacific, Middle East & Africa.
The drilling fluids market is expected to see significant growth in the North America region, owing to the increasing number of exploration activities of shale gas. With the help of Government attributes and subsidies for the same to enhance oil and gas production, India and China are also in the line of boosting the demand of drilling fluids and the market in Asia-Pacific region.
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Scope of the Report
This study provides an overview of the global drilling fluids market, tracking two market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Latin America Europe, Asia-Pacific (APAC) and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global Drilling Fluids market by its concrete type, application, end-use and region.
Global Drilling Fluids Market, By Type
- Water Based Drilling Fluid
- Oil-Based Drilling Fluid
- Synthetic Based Drilling Fluid
Global Drilling Fluids Market, By Application
- Schlumberger Limited
- Halliburton Inc
- Baker Hughes Incorporated
- Newpark Resources Inc.
- National Oilwell Varco.
- Scomi Group Bhd
- TETRA Technologies, Inc.
- Canadian Energy Services & Technology Corp.
- GEO Drilling Fluids, Inc.
- Anchor Drilling Fluids USA, Inc.
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