Drilling Fluids Market: Coronavirus Impact - Key Takeaway? Fortune Business Insights

(MENAFN- The Express Wire) drilling Fluids Market: Coronavirus Impact - Key Takeaway? Fortune Business Insights

Posted on Oct 15 2020 5:53 AM

"Drilling Fluid Market Size, Share and Global Trend By Fluid System(Water Based Fluid System, Oil Based Fluid System, Synthetic Based Fluid System), By Application(Onshore, Offshore), and Geography Forecast till 2026 "

The global drilling fluid market is likely to witness considerable growth in the coming years, with impetus from the increasing demand for gas and oil, Fortune Business Insights, in a report, titled, " Drilling Fluid " Market Size, Share and Global Trend by Fluid System (Water-Based Fluid System, Oil-Based Fluid System, Synthetic Based Fluid System), By Application (Onshore, Offshore), and Geography Forecast till 2026, states that numerous government, as well as private organizations, have started investing hefty amounts in the drilling fluid industry. This is mainly because of the development of existing wells and the exploration of hydrocarbons. Drilling fluids play a significant role in maximizing the production of the wellbore and in elevating drilling capacity. These factors are anticipated to propel the global drilling fluid market during the forecast period.

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The report classifies the global drilling fluid market on the basis of application, fluid system, and geography. In terms of a fluid system, the market is further segmented into the water-based fluid system, synthetic-based fluid system, and oil-based fluid system. By application, the market is divided into onshore and offshore. However, synthetic and oil-based fluid systems are considered to be major environmental threats due to the presence of toxic elements in them. This results in the contamination of nature and is projected to hinder the growth of the global drilling fluid market.

Top Players Overview:

• Schlumberger
• Halliburton
• Baker Hughes, a GE company
• Newpark Resources, Inc
• National Oilwell Varco
• TETRA Technologies, Inc.
• Scomi Group Bhd
• GEO Drilling Fluids, Inc.
• Global Drilling Fluids and Chemicals Limited
• Gumpro Drilling Fluids Pvt Ltd
• AES Drilling Fluids, LLC
• Star Drilling Fluid3. 

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Key Players Focus on Joint Ventures to Establish a Stronghold in Overall Market

Scomi Energy Services Bhd, a management service company headquartered in Malaysia, was awarded contracts worth US$150 million in March 2020, by Kuwait Oil Company. Its main aim is to provide mud engineering services and mud products for development drilling and deep drilling. Uzma Bhd, an international gas and oil service company, based in Malaysia, bagged a five-year contract from Petronas Carigali, a Malaysian company, in July 2018 for supplying drilling fluid and other services. Tetra Technologies Inc., a geographically diversified oil and gas service company, signed a development agreement with Halliburton, a global oil service company in July 2018. It was done to provide distribution and sales of TETRA CS Neptune drilling fluid.

Key Industry Developments

• In March 2020, Scormi Energy Services Bhd bags a contract worth $150 million from Kuwait Oil Company for providing mud products and mud engineering services for deep drilling and development drilling.
• In July 2018, Uzma Bhd gets a five-year contract from Petronas Carigali for provision of drilling fluid and associated services
• In July 2018, Tetra Technologies Inc. and Halliburton jointly signed an agreement for global joint marketing and sale for a newly developed Tetra CS Neptune drilling fluid.

Key Segmental Overview:

1. By Fluid System

• Water-Based Fluid System
• Oil-Based Fluid System
• Synthetic Based Fluid System

2. By Application

• Onshore
• Offshore

3. By Geography

• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

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Extensive Drilling Operations Likely to Drive the Market in Asia Pacific

The global drilling fluid market is geographically divided into Latin America, North America, Asia Pacific, the Middle East and Africa, and Europe. Amongst these, North America is currently leading the global drilling fluid market. This is because the region has invested a huge amount in offshore exploration. According to Fortune Business Insights, the drilling fluid market in the U.S. is expected to exhibit a notable growth during the forecast period. This is because the region is handling pipeline projects to explore hydrocarbon in order to meet the growing demands. Asia Pacific, on the other hand, had been experiencing moderate growth since the past decade, and the market is anticipated to grow constantly.

Key Industry Developments

• In March 2020, Scormi Energy Services Bhd bags a contract worth $150 million from Kuwait Oil Company for providing mud products and mud engineering services for deep drilling and development drilling.
• In July 2018, Uzma Bhd gets a five-year contract from Petronas Carigali for provision of drilling fluid and associated services
• In July 2018, Tetra Technologies Inc. and Halliburton jointly signed an agreement for global joint marketing and sale for a newly developed Tetra CS Neptune drilling fluid.

The maximum share of hydrocarbon production is held by China, in the entire world. Existing wells for the growth of production and numerous drilling operations for examining new oil wells are projected to boost the drilling fluid market in Asia Pacific. Russia is one of the top exporters of gas and oil in Europe. Most of the countries in the European continent are developing at a fast pace due to the presence of the company with a top conglomerate.

Key Market Driver   Enormous exploration activities and development of existing wells

Key Market Restraint    Severe environmental rule and regulation

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Major Table of Content For Drilling Fluids Market:

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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