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Wilmington, Delaware, United States, June 20, 2022 (GLOBE NEWSWIRE) -- The drilling fluids market demand analysis reveals the growing trend of the utilization of these in diverse functionalities in drilling operations increasingly in offshore oil & gas operations. Of note, water-based muds held the largest revenue share in drilling fluids market in 2021. The prominent share is attributed to the popularity of the product segment in terms of toxicity profile and environmentally friendliness. The authors of a TMR study on the global drilling fluids market project the market to advance at CAGR of 5.9% from 2022 to 2031 (forecast period).
Abundant use in multiple drilling operations in onshore applications, popularly in improving wellbore stability, over the years has steered the revenue streams for industry players in the drilling fluids market. Recent trends highlight an inclination of numerous countries toward undertaking unconventional oil and gas explorations. The study asserts that the demand is likely to assist suppliers and manufacturers augment the market share for drilling fluids.
Emphasis on safety of oilfield equipment operations has led to advancements in drilling fluid handling systems, catalyzing product innovations. In particular, the use of novel fluid additives has enabled oil & gas exploration companies to adapt well to wellbore hydraulics, thereby also enriching the value chain of players in the drilling fluids market. The authors of the TMR report opine that incorporation of novel specialty chemicals will boost the functionalities of air drilling fluids and water-based muds.
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Key Findings of Drilling Fluids Market Study
- Product Advancements in Water-Based Muds to Open Up New Source of Revenues : Water-based muds have witnessed abundant demand in the drilling fluids market. The TMR study found that the water-based muds segment held the share of 53.4% of the global market in 2021. Growing R&D in multi-functional fluid additives are expanding the avenue for innovation, asserted the authors of the study. Several specialty companies are capitalizing on new streams of revenues by unveiling solutions that are tailored to the wellbore conditions.
- Abundant Demand in Exploration of Oil & Gas Reserves Propelling Product Sales : Rise in use of drilling fluids in various applications in oil & gas reserves particularly maintaining wellbore stability & well control has augmented the size of the drilling fluids market. Over the decades, intense efforts to extract oil reserves from OPEC (Organization of the Petroleum Exporting Countries) has generated enormous profitable opportunities.
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Drilling Fluids Market: Key Drivers
- Investments in onshore and offshore oil and gas drilling have grown substantially in various parts of the world to extract fossil fuels. Enormous demand for fossil fuels in energy generation is thus a key driver for drilling fluids market.
- Strides made in strategic production of shale oil and gas is some parts of the world are propelling the expansion of avenues in the drilling fluids market. A number of specialty chemicals in shale gas extraction has steadily been used in various hydraulic fracturing methods.
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Drilling Fluids Market: Regional Growth Dynamics
- North America held a major share—a little over half—of the global drilling fluids market in 2021. The regional market will continue to witness high demand, underpinned by their use in shale gas extractions.
- Asia Pacific and Europe held sizable shares globally in terms of volume. Asia Pacific contributed 16% of the global drilling fluids market. India, Indonesia, Australia, and China are lucrative countries in the region, found the authors of the TMR study.
Drilling Fluids Market: Key Players
A number of prominent companies are leveraging product diversification as one of the marketing strategies to consolidate their shares. Most players are keen on growing their R&D investments. Some of the key players in the drilling fluids market are Shell Plc, National Oilwell Varco, L.P., NuGenTec, Newpark Resources Inc., Solvay S.A., Clariant International Ltd, Weatherford International Plc., Akzo Nobel N.V., Akzo Nobel N.V., DowDuPont, Schlumberger, and Schlumberger Limited.
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Drilling Fluids Market Segmentation
- Water-based Muds
- Oil-based Muds
- Synthetic-based Muds
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Russia & CIS
- Rest of Europe
- Rest of Asia Pacific
- Saudi Arabia
- Rest of Middle East & Africa
- Rest of Latin America
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