(MENAFN- America News Hour) Research Nester published a report titled “Onshore Drilling Fluids Market”: Demand Analysis & Opportunity Outlook 2035” which delivers detailed overview of the global onshore drilling fluids market in terms of market segmentation by product type, well type, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global onshore drilling fluids market is anticipated to grow with a CAGR of ~6% during the forecast period, i.e. 2023-2035. The market is segmented by product type into water-based fluids, oil-based fluids, and synthetic-based fluids. Out of these, the oil-based fluids segment is attributed to garner the highest market share by 2033, owing to high consumption of petroleum based products across the world. It estimated that the consumption of petroleum products in India stood up at 195 million tons (MT) in FY21.
The global onshore drilling fluids market is estimated to garner a notable revenue by the end of 2033. The growth is attributed to the rising requirement in the energy industry, which is expected to drive the global oil & gas market growth during the forecast period. Furthermore, an increase in demand for crude oil and gas by various industrial sectors, such as power plants and transportation which has been driving the demand for oil and gas production globally, is anticipated to increase adoption rate of onshore drilling fluids market. Rising concern toward handling solid wastes, spill containment, and collapsing boreholes is expected to bring new opportunities for the onshore drilling fluids market over the forecast period. Also, the market is expected to witness a huge leap in demand for the product due to its usability in the industries where oil & gas play an essential role.
Geographically, the onshore drilling fluids market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America region is estimate to garner the largest market share by the end of 2033, on the back of expansion of chemical industry, urbanization & industrialization, expansion in research and development expenditure, high disposable income and considerable growth in GDP.
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The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players' competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rapid Growth of Drilling Processes to Drive the Market Growth
The urbanization has propelled the demand of crude oil. This trend is expected to increase the drilling processes which in turn the demand of onshore drilling fluids. In addition, the rise in application construction activities is also projected to increase the adoption rate of onshore drilling fluids in the forecast period.
However, the adverse effect on environment along with increased risks during the drilling processes and fluctuation in the price of crude oil and end products is expected to operate as key restraint to the growth of the global onshore drilling fluids market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global onshore drilling fluids market which includes company profiling of Baker Hughes Company, Castle Harlan Inc., TETRA Technologies, Scomi Group Bhd, Halliburton Energy Services, Inc., NOV, Newpark Resources, Inc., CES Energy Solutions Corp., GEO Drilling Fluids, Inc., Weatherford International plc, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global onshore drilling fluids market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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