Global Drilling Fluids Market By Product (OBF, SBF, WBF, Others), Application (Onshore, Offshore), Type (Water-based Muds, Oil-based Muds, Synthetic-based Muds), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Drilling Fluids Market
Global drilling fluids market is expected to rise to an estimated value of USD 10.83 billion by 2026, registering a substantial CAGR in the forecast period of 2019-2026. Rising environmental concerns and increasing offshore drilling activities are the major factors for the growth of this market.
Market Definition: Global Drilling Fluids Market
Drilling fluid or drilling mud are used for the drilling of boreholes in the earth and usually make drilling easy process. They are widely used in oil and wells drilling activities. Synthetic based muds, water based mud and oil based muds are some of the common type of the drilling fluid. There main function is to remove cuttings from wells, maintain wellbore stability, control formation pressures, minimize formation damage etc. Increasing shale gas activities are the major factor fuelling the market growth of this market.
- Rising shale gas activities are the major factor driving the growth
- Increasing discovery of oil reserves will also propel the market
- Rising demand for oil worldwide will also contribute as a driver for this market
- Increasing investment in oil exploration activities will boost the growth of the market
- High investment cost for drilling will hamper the growth of the market
- Strict government rules and regulations related to drilling will also restraint the growth of this market
- Volatility in price in of crude oil will also negatively affect the market
Global Drilling Fluids Market Segmentation:
- Water-based Muds
- Oil-based Muds
- Synthetic-based Muds
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In October 2017, Halliburton announced the launch of their BaraShale Lite Fluid System which is water- based drilling fluid which is specially designed to reduce density and maintain full salt saturation. It has the ability reduce the disposable cost and prevent lost circulation. The main aim of the launch is to meet the need of the customers and reduce cost without compromising with quality of the fluids.
- In May 2017, Schlumberger announced the launch of their new fluid- mapping while drilling service- SpectraSphere which has the ability to provide downhole fluid composition while drilling. This help the consumer to reduce operational cost and risk related to conventional food analysis by providing them laboratory- quality fluid analysis while drilling.
Global drilling fluids market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of l-citrulline market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global drilling fluids market are Schlumberger Limited., Halliburton, Baker Hughes a GE company LLC, National Oilwell Varco, Newpark Resources Inc., TETRA Technologies, Inc., Scomi Group Bhd, CES Energy Solutions Corp., GEO Drilling Fluids, Inc., Weatherford, Gumpro Drilling Fluids Pvt. Ltd., Akzo Nobel N.V., Catalyst LLC., oil-drilling-fluids.com, Flotek Industries, Inc., China Oilfield Services Limited, Mazrui International L.L.C.
Research Methodology: Global Drilling Fluids Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved