Major players in the drilling fluids market are Baker Hughes, Halliburton Company, Weatherford International plc, Schlumberger Limited, Newpark Resources Inc., Anchor Drilling Fluids USA Inc., TETRA Technologies Inc., Petrochem Performance Chemicals LLC, CES Energy Solutions Corp, International Drilling Fluids and Engineering Services (IDEC) Ltd., NOV Inc., Scomi Group, Stellar Drilling Fluids LLC, Gumpro Drilling Fluids Pvt. Ltd., Global Drilling Fluids & Chemicals Limited, DIAMOCO Group, Q’Max Solutions Inc., BASF SE, Chevron Phillips Chemical Company LLC, and The Dow Chemical Company.
The global drilling fluids market is expected to grow from $8.87 billion in 2022 to $9.45 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The drilling fluids market is expected to grow to $11.84 billion in 2027 at a CAGR of 5.8%.
The drilling fluids market consists of sales of non-aqueous fluid, reservoir drilling fluid, and air drilling fluids, such as foams, mist, and stiff foams.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Drilling fluids refers to a fluid that is circulated in the borehole to carry out a cost-effective and efficient drilling operation resulting in the stable and gauged borehole to the specified depth to prospective formations.
North America was the largest region in the drilling fluids market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in the drilling fluid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of drilling fluids are oil-based, synthetic-based, water-based, and other products.Oil-based drilling fluids refer to fluids composed of oil as the continuous phase and water as the dispersed phase in conjunction with emulsifiers, wetting agents, and gallants.
The applications include onshore and offshore used by various end-users such as crude petroleum companies, and natural gas extraction companies.
Increased demand for oil is expected to fuel the growth of the drilling fluids market.Oil is a common product used for the production of petroleum that is extracted from the surface of the earth through drilling.
Drilling fluids are used in the drilling activity carried out for oil extraction for various purposes such as cooling and lubricating the drill and so on.Therefore, the increase in the demand for oil has, in turn, increased the oil extraction activities by companies is driving the drilling fluid market.
For instance, in March 2021, according to International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global demand for oil is 9 mb/d (Million barrels per day) in 2019 and this is anticipated to rise up to 104.1 mb/d that is an increase of 4.4 mb/d in coming years. Further, according to The Organization of the Petroleum Exporting Countries, an Austria-based intergovernmental organization of 13 oil-producing countries, oil demand is estimated to rise by 1.6 mb/d in 2022, while non-OECD growth is expected at 1.5 mb/d Therefore, growing oil demand is driving the drilling fluids market.
Product innovation is a key trend in the drilling fluids market.Major players operating in the drilling fluids market are developing new products such as the DELTA-TEQ low-impact drilling fluid, a non-aqueous formulation for improved hole cleaning in a deviated borehole, with the aid of innovative technologies.
For Instance, in April 2022, Ingevity Corporation, a US-based company operating in drilling fluids, launches EnvaWet UHS 3100 wetting agent and its novel EnvaDry™ P-FL dual-functional dry additive for invert emulsion drilling fluids. This offers unique performance and sustainability that helps maintain consistent rheology of fluids containing an exceedingly high volume of solids and enhances the ability to boost emulsion stability, extending the life of the drilling mud, and reducing customer investments in time, money, and equipment.
In August 2021, Richardson International Limited, a Canada-based agricultural and food industry company, acquired Control Chemical Corporation for an undisclosed amount.Through this acquisition, Richardson International Limited aims to diversify its business offerings and include innovative product offerings in its portfolio.
Control Chemical Corporation is a Canada-based manufacturer of high-performance drilling fluids and proprietary vegetable oil lubricants.
The countries covered in the drilling fluids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The drilling fluids market research report is one of a series of new reports that provides drilling fluids market statistics, including drilling fluids industry global market size, regional shares, competitors with a drilling fluids market share, detailed drilling fluids market segments, market trends and opportunities, and any further data you may need to thrive in the drilling fluids industry. This drilling fluids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.