Weighing Agents Market Key Trends and Forecast Research Report 2018 - 2028

Weighing agents are the additives which are added to the drilling fluids to increase the fluid density, to control the formation pressure, to inhibit the formation caving and ease the pulling of dry pipe. Weighing agents are also under the name of weighting material or weighting material. Weighing agents are finely powdered solid. Simply put, the use of weighing agent is to overbalance the fluid pressure during drilling operation which helps in preventing the fluid from exerting the hydrostatic pressure on the exposed oil & gas reserves. There are different types of materials such as barite, hematite, calcium carbonate, siderite, Ilmenite, etc. which can be used as weighing agents. Weighing agent is used with all invert emulsion and water base drilling fluids.

Weighing agents are classified according to the ISO & API standards. Specific gravity is one of the important characteristic which is considered during the selection of weighing agent. Dissolved salts in brine solutions such as calcium bromide are often confused as weighing agent which is not correct. Barite is one of the most commonly used weighing agents. In the recent years manufacturers are focused on the development of weighing agents through other material.

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Weighing Agents Market: Dynamics

Increasing oil & gas exploration activities will act as main driving factor responsible for the growth of weighing agents market. Depletion of onshore oil & gas reserves has forced the oil & gas industry to shift towards deep water reserves, which in turn will fuel the demand for weighing agent owing to increasing use of drilling chemicals. Also the increased shale gas and other conventional gas activities will boost the demand for drilling fluids, owing to which there will be up surge in demand for weighing agents.

Increasing drilling and exploration, increasing number of oil rigs will drive the growth of weighing agents market. Rise in the global capital expenditure on upstream activities will be positively impacting the global weighing agents market. Increasing focus on product innovation and the development of new products such silicone based weighing agents is estimated to be positive sign for the global weighing agents market. Growing environmental concerns regarding the disposable of drilling fluids and geo-political conflicts in some of important oil producing countries will act as restraining factors for weighing agents market.

Weighing Agents Market: Segmentation

The global weighing agents market can be segmented on the basis of its product type, application and end-use.

The global weighing agents market is segmented on the basis of product type:

Barite API grade

Hematite

Attapulgite Clay

Bentonite API Grade

Marble Chips

Calcium Carbonate

Siderite

Ilmenite

The global weighing agents market is segmented on the basis of application:

Drilling

Aqueous

Non-aqueous

Completion Fluids

The global weighing agents market is segmented on the basis of end use:

Onshore

Offshore

Weighing Agents Market: Regional Outlook

Predominance of oil & gas industry in Middle East region and increasing oil & gas exploration activities in Middle East and Africa, is estimated to make Middle East and Africa a promising market for weighing agents. There is significant presence of oil & gas industry in North America region, depletion of onshore oil & gas reserves will increase the shale gas exploration activities in North America region, owing to which North America is estimated to be prominent market. Offshore as well as onshore drilling & exploration activities are estimated to increase in Asia Pacific region, also the growing presence of oil & gas industry will make Asia Pacific a potential market for weighing agents. Increasing oil & gas exploration activities in the regions such as Latin America and Europe will collectively make Europe and Latin America a significant market for weighing agents.

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Weighing Agents Market: Key Participants

Examples of some of the market participants operating in the global weighing agents market are:

Baroid Industrial Drilling Products, Schlumberger Limited, Elkem ASA, Halliburton, Global Drilling Fluids and Chemicals Limited, Baker Hughes, Carmeuse, Imdex Limited and Di-Corp among others.

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This release was published on openPR.