The Drilling Fluids Market to witness innovation-based fortification between 2017 - 2025

Drilling Fluids Market

Drilling fluids are the backbone of drilling operations and serve various purposes. These fluids are mainly utilized in the drilling of subterranean wells. Drilling fluids provide primary well control of subsurface pressure by a combination of density and additional pressure acting on the fluid column (surface imposed or annular). Drilling fluids are also known as drilling muds.

The various principal functions of drilling fluids include maintaining well control, controlling subsurface pressure, maintaining wellbore stability - chemically and mechanically and transmitting hydraulic energy to the drill bit and down hole tools. Various types of drilling fluids are utilized in offshore and onshore oil and gas applications, such as oil-based fluids, water-based fluids, non-aqueous fluids and synthetic fluids, among others. Water-based drilling fluids are one of the most widely utilized drilling fluids among all and are expected to hold a significant market share.

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The chemicals and materials vertical is slated to witness emphasis shifting towards new-fangled value streams as well as applications driving it. One amongst them would be feedstock volatility, which is bound to influence the export competitiveness throughout. Plus, decarbonisation is making inroads, wherein renewable and recycled feedstock-based polymers are inevitable with regards to product offerings.

Digital sales and remote sales channels are already there to join the bandwagon. The "go green" initiative is bound to go a long way, as things like global warming would never be taken casually again. Persistence Market Research has its team of knowledge and research experts in the form of consultants and analysts to cater to the needs of the key stakeholders.

Global Drilling Fluids Market: Dynamics

Growing investments across the value chain of the oil & gas industry are among the key factors likely to support the demand for drilling fluids in the near future. Recently, Exxon Mobil Corporation announced an investment of US$ 20.0 Bn through 2022 to expand its oil refining plant on the U.S. Gulf Coast, which in turn will boost the demand for drilling fluids in the coming years.

Further, initiatives towards the development of the oil and gas industry in developing economies are supporting the demand for drilling fluids in the APAC region. The government of India has allowed 100% Foreign Direct Investment (FDI) in upstream and private sector refining projects. Further, surging investments in Mexican oil & gas exploration, production and drilling activities are expected to create a demand for drilling fluids in the near future.

However, stringent government and environmental regulations regarding the utilization and disposal of drilling fluids along with the geopolitical issues in major oil producing regions are anticipated to restrain the market growth over the forecast period.

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Global Drilling Fluids Market: Segmentation

The global drilling fluids market can be segmented on the basis of product type and application.

Product Type
Oil-based fluid
Water-based fluids
Synthetic fluids
Others (non-aqueous fluid, reservoir drilling fluid, etc.)
Application
Onshore
Offshore
Global Drilling Fluids Market: Regional Outlook

Globally, the drilling fluids market is expected to be dominated by North America, owing to the rising exploration of shale gas in Canada and the U.S. Latin America is anticipated to grow with a significant rate in the near future. Increasing drilling activities in the offshore Venezuela and Brazil are anticipated to boost the demand for drilling fluids in the region.

Government support and subsidies for exploration and production companies to enhance oil and gas production in developing economies, such as India and China, are anticipated to boost the demand for drilling fluids in the Asia Pacific region.

Global Drilling Fluids Market: Key Players

Examples of some of the market participants identified across the value chain of the global drilling fluids market include Schlumberger Limited, Baker Hughes Incorporated, Anchor Drilling Fluids USA, LLC, National Oilwell Varco, and Gumpro Drilling Fluids Pvt. Ltd.

Implementation of nanotechnology in various industries has prompted the market participants to apply the nanotechnology in the oil and gas industry. Prominent manufacturers of drilling fluids are involved in the heavy investments in the development of drilling fluids technology using nanotechnology. The global drilling fluids market is one of the most consolidated market as there are limited number of players available in the market and most of the market is hold by the top global players.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.

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