Oil Drilling Chemicals Market Growth Drivers, Developments, Technology And Future Trends 2031

Drilling Fluids Market Outlook 2031

The global drilling fluids market was valued at US$ 8.2 Bn in 2021

It is projected to grow at a CAGR of 5.9% from 2022 to 2031

The global drilling fluids market is expected to surpass value of US$ 14.5 Bn by the end of 2031

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Analysts' Viewpoint on Drilling Fluids Market Scenario

Companies operating in the drilling fluids market are growing their regional presence due to the increase in the adoption of crude oil as a source of energy. Companies are increasing their import & export activities due to the reopening of country borders post the COVID-19 pandemic. The market has become highly competitive due to the large presence of multinationals. These key players are involved in product innovations pertaining to air drilling fluids, water-based muds, and other specialty chemicals. Companies are investing in R&D to develop multi-functional fluid additives, which offer a competitive edge over other market players. Different companies have their own patented drilling fluid solutions meant for specific types of wellbore conditions.

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Overview of Drilling Fluids Market

Drilling fluid, also called drilling mud, aids in the process of drilling a borehole into the earth. Boreholes are drilled for oil & gas extraction, core sampling, and other purposes. Drilling fluids serve many functions such as controlling formation pressures, removing cuttings from the wellbore, sealing permeable formations encountered while drilling, cooling, lubricating the bit, transmitting hydraulic energy to downhole bit and tools, and maintaining wellbore stability & well control.

The global drilling fluids market is projected to grow at a decent pace from 2022 to 2031, due to the rise in investment for the exploration and production of offshore oil & gas. Growth in shale oil & gas exploration has encouraged many countries around the world to exploit their own unconventional gas resources.

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Increase in Consumption of Energy to Boost Demand for Drilling Fluids

The rise in industrialization activities and population has led to high consumption of energy per day. It has been found that fossil fuels supply about 84% of the world's energy. Hence, the extraction of oil & gas and fossil fuels has increased across the globe. A rise in investment in the exploration and production of offshore oil & gas is propelling the adoption of drilling fluids around the world.

The International Energy Agency (IEA) prepares annual projections about potential energy demand using a number of different scenarios. According to the IEA 2021 report, global demand for natural gas is expected to increase by 31% by 2040, supplying 17% of total energy consumed worldwide.

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Analysis of Key Players in Drilling Fluids Market

The global drilling fluids market comprises several small and large-scale manufacturers & suppliers that control a majority of the share. Most of the firms are adopting new technologies and strategies with comprehensive research & development (R&D) in large numbers of oil & gas reservoirs.

Diversification of product portfolios and mergers & acquisitions (M&A) are important strategies adopted by key players. Schlumberger Limited, DowDuPont Inc., Halliburton, Baker Hughes, GE Company, Akzo Nobel N.V., Weatherford International Plc., Clariant International Ltd, Solvay S.A., Gumpro Drilling Fluids Private Limited, Newpark Resources Inc., Oren Hydrocarbons Middle East Inc, NuGenTec, Petrochem Performance Chemicals Ltd. LLC, National Oilwell Varco L.P., and Royal Dutch Shell plc are prominent entities operating in the market.

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