Saudi Arabia Drilling Fluids Market is estimated to rise at a significant CAGR of 6% during 2020-2027 | Size, Report & Forecast

Saudi Arabia Drilling Fluids Market

The Saudi Arabia Drilling Fluids Market is expected to grow a CAGR between 4% to 6% over the forecast period (2020-2027).

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The factors driving growth of the Saudi Arabia Drilling Fluids Market includes growing consumption crude oil and natural gas across Saudi Arabia, rising environmental and safety concerns, increasing demand for air conditioning and other industrial cooling equipment and improvements in the living standards. For instance, the natural gas production across Saudi Arabia has increased from 113 billion cubic meters in 2020 to more than 117 billion cubic meters in 2021, which will accelerate the market growth in the approaching years. Moreover, technological advancements in drilling fluid equipment, increasing number of onshore and offshore drilling activities across Saudi Arabia, ongoing operations in oilfield such as Ghawar, Safaniya and Khurais, and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, strategic collaboration, and partnerships between companies, rising disposable incomes and growing population growth rates, are further contributing to the market growth.

However, growth of the Saudi Arabia Drilling Fluids Market is hindered due to high price of oil-based drilling fluids.

Based on Product Type, the Water-Based Fluids (WBF) segment is predicted to capture the largest market share during the forecast period

Water based drilling fluids are increasingly preferred over oil-based fluids owing to its cost-effective features and enhanced environmental acceptability, is propelling segment's growth. 

Based on Application, the Onshore segment is projected to hold the highest market share over the forecast period

Increasing demand for crude oil and natural gas across Saudi Arabia, rise in the number of oil exploration and production activities owing to growing energy needs, are some of the factors propelling the segment's growth. For instance, the oil field's production capacity has risen from 300,000 barrels per day (bpd) to 1.5 million barrels per day (Mbpd), as part of the USD 3 billion Khurais Arabian Light Crude Increment Program.

Market Segmentation

Segmentation by Product Type

Oil-based fluids (OBF)
Emulsifiers
Filtrate Control
Wetting Agents
Rheology Modifiers
Viscosifiers
Lost Circulation Materials
Lubricants
Others
Water-Based Fluids (WBF)
Lubricants (including Extreme Pressure Lubricants)
Thinners
Filtrate Control (Starch, PAC, etc.)
Viscosifiers (HEC, Xanthan Gum, etc.)
Lost Circulation Materials
Defoamers
Shale Inhibitors
Others
Synthetic-Based Fluids (SBF)
Synthetic Hydrocarbons
Ethers
Esters
Acetals
Others
Others

Segmentation by Application

Onshore
Offshore

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