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Drilling Fluids Market Analysis, Size, Market share, Growth, Trend and Forecast 2023-2032|Baker Hughes, Halliburton Company, Weatherford International plc, Schlumberger Limited, Newpark Resources Inc
Drilling Fluids Market Outlook
The Business Research Company's Drilling Fluids Global Market Report 2023 identifies Increased demand for oil as the major driver for the drilling fluids market's growth in the forecast period. Oil is a common product used in 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, which is driving the drilling fluid market.
The global drilling fluids market size 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 size is expected to grow to $11.84 billion in 2027 at a CAGR of 5.8%.
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Major competitors 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 Dow Chemical Company
A key trend in the drilling fluids market includes Product innovation. 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 EnvaDryTM 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.
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The drilling fluids market is segmented -
• By Product: Oil-based, Synthetic-based, Water-based, Other products
• By Application: Onshore or Offshore
• By End-User: Crude Petroleum Companies, Natural Gas Extraction Companies
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the drilling fluids market.
The Business Research Company's "Global Drilling Fluids Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Drilling Fluids Market Include:
1. Executive Summary
2. Drilling Fluids Market Characteristics
3. Drilling Fluids Market Trends And Strategies
4. Drilling Fluids Market - Macro Economic Scenario
5. Drilling Fluids Market Size And Growth
……
26. Africa Drilling Fluids Market
27. Drilling Fluids Market Competitive Landscape And Company Profile
28. Key Mergers And Acquisitions In The Drilling Fluids Market
29. Drilling Fluids Market Future Outlook and Potential Analysis
30. Appendix
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