Drilling Fluids Market to be Worth $10.7 Billion by 2031

Meticulous Research®-a leading global market research company, published a research report titled, 'Drilling Fluids Market by Type (Liquid-based [Oil, Water, Synthetic], Pneumatic-based), Product (Weighting Agents, Viscosifiers, Defoamers, Lubricants), Application, End-use (Oil & Gas, Mining, Construction), and Geography - Global Forecast to 2031.'

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According to this latest publication from Meticulous Research®, the global drilling fluids market is projected to reach $10.7 billion by 2031, at a CAGR of 5.7% from 2024 to 2031. The market's growth is driven by the increasing demand for drilling fluids in oil extraction and refining activities, the increase in deepwater exploration, and the growing need for crude oil and gas in the industrial sector. Furthermore, the development of advanced drilling fluid chemicals is anticipated to create market growth opportunities.

However, the adverse environmental impact of drilling fluids restrains the market's growth. Additionally, the high operational costs associated with drilling processes pose significant challenges for players in this market. A prominent trend in the drilling fluids market is the increasing emphasis on environmentally friendly drilling fluids.

The global drilling fluids market is segmented by fluid type, product type, application, and end-use industry. The study also evaluates industry competitors and analyzes the market at the region/country level.

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Based on fluid type, the global drilling fluids market is broadly segmented into liquid-based fluids, pneumatic-based fluids, and other drilling fluids. The liquid-based fluids segment is further sub-segmented into oil-based mud (OBM), water-based mud (WBM), and synthetic-based mud (SBM). In 2024, the liquid-based fluids segment is expected to account for the larger share of the global drilling fluids market. The liquid-based fluids segment is also projected to register the highest CAGR during the forecast period. The large market share of this segment can be attributed to the growing utilization of oil-based mud (OBM) and synthetic-based mud (SBM) for oil and gas reservoirs, an increasing preference for Water-Based Mud (WBM) due to its low environmental impact and effective cooling and lubrication properties, a rising need to enhance overall drilling safety and efficiency, improve wellbore stability, and the increasing use of SBM due to its high-temperature stability and resistance to extreme pressure conditions.

Based on product type, the global drilling fluids market is broadly segmented into weighting agents, viscosifiers, scavengers, shale control additives, biocides & corrosion inhibitors, defoamers, lubricants & surfactants, lost circulation materials (LCM), fluid loss additives, filtration control additives, and other product types. In 2024, the weighting agents segment is expected to account for the largest share of the global drilling fluids market. The large market share of this segment is attributed to the growing use of weighting agents, including barite, to increase the density of drilling fluids and the growing need for proper flow and suspension of cuttings to facilitate efficient drilling, minimize fluid losses, and optimize the overall drilling process.

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However, the biocides & corrosion inhibitor segment is projected to register the highest CAGR during the forecast period. This growth can be attributed to stringent government environmental regulations for drilling operations, the increasing need to protect drilling equipment and downhole tools from corrosion, the growing need to reduce downtime and maintenance costs resulting from corroded equipment in the wellbore, casing, and other components, the growing need to minimize the environmental impact of drilling fluids, and the increasing focus on environmentally friendly drilling fluids.

Based on application, the global drilling fluids market is broadly segmented into onshore drilling and offshore drilling. In 2024, the onshore drilling segment is expected to account for the larger share of the global drilling fluids market. The large market share of this segment can be attributed to the accessibility and cost-effectiveness of onshore drilling compared to offshore drilling. Additionally, factors such as increasing technological advancements, including horizontal drilling and hydraulic fracturing, a growing demand for drilling fluids in onshore geothermal and other renewable energy drilling projects, and the exploration of unconventional resources such as coalbed methane (CBM) and tight oil reserves to meet growing energy needs contribute to the significant market share of this segment.

However, the offshore drilling segment is projected to register a higher CAGR during the forecast period. This growth can be attributed to the increasing exploration and development activities aimed at tapping into global oil reserves in deepwater or seabed locations, including the Gulf of Mexico, offshore Brazil, and the North Sea. Additionally, advancements in technology, such as subsea drilling, floating production storage offloading (FPSO) systems, and floating production platforms, contribute to the growth of the offshore drilling segment.

Based on end-use industry, the global drilling fluids market is broadly segmented into oil & gas, mining, construction, and other end-use industries. In 2024, the oil & gas segment is expected to account for the largest share of the global drilling fluids market. The large market share of this segment is attributed to the increasing need for advanced drilling fluids in the oil & gas industry, fluctuations in oil prices globally, growing exploration and production activities in deepwater and ultra-deepwater reserves to meet global energy demand, and stringent environmental and safety regulations.

However, the mining segment is projected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing mineral exploration and extraction of rare-earth elements for various industries, the rising adoption of environmentally friendly drilling fluids to mitigate the environmental impact of mining operations, and the growing use of drilling fluids to enhance drilling and aid in the extraction of minerals.

Based on geography, the global drilling fluids market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the global drilling fluids market, followed by Asia-Pacific and Europe. North America's major market share can be attributed to the increasing exploration and production activities to meet the growing global demand for energy, stringent environmental regulations, and the increasing demand for minerals and metals for construction materials, manufacturing processes, and infrastructure development.

However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is driven by the increasing demand for advanced drilling fluids, including OBM and SBM, tailored to offshore conditions. Additionally, factors such as the increasing technological advancements in drilling technologies, the growing use of specialized fluids such as lubricants and coolants for maintaining overall drill operations, and the increasing use of drilling fluids for construction projects, including foundation drilling, tunneling, and boring, are expected to support the market's growth in the Asia-Pacific region.

Key Players:

The key players operating in the drilling fluids market are Baker Hughes Company (U.S.), Halliburton Energy Services, Inc. (U.S.), CES Energy Solutions Corp. (Canada), Newpark Resources, Inc. (U.S.), Schlumberger Limited (U.S.), TETRA Technologies, Inc. (U.S.), Paragon Integrated Services Group (U.S.), SECURE Energy Services Inc. (Canada), NorthStar Fluid Solutions LLC (U.S.), Petrochem Performance Chemicals LLC (UAE), Chevron Phillips Chemical Company LLC (U.S.), Proec Energy Limited (India), United Mud-Chem Pvt. Ltd. (India), Ennor Muds & Chemicals (India), Global Drilling Fluids and Chemical Limited (India), Sagemines (DIAMOCO Group) (France), Catalyst (India), Gumpro Drilling Fluids (India), and Vink Drilling Fluid Solutions Private Limited (India).

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This release was published on openPR.