Drilling Fluids Market to be Worth $10.7 Billion by 2031-by Meticulous Research®

According to a new market 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 Forecasts to 2031,' the drilling fluids market is expected to reach $10.7 billion by 2031, at a CAGR of 5.7% from 2024 to 2031.

Drilling fluids, also known as drilling mud, play a critical role in ensuring the success and efficiency of drilling operations. These specialized fluids are used to aid the drilling of boreholes. Drilling fluids act as a lubricant and coolants for the drill bit, preventing friction-induced damage and dissipating the heat generated during drilling. It also provides wellbore stability, preventing collapses and maintaining the structural integrity of the drilled hole.

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Drilling fluids are extensively utilized in the oil & gas sector for the extraction of hydrocarbons from various reservoirs, mining sector to assist in maintaining borehole stability, cooling drill bits, and transporting cuttings to the surface, and construction sector for foundation drilling, tunneling, and other subsurface activities.

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.
The drilling fluids market is segmented by fluid type, product type, application, end-use industry, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on fluid type, the global drilling fluids market is broadly segmented into liquid-based fluids, pneumatic-based fluids, and other drilling fluids. In 2024, the liquid-based fluids 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 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. Moreover, the liquid-based fluids segment is projected to register the highest CAGR during the forecast period.

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. However, the biocides & corrosion inhibitor segment is projected to register the highest CAGR during the forecast period.

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.

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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.

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 report also includes an extensive assessment of the key growth strategies adopted by leading market players over the past three to four years. 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).

To gain more insights into the market with a detailed table of content and figures, click here: @ https://www.meticulousresearch.com/product/drilling-fluids-market-5753

Scope of the report:
Drilling Fluids Market Assessment-by Fluid Type
• Liquid-based Fluids
o Oil-based Mud (OBM)
o Water-based Mud (WBM)
o Synthetic-based Mud (SBM)
• Pneumatic-based Fluids
• Other Drilling Fluids

Drilling Fluids Market Assessment-by Product Type
• Weighting Agents
• Viscosifiers
• Scavengers
• Shale Control Additives
• Biocides & Corrosion Inhibitor
• Defoamers
• Lubricants & Surfactants
• Lost Circulation Materials
• Fluid Loss Additive
• Filtration Control Additives
• Other Product Types

Drilling Fluids Market Assessment-by Application
• Onshore Drilling
• Offshore Drilling

Drilling Fluids Market Assessment-by End-use Industry
• Oil & Gas
• Mining
• Construction
• Other End-use industries

Drilling Fluids Market Assessment-by Geography
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Russia
• Norway
• Rest of Europe (RoE)
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Malaysia
• Rest of Asia-Pacific (RoAPAC)
• Latin America
• Mexico
• Brazil
• Rest of Latin America (RoLATAM)
• Middle East & Africa
• UAE
• Saudi Arabia
• Rest of Middle East & Africa (RoMEA)

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This release was published on openPR.