Drilling Fluids Market Analysis
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
Drilling Fluids Market claims to have a 7.5% of CAGR during the forecast period 2022-2030 and a revenue of USD 13,454.5 million.
Request Sample Report @ https://www.marketresearchfuture.com/sample_request/4329
Factors Driving the Global Drilling Fluids Market
The desire to increase energy consumption from various industries such as power, transportation and manufacturing coupling with increased drilling activities in hydrocarbon production has ignited the growth of the global drilling fluids market till 2023. The global drilling fluids market is all set to achieve unprecedented valuation due to drilling activities on the offshore reserve along with the exploration of non-conventional shale gas reserves. These will fuel the demand for drilling fluids in the foreseen years.
In drilling fluid industry, there are various types of drilling fluids that are utilized in offshore and onshore oil and gas exploration. These are oil-based fluids, water-based fluids, non-aqueous fluids, synthetic fluids, and others. Of these, water-based fluids are widely preferred for usage, which certainly holds the market to grow. Due to minimum toxicity level, these liquids are extensively utilized for offshore drilling activities. Recently, the trend has shifted towards the usage of synthetic fluids over oil-based fluids due to high risk of environmental hazards and affecting flora and fauna in significant ways.
Market Segmental Analysis
The global drilling fluid market has segments based on type and application.
Water-based drilling fluid tops the global drilling fluid market with a share of 55.90% in 2016 on the market value of USD 4,706.6 Million. This is projected to grow at the highest CAGR of 7.52% during the forecast period. The water-based fluid is less expensive, requires less chemical treatment on disposing of it. The alluring properties such as it being eco-friendly projects the demand in the market.
Next comes, oil-based fluids that held the second largest market in 2016 with a valuation of USD 2,248.0 Million. This is projected to expand at a CAGR of 6.66%. Oil based is preferred for creating greater depths while drilling, thermal stability and reduced corrosion of grilling tools. These factors made the global drilling fluids market upsurge at a higher level than previous years.
By application, onshore activity accounted the most significant market share with 69.40% in 2016 and valuation of USD 5,843.2 million. This is expected to expand at a CAGR of 6.80% during the forecast period. Whereas, offshore activity has the second largest place by the application in 2016 with a valuation of USD 2,576.4 Million. This includes deep-water drilling, shale, and tight oil production and more as seen highly across the globe.
Browse Report Details @ https://www.marketresearchfuture.com/reports/drilling-fluids-market-4329
Regional Analysis
Geographically, the global drilling fluid market is segmented in the region of North America, Europe, Asia-Pacific, Middle East Africa.
The drilling fluids market is expected to see significant growth in the North America region, owing to the increasing number of exploration activities of shale gas. With the help of Government attributes and subsidies for the same to enhance oil and gas production, India and China are also in the line of boosting the demand of drilling fluids and the market in Asia-Pacific region.
Key Market Holders
The key players of global drilling fluids market are Schlumberger Limited (France), Halliburton Inc. (U.S.), Baker Hughes Incorporated (U.S.), Newpark Resources Inc. (U.S.), and National Oilwell Varco. (USA). Scomi Group Bhd (Malaysia), TETRA Technologies, Inc. (U.S.), Canadian Energy Services Technology Corp. (Canada), GEO Drilling Fluids, Inc. (U.S.) and Anchor Drilling Fluids USA, Inc. (U.S.) are among others.
Read More:
