The drilling fluids global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Drilling Fluids Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The drilling fluids market size has grown strongly in recent years. It will grow from $9.56 billion in 2023 to $10.16 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to growing exploration and production activities, regulatory compliance and environmental concerns, rise in offshore drilling activities, demand for high-performance fluids, exploration in challenging geographies.
The drilling fluids market size is expected to see strong growth in the next few years. It will grow to $12.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increasing global energy demand, rising focus on enhanced oil recovery (eor), expansion of geothermal energy projects, development of high-temperature fluids, demand for water-based drilling fluids, global oil price dynamics. Major trends in the forecast period include advanced fluid systems for unconventional resource, technological advancements in fluid additives, rise in deepwater and ultra-deepwater exploration, reservoir drill-in fluids for well completion, increasing use of synthetic-based fluids, emphasis on real-time monitoring and control.
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Scope Of Drilling Fluids Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Drilling Fluids Market Overview
Market Drivers –
Increased demand for oil is expected to fuel the growth of the drilling fluids market. 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. For instance, in March 2021, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global demand for oil was 9 mb/d (million barrels per day) in 2019, and this is anticipated to rise to 104.1 mb/d, which is an increase of 4.4 mb/d in the coming years. Further, according to The Organization of the Petroleum Exporting Countries, an Austria-based intergovernmental organization of 13 oil-producing countries, oil demand is estimated to rise by 1.6 mb/d in 2022, while non-OECD growth is expected at 1.5 mb/d. Therefore, growing oil demand is driving the drilling fluids market.
Market Trends –
Product innovation is a key trend in the drilling fluids market. 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.
The drilling fluids market covered in this report is segmented –
1) By Product: Oil-based, Synthetic-based, Water-based, Other products
2) By Application: Onshore, Offshore
3) By End-User: Crude Petroleum Companies, Natural Gas Extraction Companies
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Regional Insights –
North America was the largest region in the drilling fluids market in 2023 and is expected to be the fastest-growing region in the drilling fluid market report during the forecast period. The regions covered in the drilling fluids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the drilling fluids market report are Baker Hughes Holdings LLC, Halliburton Company, Weatherford International plc, Schlumberger Limited, Newpark Resources Inc., Anchor Drilling Fluids USA Inc., TETRA Technologies Inc., Petrochem Performance Chemicals LLC, International Drilling Fluids and Engineering Services Ltd., National Oilwell Varco Inc., Scomi Group Bhd, Stellar Drilling Fluids LLC, Gumpro Drilling Fluids Pvt. Ltd., Global Drilling Fluids & Chemicals Limited, DIAMOCO Group, Q’Max Solutions Inc., Badische Anilin und Soda Fabrik SE, Chevron Phillips Chemical Company LLC, The Dow Chemical Company, Canadian Energy Services & Technology Corp., Secure Energy Services Inc., Sinopec, Horizon Mud Company Inc., Medserv PLC, IMDEX LIMITED, AES Drilling Fluids LLC, Francis Drilling Fluids Ltd., Avril Group, Unique Drilling Fluids Inc., Sunwest Fluids LLC, McAda Drilling Fluids, Geo Drilling Fluids Inc.
Table of Contents
1. Executive Summary
2. Drilling Fluids Market Report Structure
3. Drilling Fluids Market Trends And Strategies
4. Drilling Fluids Market – Macro Economic Scenario
5. Drilling Fluids Market Size And Growth
…..
27. Drilling Fluids Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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