Drilling Fluids Market - Overview
According to International Energy Agency, approximately 65,176 wells were drilled for oil & gas in 2017. This has increased the demand for drilling fluids. High oil prices and greater cost efficiency in offshore projects are driving the demand for exploration activities. This, in turn, propels the demand for drilling fluids. Drilling fluids play a crucial role in oil & gas exploration activities. It is a mixture of water, oil, clay, and several chemicals. Drilling fluids are also known as drilling muds. This fluid performs numerous functions such as cooling the drill bit and lubricating its teeth while drilling, carrying drill cuttings to the surface, and reduces drill pipe stuck problems. Drilling fluids help maintain hydrostatic pressure to prevent formation fluids from entering the wellbore. Newly developed state-of-the-art drilling fluid treatments offer superior reliability with efficient results for the energy industry.
Implementation of stringent regulations to minimize harmful carbon emissions is propelling the demand for water-based muds and synthetic-based muds. Increase in offshore drilling activities has increased the consumption of drilling fluids. Therefore, governments of several countries are funding and supporting development and adoption of the latest technologies to manufacture environment friendly drilling fluids.
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Several companies are actively developing synthetic-based muds for the use in complex geological formation. Rise in demand for water-based muds due to its cost effectiveness is expected to drive the global drilling fluids market during the forecast period. Developed and developing countries are investing significantly in offshore drilling. Demand for drilling fluids in Asia Pacific is gaining momentum due to the rise in offshore and onshore drilling activities, especially in countries such as China, India, Thailand, and Indonesia.
This report analyzes and forecasts the drilling fluids market at the global, regional, and country level. The market has been forecast based in terms of volume (thousand bbls) and revenue (US$ Mn) from 2018 to 2026, considering 2017 as the base year. The study includes drivers and restraints of the global drilling fluids market. It also encompasses the impact of these drivers and restraints on the demand for drilling fluids during the forecast period. The report also highlights opportunities in the drilling fluids market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global drilling fluids market. Porter’s Five Forces model for the drilling fluids market has also been included to help understand the competitive landscape. The study encompasses market attractiveness analysis, wherein type, application, and region are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global drilling fluids market by segmenting it in terms of type, application, and region. In terms of type, the drilling fluids market has been classified into water-based muds, oil-based muds, and synthetic-based muds. Based on application, the market has been bifurcated into onshore and offshore. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for drilling fluids in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides the actual size of the drilling fluids market for 2017 and an estimated size from 2018 to 2026. The global drilling fluids market has been provided in terms of volume and revenue. Market numbers have been estimated based on type and application of the drilling fluids market. Market volume and revenue have been provided in terms of global, regional, and country level markets.
The report comprises profiles of major companies operating in the global drilling fluids market. Key players operating in the drilling fluids market include Schlumberger Limited, Halliburton, BASF SE, Clariant International, DowDuPont Inc., Akzo Nobel N.V., Solvay S.A., Newpark Resources, Royal Dutch Shell Plc., and Gumpro Drilling Fluids Private Limited. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The global drilling fluids market has been segmented as follows:
Global Drilling Fluids Market, by Type
- Water-based Muds
- Oil-based Muds
- Synthetic-based Muds
Global Drilling Fluids Market, by Application
Global Drilling Fluids Market, by Region
- Russia & CIS
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- Drilling fluids are used in several functions such as control of downhole formation pressure, avoidance of damage to producing formation, cooling and lubrication of the drill bit, and scavenging cuttings generated by drill bit from boreholes. Drilling fluids are essential during drilling operations.
- Discovery of unconventional shale formation in the areas such as Bakken, Marcellus, and Texas, in the U.S. is boosting the demand for drilling fluids
- Countries in Europe, such as U.K., Norway, and Russia & CIS, have increased their expenditure on onshore and offshore drilling activities. This is propelling the augments demand for drilling fluids in the region.
- The consumption of drilling fluids is expected to be in demand owing to the drilling activities in the offshore areas in the North Sea, Gulf of Mexico, South China Sea, and Gulf of Oman.