The new report by Expert Market Research titled, ‘Global Drilling Fluids Market Analysis, Size, Share, Scope, Report and Forecast 2023-2028’, gives an in-depth analysis of the global drilling fluids market, assessing the market based on its segments like types, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): About USD 9.7 billion
• Forecast CAGR (2023-2028): 2.5%
The rising application of drilling fluids in the drilling operations owing to the global increase in the demand for crude oil is driving the market growth. In addition to this, the increasing oil and gas exploration activities owing to the growing expansion of various end use industries is furthering the market growth.
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Moreover, the rising demand for shale gas, which is attributable to the increasing demand for electricity in various high-tech industries such as automotive, and electrical and electronics, among others is anticipated to provide impetus to the market in the forecast period. Geographically, North America accounts for a significant share in the market owing to the strong supply chain of oil and gas, coupled with the growing expansion of the major oil and gas companies.
Drilling Fluids Industry Definition and Major Segments
Drilling fluids refer to a mixture of clay and other chemicals along with oil or water which are used to facilitate drilling process by suspending cuttings, controlling pressure, stabilising the exposed rock, and providing buoyancy. In addition to this, drilling fluids also lubricate and cool the drilling bit. Moreover, drilling fluids increases the smoothness and efficiency of the extraction process of oil and gas.
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On the basis of type, the market can be segmented into:
Bentonite (further broken by application)
- Foundry Sands
- Pet Products
- Iron Ore Pelletising
- Drilling Mud
- Construction
- Paper
- Others
Barite (further broken by application)
- Drilling Fluids
- Rubber and Plastics
- Pharmaceuticals
- Others
Xanthan Gum (further broken based on type)
- Food and Beverages
- Oil and Gas
- Pharmaceutical
- Cosmetics
- Others
Potassium Chloride (further broken on the basis of application)
- Fertiliser
- Industrial
- Pharmaceutical
- Others
Caustic Soda (further broken based on application)
- Flat Glass
- Container Glass
- Other Glass
- Soaps and Detergents
- Chemicals
- Oil and Gas
- Alumina
- Others
Soda Ash (further broken by application)
- Flat Glass
- Container Glass
- Other Glass
- Soaps and Detergents
- Chemicals
- Oil and Gas
- Alumina
- Others
The regional markets for drilling fluids include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Drilling Fluids Market Trends
The key trends in the drilling fluids market include the growing R&D activities aimed towards producing superior drilling fluid chemicals to spearhead the operations in order to meet the growing demand from the industries. Over the forecast period, the anticipated increase in the demand for crude oil owing to the technological advancements in the aerospace and defence, electronics and electrical industry is likely to be a major trend in the market.
Moreover, the increasing investments by the governments to accelerate the discovery of oil fields are likely to aid the market in the coming years. Furthermore, the growing efforts by the sovereign nations to reduce the dependency of oil on other nations is anticipated to be another major trend in the market.
Key Market Players
The major players in the market are Solvay S.A., Ecolab Inc., Newpark Resources, Inc., Baker Hughes Company, BASF SE, and Halliburton Energy Services, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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