Drilling Fluid Market Size, Share, Growth Analysis, By Product(Oil-based, Synthetic-based, Water-based, and Others), By Application(Onshore and Offshore), By Region - Industry Forecast 2024-2031

Report ID: SQMIG10D2018 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 62 | Figures: 75

Drilling Fluid Market Dynamics

Drivers

Increase in drilling activities and Technological Advances to Boost the Market Growth

In the oil and gas business, drilling activity is directly correlated with the need for drilling fluids. Drilling fluids are more in demand as drilling activity rises.
The rise in technological advancements for deepwater exploration is projected to boost the market growth.

Restraints

Regulatory Pressures and Stringent Norms to Impede the Market Growth

The oil and gas industry is subject to a range of regulatory pressures, including health and safety regulations and environmental regulations.
Compliance with these regulations can increase the cost of drilling operations, including the use of drilling fluids.

Drilling Fluid Market Report Snapshots

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Drilling Fluid Market size was valued at USD 7.7 billion in 2021 and is poised to grow from USD 8 billion in 2022 to USD 11.3 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).

The markets for drilling fluids have become highly competitive as a result of the emergence of multinational firms and more than 100 rivals working in the same industry. The major corporations invest in R&D to develop multifunctional fluid additives that provide them an edge over their rivals. By responding to diverse industry demands, leading companies set themselves apart from competition. 'Schlumberger Limited', 'Baker Hughes Company', 'Halliburton Company', 'National Oilwell Varco, Inc.', 'Newpark Resources Inc.', 'Scomi Group Bhd', 'GEO Drilling Fluids, Inc.', 'TETRA Technologies, Inc.', 'Imdex Limited', 'AES Drilling Fluids, LLC', 'Gumpro Drilling Fluids Pvt. Ltd.', 'Canadian Energy Services & Technology Corp.', 'Anchor Drilling Fluids USA, Inc.', 'AMC Drilling Fluids & Products', 'Weatherford International plc', 'Calumet Specialty Products Partners, L.P.', 'Drilling Fluids and Chemicals Limited', 'Aubin Group', 'CETCO Energy Services', 'Frontier International'

In the oil and gas business, drilling activity is directly correlated with the need for drilling fluids. Drilling fluids are more in demand as drilling activity rises.

Increasing Exploration of Deepwater and ultra-Deepwater drilling: The demand for drilling fluids is increasing due to the growing popularity of Deepwater and ultra-Deepwater drilling activities. These types of drilling require specialized drilling fluids that can perform well under high pressure and temperature conditions.

North America dominated the market in 2022 with a revenue share of 28.3%, and is anticipated to continue dominating the market during the forecast period. Rise in gasoline and oil production in addition to major oil field development, notably in the US, are expected to drive demand in the region. The regional demand are also significantly helped by Canada's enormous oil reserves. Natural gas and crude production of oil in Canada ranks fifth worldwide. The tremendous increase of energy sector in Canada has had an important part in the sector's expansion in the region.

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Drilling Fluid Market Size, Share, Growth Analysis, By Product(Oil-based, Synthetic-based, Water-based, and Others), By Application(Onshore and Offshore), By Region - Industry Forecast 2024-2031

Drilling Fluid Market Dynamics

Drilling Fluid Market Report Snapshots

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