About Drilling Fluids
Drilling Fluid is also known as drilling mud, equipment used to drill the borehole into the earth. The drilling Fluid is often used to drill oil or natural gas wells and others. It provides hydrostatic pressure to prevent formation fluids from entering into wellbore. The drilling Fluid is also used to avoid formation damage and limit corrosion. Growing crude oil & natural gas demand in various industries such as power generation, manufacturing, and transportation has surged the demand for Drilling Fluid around the globe.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Million) |
Drilling-fluid technology has undergone various changes in the past few years. Various change has been in response to new demands placed by regulatory agencies on drilling-fluid disposal from offshore locations. The response has led to increased use of polymer drilling fluids, the application of glycol and glycerol additives, and the development of synthetic-based muds, water-based spotting fluids, and many other new additives. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Drilling Fluids market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Schlumberger Limited (France), Halliburton Inc. (United States), Baker Hughes Incorporated (United States), Newpark Resources Inc. (United States), National Oilwell Varco. (United States), TETRA Technologies, Inc. (United States), Canadian Energy Services & Technology Corp. (Canada) and GEO Drilling Fluids, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Scomi Group Bhd (Malaysia) and Anchor Drilling Fluids USA, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Drilling Fluids market by , Application (Onshore and Offshore) and Region.
On the basis of Type, Water-based Fluids are dominating the market in the year 2022On the basis of application, Offshore Drilling Fluid segment is dominating the market in the year 2022On the basis of geography, the market of Drilling Fluids has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2022. If we see Market by Fluid System, the sub-segment i.e. Water-Based Fluid will boost the Drilling Fluids market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Well Type , the sub-segment i.e. Conventional will boost the Drilling Fluids market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Environment-Friendly And Efficient Drilling Fluids and Nanotechnology In Drilling Fluid Production
Market Growth Drivers:
Increase In Drilling Activities and Developments & Innovations Of Products And Technology
Challenges:
Rise in Cost of Deepwater and Ultra-Deepwater Drilling
Restraints:
Stringent Regulation Related to Health, Safety and Environment
Opportunities:
Increasing Environmental Concerns, R&D To Develop Bio-Based Drilling Fluids Derived From Vegetable Oils and Increasing Focus on Deep and Ultra-Deep-Water Drilling
Market Leaders and their expansionary development strategies
In June 2022, Paragon ISG, a leading provider of energy and environmental services across the country, announced the acquisition of the Spirit Drilling Fluids team and related assets. The team, led by Dan Kinshella, brings a combined 145 years of drilling fluids experience with over 900 wells drilled across four regions.
In April 2022, Ingevity Corporation launched its new EnvaWet UHS 3100 wetting agent and its novel EnvaDry P-FL dual-functional dry additive for invert emulsion drilling fluids at the American Association of Drilling Engineers (AADE) 2022 Fluids Conference and Exhibition in Houston, Texas, April 19-20, 2022.
Key Target Audience
Drilling Tools And Equipment Manufacturers, National Oil Companies (Nocs), Exploration And Production Companies, Oil & Gas Field Operators, Consulting Companies Of The Energy And Power Sector, Government And Research Organizations, Power And Energy Associations and Investment Banks
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.