The global drilling fluids market size is projected to reach USD 11.1 billion by 2027, according to a new report by Radiant Insights, Inc. The market is projected to witness a moderate CAGR of 4.2% over the forecast period. Revival of new exploration and production projects on account of recovery in oil prices over the next few years is expected to drive the market growth over the forecast period.
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Ongoing demand for advanced and better formulations for horizontal and directional drilling is expected to provide opportunity to market players. Moreover, the rise in demand for oil and gas has resulted in oil exploration companies exploring unconventional methods of oil extraction.
However, some European countries have established stringent norms for drilling fluids. This is because some drilling fluids, for instance, oil-based fluids, when discharged in water, can form piles of mud and cuttings that cover parts of the seabed which hinders aquatic life. These factors are expected to hinder the growth of the market over the forecast period.
Governments in various countries around the world such as U.S., Indonesia, China, and Australia are taking favorable initiatives to explore untapped oil resources. For instance, the Indonesian government provides favorable trade policies such as 0% import duty on imports of floating or submarine production facilities and drilling platforms, thereby driving the demand for unconventional drilling techniques. Moreover, reduced taxes are applicable over Foreign-owned Drilling Companies (FDCs) carrying out drilling activities in Indonesia, which is another factor driving the demand for drilling fluids.
Further key findings from the report suggest:
• Onshore emerged as the leading application segment of the overall market in 2019 owing to the presence of a large number of onshore oil rigs as compared to offshore oil rigs
• In 2019, North America dominated the global market due to the presence of favorable initiatives taken by the governments in U.S. and Canada for the exploration of oil and gas
• Asia Pacific is expected to register the highest growth rate over the forecast period owing to a rise in oil exploration and production activities in countries such as China, Australia, Brunei, and Indonesia
• The water-based fluids segment dominated the market in 2019 owing to factors such as increase in environmental concerns and cost-effectiveness of these fluids
• Synthetic-based fluids is expected to register a significant growth rate over the forecast period owing to its low toxicity, low bioaccumulation potential, and lower fluid loss when compared to other variants
• Major players in the drilling fluids market include Schlumberger, Baker Hughes, Halliburton, Weatherford International, and National Oilwell Varco. Market players focus on R&D activities and enhancing their product portfolio.
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Research methodology
1.2 Research scope & assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends, and Scope
3.1 Market segmentation
3.2 Market size and growth prospects
3.3 Drilling fluids value chain analysis
3.4 Raw material trends
3.5 Technological Landscape
3.6 Regulatory Scenario
3.7 Drilling fluids market dynamics
3.7.1 Market driver analysis
3.7.1.1 Rising global hydrocarbon E&P
3.7.1.2 Shift in trend toward developing unconventional resources
3.7.1.3 Increasing offshore production
3.7.2 Market restraint analysis
3.7.2.1 Crude oil price slump
3.7.2.2 Adverse environmental impact of OBF
3.8 Key opportunities - Prioritized
3.9 Industry analysis- Porter’s
3.10 Drilling fluids - PESTEL analysis
Chapter 4 Global Drilling Fluids: Product Outlook
4.1 Global drilling fluids market share by product
4.2 Drilling fluids market estimates and forecast by product, 2016 - 2027 (USD Million)
4.2.1 Oil based fluids (OBF)
4.2.1.1 Market estimates and forecast by region, 2016 - 2027 (USD Million)
4.2.2 Synthetic based fluids (SBF)
4.2.2.1 Market estimates and forecast by region, 2016 - 2027 (USD Million)
4.2.3 Water based fluids (WBF)
4.2.3.1 Market estimates and forecast by region, 2016 - 2027 (USD Million)
4.2.4 Others
4.2.4.1 Market estimates and forecast by region, 2016 - 2027 (USD Million)
Chapter 5 Drilling Fluids: Application Outlook
5.1 Drilling fluids market share by application
5.2 Drilling fluids market estimates and forecast by application, 2016 - 2027 (USD Million)
5.2.1 Onshore
5.2.1.1 Market estimates and forecast in onshore by region, 2016 - 2027 (USD Million)
5.2.2 Offshore
5.2.2.1 Market estimates and forecast in offshore by region, 2016 - 2027 (USD Million)
Continued…
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