Drilling Fluid Market Is Expected To Reach USD 11.3 Billion By 2030

 Drilling Fluids Industry Overview

The global drilling fluids market size was valued at USD 7.7 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. The growth is attributed to the rising requirement in the energy industry, which is expected to drive the global oil & gas market growth during the forecast period. Furthermore, an increase in demand for crude oil and gas by various industrial sectors, such as power plants and transportation, has been driving the demand for oil and gas production globally. Rising concern toward handling solid wastes, spill containment, and collapsing boreholes is expected to bring new opportunities for the drilling oil market over the forecast period. The industry is also expected to witness a huge leap in demand for the product due to its usability in the industries where oil & gas play an essential role.

Gather more insights about the market drivers, restrains and growth of the Global Drilling Fluids market

 

The growing offshore industry, mainly in the Persian Gulf, is expected to witness a huge growth in the drilling fluid market over the forecast period. However, the market growth is predicted to be hindered by the adverse environmental effect of drilling oil coupled with stringent government regulations. The demand for advanced drilling oil chemicals is anticipated to create immense opportunities due to their extensive utilization in horizontal drillings, like wells.

The crude oil price slump in 2014 & 2015 had a major impact on the oil & gas business, leading to the reductions in planned capital expenditure and the implementation of cost-cutting strategies. The oil & gas industry started implementing defensive strategies, which had a direct impact on the oil field service industry. The impact was very quick and deepening due to which many industries linked to oil & gas are facing a severe reduction in cash flow. The government has recently imposed strict restrictions on the use of drilling fluid due to its adverse effects on the environment.


Browse through Grand View Research's Drilling & Extraction Equipments Industry Research Reports.

  • Downhole Tools Market - The global downhole tools market size was estimated at USD 3.57 billion in 2017. Rising E & P activities in deep-sea bed associated with drilling and completion efficiencies is resulting in maximization of production rates by industry participants. This, in turn, has worked in favor of the market.

 

  • Fuel Transfer Pumps Market -The global fuel transfer pumps market size was estimated at USD 1.71 billion in 2021 and is anticipated to grow at a compounded annual growth rate (CAGR) of 4.9% from 2022 to 2030. Rising urbanization, technological developments, fast-paced industrialization, and growth in infrastructure are the major factors contributing to the increased demand for fuel, is expected to have a positive impact on growth.

 

Drilling Fluids Market Segmentation

Grand View Research has segmented the global drilling fluids market report based on basis of product, application, and region:

Product Outlook (Revenue, USD Million; 2018 - 2030)

  • Oil-based
  • Synthetic-based
  • Water-based
  • Others

Application Outlook (Revenue, USD Million; 2018 - 2030)

  • Onshore
  • Offshore

Regional Outlook (Revenue, USD Million; 2018 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa


Key Companies profiled:

Some prominent players in the global drilling fluids market include:

  • Baker Hughes, Inc
  • Halliburton, Inc
  • Weatherford International
  • Schlumberger Limited
  • Newpark Resources, Inc
  • Anchor Drilling Fluids USA, LLC
  • Tetra Technologies
  • Petrochem Performance Chemical Ltd. LLC
  • Canadian Energy Services & Technology Corporation
  • International Drilling Fluids and Engineering Services (IDEC) Ltd
  • Flotek Industries, Inc.
  • National Oilwell Varco (NOV)
  • Scomi Group Bhd
  • Catalyst LLC

 

Order a free sample PDF of the Drilling Fluids Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

 

Comments

Post a Comment

Popular posts from this blog

Europe Homogeneous Precious Metal Catalyst Market Players: Johnson Matthey, Clariant AG, Haldor Topsoe, And Umicore

  Europe Homogeneous Precious Metal Catalyst Industry Overview The Europe homogeneous precious metal catalyst market size to be valued at USD 2.4 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 18.9% during the forecast period. Increasing preference for homogeneous catalysts over heterogeneous ones owing to their specific features, especially associated with selectivity, augment the market growth. The market is also expected to witness a significant hike in demand amid the Covid-19 pandemic as PGM catalysts are utilized in the formulation of several APIs, such as a few antibiotics used for Covid-19 treatment. Homogeneous precious metal catalysts, the directed synthesis of a composite organic intermediate, can be completed catalytically to deliver a product that could not be obtained by other means. A homogeneous catalytic way can enhance the product superiority as well as the complete economics of a present process. Several proven homogeneous ca...
Read more

Active Pharmaceutical Ingredients Market Experiencing Unprecedented Expansion Driven by Escalating Demand for Biosimilars

 The global active pharmaceutical ingredients market is part of the multifaceted pharmaceutical ecosystem driven primarily by innovation and regulatory compliance. The industry serves as the foundation for drug formulation and production. Active pharmaceutical ingredients (API) are active ingredients in medicine that produce the desired therapeutic effects. In recent years, the API market has witnessed significant growth and transformation, influenced by factors such as technological advancements, regulatory reforms, and changing healthcare landscapes. In the early days of pharmaceutical manufacturing, drug formulations were relatively simple, and APIs were primarily sourced from natural substances. However, with the advent of synthetic chemistry and molecular biology, the landscape of API production underwent a paradigm shift. Pharmaceutical companies began to invest in research and development to discover novel APIs, leading to the rise of innovative drug therapies.   Acc...
Read more

Thermal Barrier Coatings Market: North America Dominated And Accounted For The Largest Revenue Share

  Thermal Barrier Coatings Industry Overview The global  thermal barrier coatings market  size is expected to reach USD 21.69 billion by 2028, growing at a CAGR of 4.8% over the forecast period, according to a new study by Grand View Research, Inc. Increasing demand for advanced heat resistant coatings from several end-use industries including energy, automotive, and aerospace is expected to have a positive impact on the market growth in the coming years. The growing scope of applications in gas turbines, which are widely used across the energy sector, is also expected to propel the product demand. The Electron-Beam Physical Vapor Deposition (EBPVD) technology segment is estimated to witness significant growth over the forecast period. EBPVD thermal barrier coatings are widely used for gas turbine engine components to improve engine durability and efficiency. The growing gas turbine market is anticipated to significantly drive the demand for EBPVD thermal barrier coatin...
Read more