Drilling Fluids Market Global Opportunity Exhibits Revenues of USD 13,454.5 million with Driving CAGR of 7.5% by 2030
Research Reports
Jun 09, 2022
The Drilling Fluids market is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.
Drilling Fluids Market Overview
Drilling Fluids Market claims to have a 7.5% of CAGR and a revenue of USD 13,454.5 million during the forecast period 2020-2027. The drilling fluids are now popular since an increase in oil and gas activities across the globe. Drilling fluids are reliable and play a vital role in the exploration process, which is created by a mixture of water, oil, clay & several chemicals to maintain cooling of the drill, lubrication of its teeth, maintain stability in the drilling operation and reduction of stucking of drill pipes.
Drilling Fluids market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.
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Most important Segments of Drilling Fluids market covered in this report are,
The global drilling fluid market has segments based on type and application.
Water-based drilling fluid tops the global drilling fluid market with a share of 55.90% in 2016 on the market value of USD 4,706.6 Million. This is projected to grow at the highest CAGR of 7.52% during the forecast period. The water-based fluid is less expensive, requires less chemical treatment on disposing of it. The alluring properties such as it being eco-friendly projects the demand in the market.
Next comes, oil-based fluids that held the second largest market in 2016 with a valuation of USD 2,248.0 Million. This is projected to expand at a CAGR of 6.66%. Oil based is preferred for creating greater depths while drilling, thermal stability and reduced corrosion of grilling tools. These factors made the global drilling fluids market upsurge at a higher level than previous years.
By application, onshore activity accounted the most significant market share with 69.40% in 2016 and valuation of USD 5,843.2 million. This is expected to expand at a CAGR of 6.80% during the forecast period. Whereas, offshore activity has the second largest place by the application in 2016 with a valuation of USD 2,576.4 Million. This includes deep-water drilling, shale, and tight oil production and more as seen highly across the globe.
Drilling Fluids Industry Influence of the global market report:
- Comprehensive assessment of all opportunities and risks in the Drilling Fluids Market.
- Drilling Fluids Market recent innovations and major events.
- A detailed study of business strategies for the growth of the Drilling Fluids Market market-leading players.
- Conclusive study about the growth plot of Drilling Fluids Market for forthcoming years.
- In-depth understanding of Drilling Fluids Market, market-particular drivers, constraints, and major micro markets.
- Favorable impression inside vital technological and market latest trends striking the Drilling Fluids Market.
Globally Major key Players accelerates the Drilling Fluids Market are, Halliburton (U.S.), Schlumberger (U.S.), Newpark Resources Inc. (U.S.), Stellar Drilling Fluids LLC (U.S.), Weatherford International plc. (U.S.), China oilfield services Ltd. (China), and M-I Swaco (U.S.), AkzoNobel N.V. (Netherlands), National Oilwell Varco (U.S.), Chevron Phillips Chemical Company (U.S.), BASF SE (Germany), DuPont (U.S.), The Dow Chemical Company (U.S.) and, Scomi Group (Malaysia)
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Drilling Fluids Market Regional Analysis
Geographically, the global drilling fluid market is segmented in the region of North America, Europe, Asia-Pacific, Middle East & Africa.
The drilling fluids market is expected to see significant growth in the North America region, owing to the increasing number of exploration activities of shale gas. With the help of Government attributes and subsidies for the same to enhance oil and gas production, India and China are also in the line of boosting the demand of drilling fluids and the market in Asia-Pacific region.
LIST OF TABLES
TABLE 1 GLOBAL DRILLING FLUIDS MARKET, BY TYPE, 2020-2027 (USD MILLION) 31
TABLE 2 GLOBAL DRILLING FLUIDS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 34
TABLE 3 GLOBAL DRILLING FLUIDS MARKET, BY REGION, 2020-2027 (USD MILLION) 37
TABLE 4 NORTH AMERICA: GLOBAL DRILLING FLUIDS MARKET, BY COUNTRY, 2020-2027 (USD MILLION) 38
TABLE 5 NORTH AMERICA: GLOBAL DRILLING FLUIDS MARKET, BY TYPE, 2020-2027 (USD MILLION) 39
TABLE 6 NORTH AMERICA: GLOBAL DRILLING FLUIDS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 40
TABLE 7 U.S.: GLOBAL DRILLING FLUIDS MARKET, BY TYPE, 2020-2027 (USD MILLION) 41
TABLE 8 U.S.: GLOBAL DRILLING FLUIDS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 41
TABLE 9 CANADA: GLOBAL DRILLING FLUIDS MARKET, BY TYPE, 2020-2027 (USD MILLION) 42
TABLE 10 CANADA: GLOBAL DRILLING FLUIDS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 43
TABLE 11 EUROPE: GLOBAL DRILLING FLUIDS MARKET, BY COUNTRY, 2020-2027 (USD MILLION) 44
TABLE 12 EUROPE: GLOBAL DRILLING FLUIDS MARKET, BY TYPE, 2020-2027 (USD MILLION) 45
TABLE 13 EUROPE: GLOBAL DRILLING FLUIDS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 45
TABLE 14 RUSSIA: GLOBAL DRILLING FLUIDS MARKET, BY TYPE, 2020-2027 (USD MILLION) 46
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