Multiple uses of drilling fluid drive its global market growth significantly by 2023

Author : Acumen Research and Consulting

The rise in the application of specialty chemicals has positively impacted the global drilling fluid market. A major issue associated with drilling oil and gas wells is that of well bore permanency. The non- performance time can be curtailed through the right choice of chemical combination. One of the new markets for Internet of Things is that of Oil and Gas industry which generates significant amounts of information while drilling a well. The high potential of this information has been discovered and in order to make profit with them, enterprises have started developing software technologies that make the fluid support system a dominant tool.

Oil and Gas exploration activities have received a push from the favorable prices. The growing importance of the use of fluid support system by the players operating in the market has led to the growth of global drilling fluid market on a global level. The growth will be furthered with the growth of unconventional hydrocarbon assets and special chemicals. It has been thus estimated that in the forecast period of 2017 to 2023, the global drilling fluid market is expected to reach a market value of about $9 billion, growing at a CAGR of over 5% in the period.

Vast opportunities lie in biodegradable drilling fluid market amid the stringent regulations imposed by the government bodies keeping in mind the environmental concerns.

Here are some more points that explain about the global drilling fluid market:

  • The increase in drilling undertakings in the Gulf of Mexico has driven the growth of the drilling fluid market in North America. Additionally the favorable oil and gas prices had expanded investments in shale gas exploration.
  • The expansion of unconventional hydrocarbon reserves has also generated a substantial business amount.
  • The second largest share of the global drilling fluid market was secured by Middle East and Africa in the year 2016.
  • Some of the major players of the global drilling fluid market include Schlumberger, Chevron Phillips Chemical Company PLC, Halliburton Technology Center, Tetra Technologies, Inc., Baker Hughes, GE Company, Lubrizol, Scomi Group Bhd, Global Drilling Fluids and Chemicals Limited, and Anchor Drilling Fluid among others.

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