Drilling fluids acts as a vital element in oil and gas exploration procedures. Drilling fluids are a combination of oil, water, clay and various chemicals. Drilling fluids are also called as drilling muds. These fluids execute several functions such as carrying the drill cutting to the surface, cooling the drill bit and grease its teeth and minimizing problems associated with drill pipe stuck during drilling operations. The report provides analysis of global drilling fluids market for the period 2016-2026, wherein 2018 to 2026 is the forecast period and 2017 is considered as the base year. According to Acumen Research and Consulting, the global drilling fluids market is expected to grow at significant CAGR around 6% throughout the forecast period and reach around US$ 11 Billion by 2026.
Drilling fluids are the main factor of the drilling activities and provide various purposes. These fluids are mainly implemented in the drilling of subterranean wells. Increasing investments in synthetic based muds, increasing demand for crude oil and natural gas in various energy concentrated industries, growth in the usage of water based muds, growing participation to maintain the demand for energy, increasing focus on developing new nanotechnology based solutions and rising concern about various environmental impact are some of the major factors that are propelling the drilling fluids market growth across the world. Drilling fluids assist in reducing the pump capacity loss and improves mud pump efficiency with increased oil and gas throughput. Moreover, companies are extensively focusing on R&D to extend bio based drilling fluids made from vegetable oils. R&D facilities are also giving more attention on expanding drilling fluids hydraulics simulators for the development of fluids systems for difficult situations. Nanotechnology is one such popular development in the use of in drilling fluid activities. Nano particles are proficient of improving the permanence of drilling fluids at temperature and high pressure conditions. Execution of nanotechnology in various industries has forced the various market players to implement the nanotechnology in the oil and gas industry, thereby driving the growth of the global drilling market. Prominent players of drilling fluids are primarily focusing on the heavy investments in the drilling fluids technology development using nanotechnology. Growing environmental concerns due to the dangerous effects related with using oil based fluids are resulting in increasing penetration of water-based drilling fluids. Multiple governments have implemented environmental regulations on the use of oil based muds, because these muds are harmful while drilling, thereby increasing the usage of water based muds. However, stringent government and environmental rules and regulations associated with the utilization and disposal of drilling fluids coupled with the various geopolitical problems in major oil and gas producing regions are some of the major factors that may restrict the growth of the drilling fluids market across the globe.
Drilling fluids Industry, by Product
Drilling fluids Industry, by Application
Global Drilling fluids Market, by Geography
The market research study on “Drilling Fluids Market (By Product: Oil-based fluids (OBF), Water based fluids (WBF), Synthetic based fluids (SBF), Others; By Application: Onshore oil & gas, Offshore oil & gas) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026” offers detailed insights on global drilling fluids market segments with market dynamics and their impact. The report provides insights on global drilling fluids market by product, application, and major geographic regions. The report also covers basic technology development policies.
The global drilling fluids market is characterized by the presence of experienced and established players. Some of the key players include Schlumberger Limited, Halliburton Inc., Newpark Resources Inc., Scomi Group Bhd, IncNational Oilwell Varco., Canadian Energy Services & Technology Corp., TETRA Technologies, Baker Hughes Incorporated, Anchor Drilling Fluids USA, Inc. and GEO Drilling Fluids Inc.