Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Drilling Fluid Market (Type: Water-based Fluid, Non-aqueous Fluid, Pneumatic Fluid, Others; Location: Onshore, Offshore) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 – 2023”, forecasts that the global market for drilling fluid is expected to grow at a CAGR of more than 5% from 2017 to 2023 and reach the market value of around USD 9 billion by 2023. Favorable prices of oil and gas have given boost to the oil and gas exploration activities. Additionally, the growing use of fluid support system by market players will impel the growth of global drilling fluid market in upcoming period. Furthermore, the growth of unconventional hydrocarbon assets and special chemicals are anticipated to augment the growth of drilling fluid market throughout the forecast period.
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Internet of Things Contributing Towards Growth of This Market
The global drilling fluid market is driven by the growing use of specialty chemicals. Well bore permanency is the major issue associated with drilling oil and gas wells. The choice for right chemical combination to develop drilling fluid helps in curtailing the non-performance time, thus emphasizing the economics of oil and gas well drilling. Oil and gas industry is particularly a new market for internet of things and a large amount of data is generated while drilling a well. Enterprises have now understood the potential of this information and have begun to capitalize on software technologies that make the fluid support system a dominant tool. This software simulates and optimizes the fluid performance in accord to the circumstances prevailing during drilling process. Pocket of opportunity lies in the improvement of biodegradable drilling fluids. The biodegradable drilling fluids market is stimulated by regulations laid down by governing bodies. The drilling enterprises are concentrating on lessening their budgets associated with the disposal of drilling cuttings and mud. Biodegradable drilling fluid that causes least environmental destruction is a feasible choice.
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Business Opportunities Across Various Regions
The growth of North American drilling market is administrated by increase in drilling undertakings in the Gulf of Mexico. The favorable prices of oil and gas have enlarged investments in shale gas exploration. A substantial business amount is generated from the expansion of unconventional hydrocarbon reservoirs. In 2016, the Middle East and Africa accounted for second largest share in the global drilling fluid market. Also, the Middle East and Africa region have the maximum number of oil producing countries, but the geopolitical problems in the region obstructs the drilling activities. Furthermore, major oil and gas exploration activities are observed in the African region. Major establishment in African oil and gas region is by some key foreign players. Therefore, a good amount of business by foreign players is generated in the region. Wherein, Asia-Pacific drilling fluid market is overseen by the energy security. The peripheral fields and profound offshore oil and gas exploration development will augment the growth of drilling fluid in coming future.
The major companies profiled in the report 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.