Global Drilling Fluid Market

Drilling Fluid Market Size, Share, Growth Analysis, By Product(Oil-based, Synthetic-based, Water-based, and Others), By Application(Onshore and Offshore), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10D2018 | Region: Global | Published Date: July, 2024
Pages: 157 |Tables: 62 |Figures: 75

Drilling Fluid Market Insights

Drilling Fluid Market size was valued at USD 7.7 billion in 2021 and is poised to grow from USD 8 billion in 2022 to USD 11.3 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).

The increase in energy demand is a key factor promoting growth of the global oil and gas market over the course of the projection period. Furthermore, a growth in demands for crude oil and gas from a variety of industrial sectors, such as transportation and power plants, has been fueling the world's demand for oil and gas production. Through the course of forecast period, growing attention is probably be given to handling solid wastes, spill containment, and collapsing boreholes, creating new prospects for the drilling oil market. A substantial increase in demand for the product is also expected in the market due to its application in industries where oil and gas play a crucial role.

The drilling fluid market is expected to grow substantially in the coming years as a result of the growing offshore industry, particularly in the Persian Gulf. The negative ecological damage of oil drilling and strict government regulations, however, are likely to hinder market growth. Due to their being widely used in horizontal drillings like wells, there is a high expectation that the need for improved drilling oil chemicals may provide enormous opportunities.

The oil & gas industry implements a defensive style, which had an immediate effect on the oil field service industry. Due to this deep impact, many industries linked to the oil and petrol sector are witnessing a drastic decline in cash flow. Given the adverse effects of drilling fluid on the environment, the government recently imposed strict regulations on its use.

US Drilling Fluid Market is poised to grow at a sustainable CAGR for the next forcast year.

Market Snapshot - 2024-2031

Global Market Size

USD 7.7 billion

Largest Segment

Onshore

Fastest Growth

Offshore

Growth Rate

4.3% CAGR

Global Drilling Fluid Market, 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)

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Drilling Fluid Market Segmental Analysis

The global drilling fluid market is segmented based on product, application, and region. In terms of product the market is segmented into oil-based, synthetic-based, water-based, and others. In terms of application, the market is segmented into onshore and offshore. Geographically, the global drilling fluid market is widespread into North America, Europe, Asia-Pacific, South America, and MEA.

Analysis by Product

Water-based products dominated the global market in 2022, providing for 52.1% of the total sales. On a global scale, pumps are used to drill over 75% of all wells. The type of fluid used in the procedure depends on the state of the well, which may contain format or saturated brine and fresh water. Increased product demand is expected to have a significant impact on the growing concern about the toxicity and biodegradation of other drilling fluids over the anticipated period. Water-based oil is projected to grow in significance over the next few years because of its ease of use and ability to discharge during offshore activities. The market for water-based oils is forecast to expand as a result of the growing demand for an efficient fluid system in high-pressure and high-temperature environments.

Oil-based products are the second-largest revenue generator for the global product market. Drilling engineering makes use of oil-based drilling fluid, which is composed of water and oil in both continuous and scattered phases. Due to its improved lubricity, oil-based is expected to grow more important over time. As a result of rising demand for drilling tools with improved thermal durability and a lower tendency to corrode, it is predicted to experience a significant growth throughout the forecast period. Although the usage of oil-based fluid is expected to rise substantially over the following few years, the government has set strict regulations due to the impact it has on the environment.

Analysis by Application

Onshore applications led the drilling fluid market in 2022 with a share of 60.3%. Its significant portion can be explained by the rise in oil drilling activity to meet rising energy demands. A rise in research efforts to resuscitate projects in various onshore oilfields and develop abandoned oil wells is expected to result in a considerable increase in the amount of oil and gas produced globally. Expanding onshore oil and petrol exploration in countries like Saudi Arabia, the U.S., China, and Russia is likely to increase awareness and demand during the projected period.

The number of offshore drilling rigs is projected to increase over the projection period as well as significant new well development in deep and ultra-deep waters, primarily in the Gulf of Mexico, North Sea, Persian Gulf, and South China Sea. With a growing number of current projects and implementations in the Middle East and Africa, the market is anticipated to witness a significant market growth.

Global Drilling Fluid Market By Application, 2022 (%), 2023 (%)

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Drilling Fluid Market Regional Insights

North America dominated the market in 2022 with a revenue share of 28.3%, and is anticipated to continue dominating the market during the forecast period. Rise in gasoline and oil production in addition to major oil field development, notably in the US, are expected to drive demand in the region. The regional demand are also significantly helped by Canada's enormous oil reserves. Natural gas and crude production of oil in Canada ranks fifth worldwide. The tremendous increase of energy sector in Canada has had an important part in the sector's expansion in the region.

Asia Pacific is anticipated to experience rapid expansion due to the region's exploration of deep oceans and its limited oil resources. Various state-of-the-art technological advances to decrease production costs and boost efficiency are already making an important impact to the market expansion and are anticipated to contribute even more in the coming years.

Global Drilling Fluid Market By Geography, 2022-2030, 2024-2031
  • Largest
  • Fastest

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Drilling Fluid Market Dynamics

Drivers

Increase in drilling activities and Technological Advances to Boost the Market Growth

  • In the oil and gas business, drilling activity is directly correlated with the need for drilling fluids. Drilling fluids are more in demand as drilling activity rises.
  • The rise in technological advancements for deepwater exploration is projected to boost the market growth.

Restraints

Regulatory Pressures and Stringent Norms to Impede the Market Growth

  • The oil and gas industry is subject to a range of regulatory pressures, including health and safety regulations and environmental regulations. 
  • Compliance with these regulations can increase the cost of drilling operations, including the use of drilling fluids.

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Drilling Fluid Market Competitive Landscape

The markets for drilling fluids have become highly competitive as a result of the emergence of multinational firms and more than 100 rivals working in the same industry. The major corporations invest in R&D to develop multifunctional fluid additives that provide them an edge over their rivals. By responding to diverse industry demands, leading companies set themselves apart from competition.

Top Player’s Company Profiles

  • Schlumberger Limited
  • Baker Hughes Company
  • Halliburton Company
  • National Oilwell Varco, Inc.
  • Newpark Resources Inc.
  • Scomi Group Bhd
  • GEO Drilling Fluids, Inc.
  • TETRA Technologies, Inc.
  • Imdex Limited
  • AES Drilling Fluids, LLC
  • Gumpro Drilling Fluids Pvt. Ltd.
  • Canadian Energy Services & Technology Corp.
  • Anchor Drilling Fluids USA, Inc.
  • AMC Drilling Fluids & Products
  • Weatherford International plc
  • Calumet Specialty Products Partners, L.P.
  • Global Drilling Fluids and Chemicals Limited
  • Aubin Group
  • CETCO Energy Services
  • Frontier International

Recent Developments

  • In November 2021, The US-based Noble Corporation and the Danish offshore drilling contractor Maersk Drilling struck a definitive agreement to merge. The deal will be mostly a stock transaction, and the combined business will have a fleet of 20 floaters and 19 jack-up rigs.

     

  • In October 2021, A privately held contract drilling firm with headquarters in Casper, Wyoming, the United States, has entered into a definitive deal to buy 10 active, high-spec triple drilling rigs, along with all associated and auxiliary equipment and inventory, according to CWC Energy Services Inc.

Drilling Fluid Key Market Trends

  • Increasing Exploration of Deepwater and ultra-Deepwater drilling: The demand for drilling fluids is increasing due to the growing popularity of Deepwater and ultra-Deepwater drilling activities. These types of drilling require specialized drilling fluids that can perform well under high pressure and temperature conditions.
  • Rising demand for eco-friendly drilling fluids: Environmental concerns are driving the demand for eco-friendly drilling fluids that have lower toxicity and are biodegradable. Companies are investing in research and development to develop such fluids, which is driving innovation in the market.
  • Growing popularity of horizontal drilling and hydraulic fracturing: The use of horizontal drilling and hydraulic fracturing techniques in shale gas exploration has increased in recent years. These techniques require specialized drilling fluids that can provide better lubrication and stability, which is driving the demand for advanced drilling fluids.

Drilling Fluid Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to the global drilling fluid market report analysis, it is witnessing a high growth due to increase in energy demand over the course of the projection period. Furthermore, growth in demand for crude oil and gas from a variety of industrial sectors, like transportation and power plants, has been fueling the world's demand for oil and gas production. The drilling fluid market is expected to grow substantially in the coming years as a result of the growing offshore industry, particularly in the Persian Gulf. The negative ecological damage of oil drilling and strict government regulations, however, are likely to hinder market growth. Due to their high uses in horizontal drillings such as wells, there is a high expectation that the need for improved drilling oil chemicals may provide enormous opportunities.

Report Metric Details
Market size value in 2023 USD 7.7 billion
Market size value in 2031 USD 11.3 billion
Growth Rate 4.3%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Oil-based, Synthetic-based, Water-based, and Others
  • Application
    • Onshore and Offshore
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Schlumberger Limited
  • Baker Hughes Company
  • Halliburton Company
  • National Oilwell Varco, Inc.
  • Newpark Resources Inc.
  • Scomi Group Bhd
  • GEO Drilling Fluids, Inc.
  • TETRA Technologies, Inc.
  • Imdex Limited
  • AES Drilling Fluids, LLC
  • Gumpro Drilling Fluids Pvt. Ltd.
  • Canadian Energy Services & Technology Corp.
  • Anchor Drilling Fluids USA, Inc.
  • AMC Drilling Fluids & Products
  • Weatherford International plc
  • Calumet Specialty Products Partners, L.P.
  • Global Drilling Fluids and Chemicals Limited
  • Aubin Group
  • CETCO Energy Services
  • Frontier International
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Drilling Fluid Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Drilling Fluid Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Drilling Fluid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Drilling Fluid Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Drilling Fluid Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Drilling Fluid Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Drilling Fluid Market size was valued at USD 7.7 billion in 2021 and is poised to grow from USD 8 billion in 2022 to USD 11.3 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).

The markets for drilling fluids have become highly competitive as a result of the emergence of multinational firms and more than 100 rivals working in the same industry. The major corporations invest in R&D to develop multifunctional fluid additives that provide them an edge over their rivals. By responding to diverse industry demands, leading companies set themselves apart from competition. 'Schlumberger Limited', 'Baker Hughes Company', 'Halliburton Company', 'National Oilwell Varco, Inc.', 'Newpark Resources Inc.', 'Scomi Group Bhd', 'GEO Drilling Fluids, Inc.', 'TETRA Technologies, Inc.', 'Imdex Limited', 'AES Drilling Fluids, LLC', 'Gumpro Drilling Fluids Pvt. Ltd.', 'Canadian Energy Services & Technology Corp.', 'Anchor Drilling Fluids USA, Inc.', 'AMC Drilling Fluids & Products', 'Weatherford International plc', 'Calumet Specialty Products Partners, L.P.', 'Drilling Fluids and Chemicals Limited', 'Aubin Group', 'CETCO Energy Services', 'Frontier International'

In the oil and gas business, drilling activity is directly correlated with the need for drilling fluids. Drilling fluids are more in demand as drilling activity rises.

Increasing Exploration of Deepwater and ultra-Deepwater drilling: The demand for drilling fluids is increasing due to the growing popularity of Deepwater and ultra-Deepwater drilling activities. These types of drilling require specialized drilling fluids that can perform well under high pressure and temperature conditions.

North America dominated the market in 2022 with a revenue share of 28.3%, and is anticipated to continue dominating the market during the forecast period. Rise in gasoline and oil production in addition to major oil field development, notably in the US, are expected to drive demand in the region. The regional demand are also significantly helped by Canada's enormous oil reserves. Natural gas and crude production of oil in Canada ranks fifth worldwide. The tremendous increase of energy sector in Canada has had an important part in the sector's expansion in the region.

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Global Drilling Fluid Market

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