Drilling Fluids Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

 

Drilling fluids are also known as drilling mud is a mixture that is heavy and viscous used to carry out the rock cuttings to the surface from the borehole in the oil and gas industry. It is also used for lubricating and cooling the drill bit and maintaining the borehole pressure. As urbanization and industrialization are increasing, it has increased the demand for energy in the various sectors. Considerably most of the industries’ energy requirements are fulfilled by the oil and gas industry, so there is an increase in exploration and production processes. For the exploration operation, there is a requirement for drilling fluids. Moreover, the exploration processes by most petroleum companies have started in offshore rigs and it is necessary to maintain the borehole pressure there, for this purpose it will require a large number of drilling fluids. Furthermore, many industries like pharmaceuticals, cosmetics, fertilizers, synthetic fragrances, plastics, and others require petroleum-based products for manufacturing different products.

According to UnivDatos Market Insights (UMI)’ research report “Global Drilling Fluids Market”, the market is expected to showcase a growth of around 4% during the forecast period. The large base of the oil & gas industry, increasing production of shale gas, and rise in demand for electricity, among others are some of the key attributable factors to the growth of the market.

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Based on well type, the market is categorized into conventional and high-pressure high-temperature (HPHT). Among both, HPHT has a prominent share in the drilling fluids market. HPHT wells have usually high pressure or high temperature or both. Thus, to maintain the well pressure and temperature it will be required large amounts of drilling fluids while drilling the well.

Based on application, the market is categorized into onshore and offshore. Among both, onshore has a prominent share in the drilling fluids markets. The production and set-up onshore take less time and it is more cost-effective than offshore. Furthermore, the demand for energy and petroleum products is increasing therefore, there is a need for increasing the exploration processes on the onshore reservoir, thereby it will increase the demand for drilling fluids.

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North America accounted for a prominent share of the self-healing materials market

The North American region held a considerable position in the market owing to a large number of oil & gas reservoirs and growing exploration & production activities mainly in the US and Canada. In the last several years the oil & gas production activity in countries like the US has increased significantly owing to a large number of fracturing activities in the country and huge investments in technology during the early stages of demand. Further, regional demand for energy and various petroleum products is increasing due to urbanization and the growing population. Improving per-capita income and disposable income is encouraging consumers to purchase large numbers of products, thereby increasing the demand for oil & gas-based raw materials.  In addition, the governments in several countries are helping the industry in expansion by providing subsidies and creating policies, for instance, US Intangible Drilling Costs Deduction (26 U.S. Code § 263. Active) provision. This provision allows companies to deduct a majority of the costs incurred from drilling new wells domestically. In its analysis of President Trump’s Fiscal Year 2017 Budget Proposal, the Joint Committee on Taxation (JCT) estimated that eliminating tax breaks for intangible drilling costs would generate $1.59 billion in revenue in 2017 or $13 billion in the next ten years.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global drilling fluids market include Schlumberger Limited,  Baker Hughes Company, Halliburton Co., Weatherford International plc., National Oilwell Varco Inc., Tetra Technologies, Inc., Newpark Resources, Inc., CES Energy Solutions Corp., Flotek Industries Inc., and Horizon Mud Company.  These companies are taking several strategic decisions to meet the growing demand and increase their market share.

“Global Drilling Fluids Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

Market Segmentation:

1.      By Fluid Type (Water-Based, Oil-Based, and Other Fluid Types)

2.      By Well Type (Conventional and HPHT)

3.      By Application (Onshore and Offshore)

4.      By Region (North America (United States, Canada, and the Rest of North America), Europe (Germany, France, United Kingdom, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Middle East and Africa(MEA) (Saudi Arabia, UAE, and Rest of MEA), South America (Brazil, Argentina and Rest of South America))

5.      By Company (Schlumberger Limited, Baker Hughes Company, Halliburton Co., Weatherford International plc., National Oilwell Varco Inc., Tetra Technologies, Inc., Newpark Resources, Inc., CES Energy Solutions Corp., Flotek Industries Inc., and Horizon Mud Company)

Key questions answered in the study:

1.      What are the current and future trends of the global drilling fluids industry?

2.      How the industry has been evolving in terms of fluid type, well type, and application?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global drilling fluids industry?

5.      What are the customer orientation, purchase behavior, and expectations from the global drilling fluids suppliers across various region and countries?