+91-8668442535
Home / Oil & Gas / Drilling F

Drilling Fluids Market By Product (Oil Based Fluids, Oil Based Fluids, Water Based Fluids, Synthetic Based Fluids), By Application (Onshore, Offshore) - Growth, Future Prospects & Competitive Analysis, 2016-2023

Drilling fluids refer to the liquid and gaseous fluids or mixtures of fluids and solids used in drilling operations. They are widely used to provide lubrication and cooling to the drill bit, remove cuttings from the well, control formation pressure, seal permeable formations, and maintain wellbore stability in drilling operations for extraction of hydrocarbons from the earth's surface. Drilling fluids are also known as drilling mud. Drilling fluids are generally classified as water-based, oil-based, or synthetic fluids.

The drilling fluids market for the oil and gas industry is expected to gain significant growth with increasing drilling activities for the production of hydrocarbons. Growing energy demand from various industries such as power, manufacturing, and transportation is projected to augment the growth of drilling fluids during the forecast period.

Moreover, growing drilling activities on offshore reserves, along with growing exploration of non-conventional shale gas reserves, are expected to fuel the demand for drilling fluids over the forecast period (2016–2023). However, slowdowns in the oil and gas industry and increasing use of alternative energy sources such as solar and wind, along with environmental concerns over the usage and disposal of drilling fluids, are anticipated to restrain the growth of the drilling fluids market during the forecast period (2016-2023).

North America is expected to be the largest region in the global drilling fluids market, which is anticipated to contribute the highest revenue share owing to growing drilling activities for the production of shale gas coupled with increasing offshore drilling activities in the U.S. Gulf of Mexico, which is expected to augment the growth of the drilling fluids market in the region. The Middle East and Africa are projected to be the second-largest region due to increasing oil production and high oil and gas reserves in the region.

The global drilling fluids market is projected to be valued at US$ by the end of 2016 and is expected to expand at a CAGR of 5.1% during the forecast period of 2016–2023.

Purpose of the Report

The purpose of this strategic research study titled "Global Drilling Fluids Market: Growth, Future Prospects, Competitive Analysis, and Forecast, 2016–2023" is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global drilling fluids market.

Target Audience

  • Industry Investors
  • Research Professionals
  • Emerging Companies
  • Drilling fluid manufacturing companies
  • Oil and gas exploration and production companies
  • Oil Field Services Companies
  • Research Institutes

Overall, the research study provides a holistic view of the drilling fluids market's growth, offering market size and estimates for the period from 2013 to 2023, keeping in mind the above-mentioned factors.

On the basis of product type, the global drilling fluid market is categorized into the following types:

  • Oil-Based Fluids (OBF)
  • Water-Based Fluids (WBF)
  • Synthetic-Based Fluids (SBF)

Drilling fluids are prepared with various chemicals, including clay, mud, gases, diesel fuel, and synthetic oil. Various combinations are used to prepare drilling fluids based on the reserved type. For instance, synthetic-based fluids are widely used in offshore drilling because they have similar properties to oil-based fluids but produce less toxic fumes.

Among all product types, the water-based segment is expected to be the largest and fastest-growing segment due to the easy availability and cost-effectiveness of water-based drilling fluids, coupled with their eco-friendly properties, which are anticipated to fuel the demand for water-based fluids during the forecast period. Following it, oil-based fluids are expected to be the second-largest segment by virtue of their wide application in the exploration of various types of reserves.

The segment is projected to register moderate growth over the forecast period (2016–2023). However, environmental concerns coupled with regulatory policies over water contamination, especially in offshore drilling, are anticipated to hamper the growth of the segment over the forecast period.

On the basis of application type, the global drilling fluids market for oil and gas is categorized into the following types:

  • Onshore
  • Offshore

The oil and gas industry has witnessed a shift from conventional to non-conventional oil and gas production. Advancements in technology assist oil producers in the discovery of offshore oil reserves economically. Over the forecast period, the increased discovery of offshore reserves along with conventional onshore reserves is expected to augment the growth of the drilling fluids market.

Among all applications, the onshore segment is anticipated to be the most dominant segment owing to the increasing exploration and production of conventional reserves coupled with a high number of proven reserves, which is expected to fuel the demand for drilling fluids over the forecast period.

Followed by it, the offshore segment is expected to be the fastest growing segment by virtue of shale gas from the matured and abandoned reserves coupled with increasing deepwater drilling activities, especially in the U.S. Gulf of Mexico, shale and tight oil production in Canada, and the discovery of ultra-deepwater drilling reserves in the North Sea, South China Sea, and other regions of the globe. The segment is projected to register significant growth over the forecast period (2016–2023).

On the basis of geography, the global drilling fluids market is segmented into the following categories:

  • North America
  • The U.S.
  • Canada
  • Europe
  • Russia
  • The U.K.
  • Rest of Europe
  • Asia Pacific
  • Australia
  • China
  • Indonesia
  • Rest of Asia Pacific
  • Latin America
  • Brazil
  • Mexico
  • rest of Latin America
  • Middle East and Africa (MEA)
  • GCC
  • rest of MEA

Global energy demand is growing at a rapid pace with an increasing population and growing energy applications. Global oil and gas companies are investing in the exploration and production of new wells to cater to the growing demand for fossil fuels. Moreover, advancement in technology has facilitated oil companies' exploration of non-conventional reserves such as tight oil, shale oil, and coal bed methane.

The global drilling fluids market is segmented on the basis of geography. North America is expected to be the largest region in the global drilling fluids market, which is anticipated to contribute the highest revenue share owing to growing drilling activities for the production of shale gas coupled with increasing offshore drilling activities in the U.S. Gulf of Mexico, which is expected to augment the growth of the drilling fluids market in the region.

The Middle East and Africa are projected to be the second-largest region due to increasing oil production and high oil and gas reserves in the region. The segment is expected to register moderate growth over the forecast period (2016–2023).

Frequently Asked Question:

The market for Drilling Fluids Market is expected to reach USD$ 7.9 billion in 2023.

The Drilling Fluids Market is expected to see significant CAGR growth over the coming years, at 5.1% .

The report is forecasted from 2016 -2023.

The base year of this report is 2015.

Canadian Energy Services, Halliburton, Schlumberger, Royal Dutch Shell Inc., TETRA Technologies.are some of the major players in the global market.

Choose License Type
Trusted By
Godaddy
Published Date:  Nov 2016
Category:  Oil & Gas
Report ID:   58223
Report Format:   PDF
Pages:   120
Rating:    4.5 (70)
Delivery Time: 24 Hours to 48 Hours   
Connect With Us
+91-8668442535
24/7 Research Support