Increasing exploration and production activities is driving the market for drilling fluids
- Himanshu Patni
- November 21, 2022
- ENERGY & POWER
- Drilling Fluids Market, Drilling Fluids Market Growth, Drilling Fluids Market Share, Drilling Fluids Market Size, Drilling Fluids Market Trends
- 0 Comments
The global drilling fluids market is likely to showcase a growth of around 4% during the forecast period. Owing to its properties it is widely used in a range of industries including oil & gas, coal mining, and others. As these industries’ production capacity is growing, increasing the demand for drilling fluids.
Over the years, crude oil production has increased manifold due to rising electricity demand owing to robust growth in industrial activity which not only increase the electricity consumption but also improved consumer per capita income. Thereby encouraging the consumer to purchase several products like automobiles. Thus, to fulfill the growing demand, oil & gas operators are increasing the exploration and production of oil & gas. As in the exploration and production activity, large amounts of drilling fluids are required, therefore with the increase in the exploration activity, the demand for drilling fluids is increasing. Moreover, the growing population coupled with increasing urbanization has increased electricity consumption. As a large amount of electricity is produced using oil & gas, therefore increasing electricity consumption is propelling the crude oil demand, which eventually results in more exploration and production activities, thus increasing the demand for drilling fluids.
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Based on fluid type, the market is categorized into water-based, oil-based, and other fluid types. Among these, water-based has considerably a large share in the drilling fluids market. Water-based are considered to be less expensive and have a very low effect on the environment of discharge of mud and cuttings. Water-based can be formulated to tolerate relatively high downhole temperatures. It does not require special equipment for handling, storage, and pumping. Additionally, it is best for studying the geology of the well which has been drilled. Furthermore, government policies and industry associations are also providing opportunities for exploration and production. In 2022, Chevron Corporation announced it has sanctioned the Ballymore project in the deepwater U.S. Gulf of Mexico. The project, with a design capacity of 75,000 barrels of crude oil per day, will be developed as a three-mile subsea tieback to the existing Chevron-operated Blind Faith platform.
Based on well type, the market is categorized into conventional and 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.
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For a better understanding of the market adoption of drilling fluids, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, 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), and South America (Brazil, Argentina and Rest of South America). North America accounted for a prominent share in the market and is expected to showcase substantial growth during the forecast period owing to a large and growing oil and gas industry. As there is a rise in shale gas production thereby fueling the demand for drilling fluids in the region.
Global Drilling Fluids Market Segmentation
Market Insight, by Fluid Type
• Other fluid types
• High-Pressure High-Temperature
Market Insight, by Application
Market Insight, by Region
- North America Drilling Fluids Market
- United States
- Rest of North America
- Europe Drilling Fluids Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Drilling Fluids Market
- Rest of Asia-Pacific
- Middle East and Africa (MEA) Drilling Fluids Market
- Saudi Arabia
- Rest of MEA
- South America
- Rest of South America
• 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.
• Horizon Mud Company