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Drilling Fluid Market Size, Share and Global Trend By Fluid System(Water Based Fluid System, Oil Based Fluid System, Synthetic Based Fluid System), By Application(Onshore, Offshore), and Geography Forecast till 2026

Region : Global | Published Date: Upcoming | Report ID: FBI100401| Status : Upcoming

 

KEY INDUSTRY INSIGHTS

The exploration and development of new and existing wells carried out enormously around the world to meet the growing demand for hydrocarbons. In the exploration of hydrocarbons, the first step involves drilling which requires a thorough understanding of geophysical and geochemical properties of the earth crust. Drilling deeper, longer and challenging wells is only made possible by the improvement in drilling technologies including more efficient and effective drilling fluid. Drilling fluids smooth out the operation of drilling by creating the necessary environment to carry out exploration.

The primary function of drilling fluid is to provide requisite hydrostatic pressure to prevent formation fluid from entering into the wellbore. Besides this drilling fluid provide a number of benefits which include cleaning of a hole by transporting drilled cutting to the surface, cool, lubricate, & support the bit & drilling assembly, maintain wellbore stability, transmit hydraulic energy to tools and bit, and minimize the impact on the environment. Thus, drilling fluid is essential for maximizing the production and minimizing the amount of time required for achieving the first oil. 

The classification of drilling fluid can be done the basis of the fluid system includes Water-Based Fluid System, Oil Based Fluid System, and Synthetic Based Fluid System. Most offshore and onshore exploration companies use water as a primary drilling fluid due to increasing concern over the environmental impact of the operation. The different additives are added to change the viscosity and density of a fluid. The long-reach well where friction is the main criterion; the oil-based fluid system is used as it provides required lubrication.

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The government and private entities are investing a huge amount for the exploration of hydrocarbons and the development of existing wells to meet the ever grossing demand for oil and gas which drive the market for drilling fluids. To enhance the operational capacity of drilling and maximize the production of the wellbore, drilling fluid plays a key role which is expected the growth of the drilling fluid in the market.

Oil and synthetic based fluid systems posing a serious environmental threat due to toxic elements present in the drilling fluid system which contaminate natural bodies and can inhibit the growth of drilling fluid market. 

KEY PLAYERS COVERED 

The leading companies in the drilling fluid are Schlumberger Limited, Halliburton Inc., Baker Hughes, Newpark Resources Inc., National Oilwell Varco, Tetra Technologies Inc., Scomi Energy Services Bhd (SESB), Geo Drilling Fluid, Global Drilling Fluids and Chemicals Ltd., M&D Industries of Louisiana, Iro Oil Drilling Chemical Co., Ltd., Gumpro Drilling Fluids Pvt., Ltd., AES Drilling Fluids, Universal Drilling Fluid, Eco Drilling Fluid, and Star Drilling Fluid.

SEGMENTATION

Segmentation

Details

By Fluid System

·         Water-Based Fluid System

·         Oil-Based Fluid System

·         Synthetic Based Fluid System

By Application

·         Onshore

·         Offshore

By Geography

·      North America (USA and Canada)

·      Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)

·      Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

·      Latin America (Brazil, Mexico and Rest of Latin America)

·      Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

REGIONAL ANALYSIS 

The global drilling fluid market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is dominating the global drilling fluid market due to a huge investment in offshore exploration. The United States is having the highest potential growth for drilling fluid as development projects are in pipeline to explore more and more hydrocarbon to meet the extensive demand. The Asia Pacific has been seen moderate growth since the last decade and the drilling fluid market is expected to grow at a constant rate. China accounts for a major share of hydrocarbons production in the world. The extensive drilling operation for the exploration of new oil wells and existing wells for maximizing production will drive the market for drilling fluid in Asia Pacific.

The socio-economic condition and enormous growth potential will rise the market for drilling fluid in the Asia Pacific. In Europe, Russia is most prosperous and rich in terms of hydrocarbon reserves and it is one of the top exporters of oil and gas. The development rate in Europe is quite interesting as most countries in this region are on the progressive path with the top conglomerate company’s presence. This is estimated a considerable growth of drilling fluid in Europe. OPEC presence in MEA is heavily dominated by exploration and production (E&P) of hydrocarbon and one of the top exporter of oil and gas in the world. Saudi Arabia, Iran, Iraq, UAE, Venezuela, Kuwait, etc. are attracting global oil companies to invest in their countries due to the large share of hydrocarbon reserves. Heavy exploration and investment will drive the market for drilling fluids in the MEA. 

KEY INDUSTRY DEVELOPMENTS

  • In March 2019, Scormi Energy Services Bhd bags a contract worth $150 million from Kuwait Oil Company for providing mud products and mud engineering services for deep drilling and development drilling.
  • In July 2018, Uzma Bhd gets a five-year contract from Petronas Carigali for provision of drilling fluid and associated services
  • In July 2018, Tetra Technologies Inc. and Halliburton jointly signed an agreement for global joint marketing and sale for a newly developed Tetra CS Neptune drilling fluid.                                                                                                       

Drilling Fluid Market Size, Share and Global Industry Trend Forecast till 2026
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