Product Code: MC01237SA
“Global Drilling Fluids Market to Reach $12,927.6 Million by 2031.”
Global Drilling Fluids Industry Overview
The global drilling fluids market was estimated to be at $6,100.0 million in 2021, which is expected to grow with a CAGR of 7.8% and reach $12,927.6 million by 2031. The growth in the global drilling fluids market is expected to be driven by increasing onshore and offshore drilling activities due to the rise in energy demand.
Market Lifecycle Stage
Drilling fluids are a large and growing industry. Increased research and development activities are underway to develop more efficient drilling fluid while reducing the cost. Additionally, a large number of wells are projected to be drilled in the next few years.
Impact
Increased demand for energy and an increase in drilling processes for oil exploration and production are some of the key driving factors for the drilling fluids market. The shift toward the usage of water-based drilling fluids is more prominent in the oil and gas industry owing to its environment friendly and cost-effective nature. The U.S. has the largest industry for drilling fluids as the oil and gas companies are using these fluids for smooth and efficient well drilling.
Impact of COVID-19
COVID-19 has had a significant global impact on the supply chain of the drilling fluids market. Moreover, the oil and gas industry witnessed a substantial decline in demand due to the several lockdowns and restrictions, which caused in decreased demand for drilling fluids.
Market Segmentation:
Segmentation 1: by Application
The global drilling fluids market in the application segment is expected to be dominated by onshore applications. This is due to increased oil and gas exploration activities at onshore oil fields and the advantage of the availability of customized drilling fluids according to the formation location.
Segmentation 2: by Product Type
- Water-Based Drilling Fluids
- Oil-Based Drilling Fluids
- Synthetic-Based Drilling Fluids
- Others
The global drilling fluids market is dominated by water-based drilling fluids. This is due to its cost-effectiveness and lower environmental impact. Moreover, growing concern about the toxicity of other drilling fluids is expected to create demand for water-based drilling fluids.
Segmentation 3: by Region
- North America - U.S., Canada, and Mexico
- Europe - Norway, Turkey, Russia, and Rest-of-Europe
- Asia-Pacific and Japan - India, Indonesia, Australia, and Rest-of-Asia-Pacific and Japan
- South America - Brazil, Venezuela, Colombia, Rest-of-South America
- Middle East and Africa - Saudi Arabia, Iran, Iraq, Kuwait, U.A.E., and Rest-of-Middle East and Africa
North America is expected to be the largest market for drilling fluids. This is mainly because growing oil and gas production with substantial oil field development, particularly in the U.S., is projected to trigger the demand in the region.
Recent Developments in Global Drilling Fluids Market
- In May 2019, Baker Hughes Company introduced Delta-Teq low-pressure-impact drilling fluid, a non-aqueous drilling fluid that allows operators working in slender pressure windows to meet their drilling objectives by significantly reducing the threats associated with this activity.
Demand - Drivers and Limitations
Following are the demand drivers for the drilling fluids market:
- Increasing Onshore and Offshore Drilling Activities
- Increasing Focus on Shale Gas
The market is expected to face some limitations too due to the following challenges:
- Volatility in Prices of Crude Oil to Impact the Drilling Fluids Consumption
- Rise in Cost of Deepwater and Ultra-Deepwater Drilling
- Impact of Drilling Fluids on the Environment
How Can This Report Add Value to an Organization?
- Product/Innovation Strategy: The product segment helps the reader understand the different types of drilling fluids available for drilling wells and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different drilling fluids applications offshore and onshore.
- Growth/Marketing Strategy: The global different drilling fluids market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. For instance, in May 2021, Baker Hughes Company and Akastor ASA announced an agreement to create a joint venture company to bring together Baker 'Hughes' Subsea Drilling Systems (SDS) business with Akastor's wholly owned subsidiary MHWirth AS. The company will deliver a full-service of offshore drilling equipment that will provide consumers with a broad portfolio of products and services.
- Competitive Strategy: Key players in the drilling fluids market analyzed and profiled in the study involve drilling fluids manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the global drilling fluids market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
- Baker Hughes Company
- Halliburton
- Schlumberger Limited
- Newpark Resources Inc.
- Weatherford
- AES Drilling Fluids
- DIAMOCO Group
- NOV Inc.
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- Conquest Drilling
- Stellar Drilling Fluids. LLC
- QMax
- Secure Energy
- ChemFor
- TotalEnergies
- Dynamic Drilling Fluids
- Valence Drilling Fluids, LLC
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Table of Contents
1 Markets
- 1.1 Industry Outlook
- 1.1.1 Trends: Current and Future
- 1.1.1.1 Shale Gas
- 1.1.1.2 Nanoparticles
- 1.1.2 Supply Chain Network
- 1.1.3 Ecosystem/Ongoing Programs
- 1.1.3.1 Regulatory Bodies
- 1.1.4 Impact of COVID-19 on Drilling Fluids Market
- 1.2 Business Dynamics
- 1.2.1 Business Drivers
- 1.2.1.1 Increasing Onshore and Offshore Drilling Activities
- 1.2.1.2 Government Initiatives
- 1.2.1.3 Increasing Focus on Shale Gas
- 1.2.2 Business Challenges
- 1.2.2.1 Volatility in Prices of Crude Oil to Impact the Drilling Fluids Consumption
- 1.2.2.2 Rise in Cost of Deepwater and Ultra-Deepwater Drilling
- 1.2.2.3 Impact of Drilling Fluids on the Environment
- 1.2.3 Business Strategies
- 1.2.3.1 Product Developments
- 1.2.3.2 Market Developments
- 1.2.4 Business Opportunities
- 1.2.4.1 Increased Demand for Oil in Asia-Pacific Region
- 1.2.4.2 Prioritized Deepwater and Ultra-Deepwater Drilling Activities
- 1.3 Start-Up Landscape
- 1.3.1 Key Start-Ups in the Ecosystem
2 Application
- 2.1 Drilling Fluids Market - Applications and Specifications
- 2.1.1 Offshore
- 2.1.2 Onshore
- 2.2 Drilling Fluids Market - Demand Analysis (by End-Use Applications)
- 2.2.1 Demand Analysis (by End-Use Applications), Value and Volume Data
3 Products
- 3.1 Drilling Fluids Market - Type and Specifications
- 3.1.1 Water-Based Drilling Fluids
- 3.1.2 Oil-Based Drilling Fluids
- 3.1.3 Synthetic-Based Drilling Fluids
- 3.1.4 Others
- 3.2 Drilling Fluids Market - Demand Analysis (by Product Type)
- 3.2.1 Demand Analysis (by Product Type), Value and Volume Data
- 3.3 Product Benchmarking: Growth Rate - Market Share Matrix, 2021
- 3.4 Patent Analysis
- 3.4.1 Patent Analysis (by Region)
- 3.4.2 Top Assignees of Drilling Fluids Patents
- 3.5 Global Pricing Analysis
4 Region
- 4.1 North America
- 4.1.1 Markets
- 4.1.1.1 Key Manufacturers/Suppliers in North America
- 4.1.1.2 Business Challenges
- 4.1.1.3 Business Drivers
- 4.1.2 End-Use Applications
- 4.1.3 Product Type
- 4.1.4 North America (by Country)
- 4.1.4.1 U.S.
- 4.1.4.1.1 Markets
- 4.1.4.1.1.1 Buyers Attribute
- 4.1.4.1.1.2 Key Manufacturers/Suppliers in the U.S.
- 4.1.4.1.1.3 Business Challenges
- 4.1.4.1.1.4 Business Drivers
- 4.1.4.1.2 Applications
- 4.1.4.1.3 Product Type
- 4.1.4.2 Canada
- 4.1.4.2.1 Markets
- 4.1.4.2.1.1 Buyers Attribute
- 4.1.4.2.1.2 Key Manufacturers/Suppliers in Canada
- 4.1.4.2.1.3 Business Challenges
- 4.1.4.2.1.4 Business Drivers
- 4.1.4.2.2 End-Use Applications
- 4.1.4.2.3 Product Type
- 4.1.4.3 Mexico
- 4.1.4.3.1 Markets
- 4.1.4.3.1.1 Buyers Attributes
- 4.1.4.3.1.2 Key Manufacturers/Suppliers in Mexico
- 4.1.4.3.1.3 Business Challenges
- 4.1.4.3.1.4 Business Drivers
- 4.1.4.3.2 End-Use Applications
- 4.1.4.3.3 Product Type
- 4.2 Middle East and Africa
- 4.2.1 Market
- 4.2.1.1 Key Manufacturers/Suppliers in the Middle East and Africa
- 4.2.1.2 Business Challenges
- 4.2.1.3 Business Driver
- 4.2.2 End-Use Applications
- 4.2.3 Middle East and Africa (by Country)
- 4.2.3.1 Saudi Arabia
- 4.2.3.1.1 Market
- 4.2.3.1.1.1 Buyer Attributes
- 4.2.3.1.1.2 Key Manufacturers/Suppliers in Saudi Arabia
- 4.2.3.1.1.3 Business Challenges
- 4.2.3.1.1.4 Business Drivers
- 4.2.3.1.2 End-Use Applications
- 4.2.3.1.3 Product Type
- 4.2.3.2 Iran
- 4.2.3.2.1 Market
- 4.2.3.2.1.1 Buyer Attributes
- 4.2.3.2.1.2 Key Manufacturers/Suppliers in Iran
- 4.2.3.2.1.3 Business Challenges
- 4.2.3.2.1.4 Business Driver
- 4.2.3.2.2 End-Use Applications
- 4.2.3.2.3 Product Type
- 4.2.3.3 Iraq
- 4.2.3.3.1 Market
- 4.2.3.3.1.1 Buyer Attributes
- 4.2.3.3.1.2 Key Manufacturers/Suppliers in Iraq
- 4.2.3.3.1.3 Business Challenges
- 4.2.3.3.1.4 Business Driver
- 4.2.3.3.2 End-Use Applications
- 4.2.3.3.3 Product Type
- 4.2.3.4 Kuwait
- 4.2.3.4.1 Market
- 4.2.3.4.1.1 Buyer Attributes
- 4.2.3.4.1.2 Key Manufacturers/Suppliers in Kuwait
- 4.2.3.4.1.3 Business Challenges
- 4.2.3.4.1.4 Business Drivers
- 4.2.3.4.2 End-Use Applications
- 4.2.3.4.3 Product Type
- 4.2.3.5 U.A.E
- 4.2.3.5.1 Market
- 4.2.3.5.1.1 Buyer Attributes
- 4.2.3.5.1.2 Key Manufacturers/Suppliers in U.A.E
- 4.2.3.5.1.3 Business Challenges
- 4.2.3.5.1.4 Business Drivers
- 4.2.3.5.2 End-Use Applications
- 4.2.3.5.3 Product Type
- 4.2.3.6 Rest-of-Middle East and Africa
- 4.2.3.6.1 Market
- 4.2.3.6.1.1 Buyer Attributes
- 4.2.3.6.1.2 Key Manufacturers/Suppliers in Rest-of-Middle East and Africa
- 4.2.3.6.1.3 Business Challenges
- 4.2.3.6.1.4 Business Driver
- 4.2.3.6.2 End-Use Applications
- 4.2.3.6.3 Product Type
- 4.3 Europe
- 4.3.1 Market
- 4.3.1.1 Key Manufacturers and Suppliers in Europe
- 4.3.1.2 Business Challenges
- 4.3.1.3 Business Driver
- 4.3.2 End-Use Applications
- 4.3.3 Product Type
- 4.3.4 Europe (by Country)
- 4.3.4.1 Norway
- 4.3.4.1.1 Market
- 4.3.4.1.1.1 Buyer Attributes
- 4.3.4.1.1.2 Key Manufacturers
- 4.3.4.1.1.3 Business Challenges
- 4.3.4.1.1.4 Business Drivers
- 4.3.4.1.2 End-Use Applications
- 4.3.4.1.3 Product Type
- 4.3.4.2 Turkey
- 4.3.4.2.1 Market
- 4.3.4.2.1.1 Buyer Attributes
- 4.3.4.2.1.2 Key Manufacturers
- 4.3.4.2.1.3 Business Challenges
- 4.3.4.2.1.4 Business Drivers
- 4.3.4.2.2 End-Use Applications
- 4.3.4.2.3 Product Type
- 4.3.4.3 Russia
- 4.3.4.3.1 Market
- 4.3.4.3.1.1 Buyer Attributes
- 4.3.4.3.1.2 Key Manufacturers
- 4.3.4.3.1.3 Business Challenges
- 4.3.4.3.1.4 Business Drivers
- 4.3.4.3.2 End-Use Applications
- 4.3.4.3.3 Product Type
- 4.3.4.4 Rest-of-Europe (RoE)
- 4.3.4.4.1 Market
- 4.3.4.4.1.1 Buyer Attributes
- 4.3.4.4.1.2 Key Manufacturers and Suppliers in Rest-of-Europe
- 4.3.4.4.1.3 Business Challenges
- 4.3.4.4.1.4 Business Driver
- 4.3.4.4.2 End-Use Applications
- 4.3.4.4.3 Product Type
- 4.4 U.K.
- 4.4.1 Market
- 4.4.1.1 Buyer Attributes
- 4.4.1.2 Key Manufacturers and Suppliers in U.K.
- 4.4.1.3 Business Challenges
- 4.4.1.4 Business Driver
- 4.4.2 End-Use Applications
- 4.4.3 Product Type
- 4.5 Asia-Pacific and Japan
- 4.5.1 Market
- 4.5.1.1 Key Manufacturers and Suppliers in Asia-Pacific and Japan
- 4.5.1.2 Business Challenges
- 4.5.1.3 Business Driver
- 4.5.2 End-Use Applications
- 4.5.3 Product Type
- 4.5.4 Asia-Pacific and Japan (by Country)
- 4.5.4.1 India
- 4.5.4.1.1 Market
- 4.5.4.1.1.1 Buyer Attributes
- 4.5.4.1.1.2 Key Manufacturers and Suppliers in Asia-Pacific
- 4.5.4.1.1.3 Business Challenges
- 4.5.4.1.1.4 Business Drivers
- 4.5.4.1.2 End-Use Applications
- 4.5.4.1.3 Product Type
- 4.5.4.2 Indonesia
- 4.5.4.2.1 Market
- 4.5.4.2.1.1 Buyer Attributes
- 4.5.4.2.1.2 Key Manufacturers and Suppliers in Indonesia
- 4.5.4.2.1.3 Business Challenges
- 4.5.4.2.1.4 Business Drivers
- 4.5.4.2.2 End-Use Applications
- 4.5.4.2.3 Product Type
- 4.5.4.3 Australia
- 4.5.4.3.1 Market
- 4.5.4.3.1.1 Buyer Attributes
- 4.5.4.3.1.2 Key Manufacturers and Suppliers in Australia
- 4.5.4.3.1.3 Business Challenges
- 4.5.4.3.1.4 Business Drivers
- 4.5.4.3.2 End-Use Applications
- 4.5.4.3.3 Product Type
- 4.5.4.4 Rest-of-Asia-Pacific and Japan
- 4.5.4.4.1 Market
- 4.5.4.4.1.1 Buyer Attributes
- 4.5.4.4.1.2 Key Manufacturers and Suppliers in Rest-of-Asia-Pacific
- 4.5.4.4.1.3 Business Challenges
- 4.5.4.4.1.4 Business Drivers
- 4.5.4.4.2 End-Use Applications
- 4.5.4.4.3 Product Type
- 4.6 China
- 4.6.1 Market
- 4.6.1.1 Buyer Attributes
- 4.6.1.2 Key Manufacturers and Suppliers in Asia-Pacific
- 4.6.1.3 Business Challenges
- 4.6.1.4 Business Drivers
- 4.6.2 End-Use Applications
- 4.6.3 Product Type
- 4.7 South America
- 4.7.1 Market
- 4.7.1.1 Buyer Attribute
- 4.7.1.2 Key Manufacturers and Suppliers in South America
- 4.7.1.3 Business Challenges
- 4.7.1.4 Business Driver
- 4.7.2 End-Use Applications
- 4.7.3 Product Type
- 4.7.4 South America (by Country)
- 4.7.4.1 Brazil
- 4.7.4.1.1 Market
- 4.7.4.1.1.1 Buyer Attributes
- 4.7.4.1.1.2 Key Manufacturers and Suppliers in Brazil
- 4.7.4.1.1.3 Business Challenges
- 4.7.4.1.1.4 Business Drivers
- 4.7.4.1.2 End-Use Applications
- 4.7.4.1.3 Product Type
- 4.7.4.2 Venezuela
- 4.7.4.2.1 Market
- 4.7.4.2.1.1 Buyer Attributes
- 4.7.4.2.1.2 Key Manufacturers and Suppliers in Venezuela
- 4.7.4.2.1.3 Business Challenges
- 4.7.4.2.1.4 Business Drivers
- 4.7.4.2.2 End-Use Applications
- 4.7.4.2.3 Product Type
- 4.7.4.3 Colombia
- 4.7.4.3.1 Market
- 4.7.4.3.1.1 Buyer Attributes
- 4.7.4.3.1.2 Key Manufacturers and Suppliers in Columbia
- 4.7.4.3.1.3 Business Challenges
- 4.7.4.3.1.4 Business Drivers
- 4.7.4.3.2 End-Use Applications
- 4.7.4.3.3 Product Type
- 4.7.4.4 Rest-of-South America
- 4.7.4.4.1 Market
- 4.7.4.4.1.1 Buyer Attributes
- 4.7.4.4.1.2 Key Manufacturers and Suppliers in Rest-of-South America
- 4.7.4.4.1.3 Business Challenges
- 4.7.4.4.1.4 Business Drivers
- 4.7.4.4.2 End-Use Applications
- 4.7.4.4.3 Product Type
5 Markets - Competitive Benchmarking & Company Profiles
- 5.1 Competitive Benchmarking
- 5.1.1 Competitive Position Matrix
- 5.1.2 Product Matrix for Key Companies
- 5.1.3 Market Share Analysis
- 5.2 Company Profiles
- 5.2.1 Baker Hughes Company
- 5.2.1.1 Company Overview
- 5.2.1.1.1 Product Portfolio
- 5.2.1.1.2 Business Strategies
- 5.2.1.1.3 R&D Expenditure Analysis
- 5.2.1.1.4 Analyst Point of View
- 5.2.2 Halliburton
- 5.2.2.1 Company Overview
- 5.2.2.1.1 Product Portfolio
- 5.2.2.1.2 R&D Expenditure Analysis
- 5.2.2.1.3 Analyst Point of View
- 5.2.3 Schlumberger Limited
- 5.2.3.1 Company Overview
- 5.2.3.1.1 Product Portfolio
- 5.2.3.1.2 R&D Expenditure Analysis
- 5.2.3.1.3 Analyst Point of View
- 5.2.4 Newpark Resources Inc.
- 5.2.4.1 Company Overview
- 5.2.4.1.1 Product Portfolio
- 5.2.4.1.2 Production Sites and R&D Analysis
- 5.2.4.1.3 Business Strategies
- 5.2.4.1.4 Analyst Point of View
- 5.2.5 Weatherford
- 5.2.5.1 Company Overview
- 5.2.5.1.1 Product Portfolio
- 5.2.5.1.2 R&D Expenditure Analysis
- 5.2.5.1.3 Analyst Point of View
- 5.2.6 AES Drilling Fluids
- 5.2.6.1 Company Overview
- 5.2.6.1.1 Product Portfolio
- 5.2.6.1.2 Analyst Point of View
- 5.2.7 DIAMOCO Group
- 5.2.7.1 Company Overview
- 5.2.7.1.1 Product Portfolio
- 5.2.7.1.2 Analyst Point of View
- 5.2.8 NOV Inc.
- 5.2.8.1 Company Overview
- 5.2.8.1.1 Product Portfolio
- 5.2.8.1.2 Production Sites
- 5.2.8.1.3 Analyst Point of View
- 5.2.9 Conquest Drilling
- 5.2.9.1 Company Overview
- 5.2.9.1.1 Product Portfolio
- 5.2.9.1.2 Analyst Point of View
- 5.2.10 Stellar Drilling Fluids. LLC
- 5.2.10.1 Company Overview
- 5.2.10.1.1 Product Portfolio
- 5.2.10.1.2 Production Sites
- 5.2.10.1.3 Analyst Point of View
- 5.2.11 QMax
- 5.2.11.1 Company Overview
- 5.2.11.1.1 Product Portfolio
- 5.2.11.1.2 Analyst Point of View
- 5.2.12 Secure Energy
- 5.2.12.1 Company Overview
- 5.2.12.1.1 Product Portfolio
- 5.2.12.1.2 Production Site
- 5.2.12.1.3 Analyst Point of View
- 5.2.13 ChemFor
- 5.2.13.1 Company Overview
- 5.2.13.1.1 Product Portfolio
- 5.2.13.1.2 Analyst Point of View
- 5.2.14 TotalEnergies
- 5.2.14.1 Company Overview
- 5.2.14.1.1 Product Portfolio
- 5.2.14.1.2 Production Sites
- 5.2.14.1.3 R&D Expenditure Analysis
- 5.2.14.1.4 Analyst Point of View
- 5.2.15 Dynamic Drilling Fluids
- 5.2.15.1 Company Overview
- 5.2.15.1.1 Product Portfolio
- 5.2.15.1.2 Analyst Point of View
- 5.2.16 Valence Drilling Fluids, LLC
- 5.2.16.1 Company Overview
- 5.2.16.1.1.1 Product Portfolio
- 5.2.16.1.2 Analyst Point of view
6 Research Methodology