Drilling Fluids Market Growth & Trends:
The global drilling fluid market is expected to reach USD 11.3 billion by 2030, expanding at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the increasing demand in the energy industry, which is anticipated to drive growth in the drilling fluid market. The growing demand for crude oil by various industries, such as transportation and energy, has been ramping up oil & gas production globally. Growing concerns about crumbling boreholes, handling solid waste, and spill containment are anticipated to increase drilling fluid demand significantly during the forecast period. The oil and gas industry, particularly the industries that are linked with it, has been creating immense opportunities in the market.
Water-based drilling fluid captures the highest market share across the globe. This is attributed to the increasing requirement for water-based fluid in horizontal drilling like wells. Water-based is considered to be less harmful to the environment than other oils, which are expected to drive demand in the forecast period. Water-based oils are used in 75% of drilling wells globally. The types of fluids used in this are freshwater, brine, saturated, or formate brine, which is less toxic, resulting in creating a huge potential for the industry in the coming years.
Product manufacturers have been taking several strategic initiatives, such as new product development, partnerships, M&A, collaborations, agreements, and joint ventures. These strategies have been adopted to increase market penetration and create enough opportunities for technology implementation for different end-use applications in the region.
The major challenge for the product is its adverse effect on the environment due to its toxicity. Water-based oil is still less impactful to the environment in comparison with oil-based fluids. The degree of impact also depends on the type of oil used in the existing environmental conditions. This environmental impact has brought certain restrictions on its use in various parts of the world.
Drilling Fluids Market Report Highlights:
- Water-based drilling fluids witnessed a CAGR of nearly 5%. This is attributed to its extensive consumption in horizontal drillings, such as high-temperature and high-pressure wells. Water-based is less likely to impact the environment as compared to oil-based, resulting in its demand in the forecast period
- The overall industry is anticipated to witness a huge leap in demand, owing to the growing requirement for crude oil in emerging industry sectors, such as energy and transportation, which is expected to drive demand for oil & gas production globally
- Onshore applications dominated the market with the highest share of 60.3% in 2021. This is attributed to the ongoing oil drilling activities in the onshore field to fulfill growing energy needs. The global volume of oil & gas production is anticipated to witness huge growth due to an increasing number of research initiatives to develop abandoned oil wells and renewed projects in onshore oilfield
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Research methodology
- 1.2 Research scope & assumptions
- 1.3 List of Data Sources
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends, and Scope
- 3.1 Market segmentation
- 3.2 Market size and growth prospects
- 3.3 Drilling & completion fluids value chain analysis
- 3.4 Raw material trends
- 3.5 Technological Landscape
- 3.6 Regulatory Scenario
- 3.7 Drilling and completion fluids market dynamics
- 3.7.1 Market driver analysis
- 3.7.1.1 Rising global hydrocarbon E&P
- 3.7.1.2 Shift in the trend toward developing unconventional resources
- 3.7.1.3 Increasing offshore production
- 3.7.2 Market restraint analysis
- 3.7.2.1 Crude oil price slump
- 3.7.2.2 Adverse environmental impact of OBF
- 3.8 Key opportunities - Prioritized
- 3.9 Industry analysis- Porter's
- 3.10 Drilling and completion fluids - PESTEL analysis
Chapter 4 Drilling Fluids: Product Outlook
- 4.1 Global drilling fluids market share by product
- 4.2 Drilling fluids market estimates and forecast by product, 2018 - 2030
- 4.2.1 Oil-based fluids (OBF)
- 4.2.1.1 Global oil-based drilling fluids market estimates and forecast by region, 2018 - 2030
- 4.2.2 Synthetic based fluids (SBF)
- 4.2.2.1 Global synthetic-based drilling fluids market estimates and forecast by region, 2018 - 2030
- 4.2.3 Water-based fluids (WBF)
- 4.2.3.1 Global water-based drilling fluids market estimates and forecast by region, 2018 - 2030
- 4.2.4 Others
- 4.2.4.1 Global other based drilling fluids market estimates and forecast by region, 2018 - 2030
Chapter 5 Drilling & Completion Fluids: Application Outlook
- 5.1 Drilling fluids market share by application
- 5.2 Completion fluids market share by application
- 5.3 Drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 5.3.1 Onshore oil & gas
- 5.3.1.1 Global drilling & completion fluids market estimates and forecast in onshore oil & gas by region, 2018 - 2030
- 5.3.2 Offshore oil & gas
- 5.3.2.1 Global drilling & completion fluids market estimates and forecast in offshore oil & gas by region, 2018 - 2030
Chapter 6 Drilling & Completion Fluids: Regional Outlook
- 6.1 Drilling fluids market share by region
- 6.2 Completion fluids market share by region
- 6.2.1 North America
- 6.2.1.1 North America drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.1.2 North America drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.1.3 U.S.
- 6.2.1.3.1 U.S. drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.1.3.2 U.S. drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.1.4 Canada
- 6.2.1.4.1 Canada drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.1.4.2 Canada drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.1.5 Mexico
- 6.2.1.5.1 Mexico drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.1.5.2 Mexico drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.2 Europe
- 6.2.2.1 Europe drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.2.2 Europe drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.2.3 UK
- 6.2.2.3.1 UK drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.2.4 UK drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.2.5 Russia
- 6.2.2.5.1 Russia drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.2.5.2 Russia drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.2.6 Norway
- 6.2.2.6.1 Norway drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.2.6.2 Norway drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.2.7 Azerbaijan
- 6.2.2.7.1 Azerbaijan drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.2.7.2 Azerbaijan drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.2.8 Kazakhstan
- 6.2.2.8.1 Kazakhstan drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.2.8.2 Kazakhstan drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.3 Asia Pacific
- 6.2.3.1 Asia Pacific drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.3.2 Asia Pacific drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.3.3 China
- 6.2.3.3.1 China drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.3.3.2 China drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.3.4 India
- 6.2.3.4.1 India drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.3.4.2 India drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.3.5 Indonesia
- 6.2.3.5.1 Indonesia drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.3.6 Indonesia drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.3.7 Malaysia
- 6.2.3.7.1 Malaysia drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.3.7.2 Malaysia drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.3.8 Pakistan
- 6.2.3.8.1 Pakistan drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.3.8.2 Pakistan drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.3.9 Myanmar
- 6.2.3.9.1 Myanmar drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.3.9.2 Myanmar drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.3.10 Singapore
- 6.2.3.10.1 Singapore drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.3.10.2 Singapore drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.3.11 Australia
- 6.2.3.11.1 Australia drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.3.11.2 Australia drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.3.12 Vietnam
- 6.2.3.12.1 Vietnam drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.3.12.2 Vietnam drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.3.13 Thailand
- 6.2.3.13.1 Thailand drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.3.13.2 Thailand drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.4 Central & South America
- 6.2.4.1 Central & South America drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.4.2 Central & South America drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.4.3 Brazil
- 6.2.4.3.1 Brazil drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.4.3.2 Brazil drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.4.4 Argentina
- 6.2.4.4.1 Argentina drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.4.4.2 Argentina drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.4.5 Venezuela
- 6.2.4.5.1 Venezuela drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.4.5.2 Venezuela drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.4.6 Columbia
- 6.2.4.6.1 Columbia drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.4.6.2 Columbia drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.4.7 Peru
- 6.2.4.7.1 Peru drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.4.7.2 Peru drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.5 Middle East
- 6.2.5.1 Middle East drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.5.2 Middle East drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.5.3 Saudi Arabia
- 6.2.5.3.1 Saudi Arabia drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.5.3.2 Saudi Arabia drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.5.4 UAE
- 6.2.5.4.1 UAE drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.5.4.2 UAE drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.5.5 Qatar
- 6.2.5.5.1 Qatar drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.5.5.2 Qatar drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.5.6 Kuwait
- 6.2.5.6.1 Kuwait drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.5.6.2 Kuwait drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.5.7 Iran
- 6.2.5.7.1 Iran drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.5.7.2 Iran drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.5.8 Iraq
- 6.2.5.8.1 Iraq drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.5.8.2 Iraq drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.6 Africa
- 6.2.6.1 Africa drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.6.2 Africa drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.6.3 Algeria
- 6.2.6.3.1 Algeria drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.6.3.2 Algeria drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.6.4 Libya
- 6.2.6.4.1 Libya drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.6.4.2 Libya drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.6.5 Nigeria
- 6.2.6.5.1 Nigeria drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.6.5.2 Nigeria drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.6.6 Gabon
- 6.2.6.6.1 Gabon drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.6.6.2 Gabon drilling & completion fluids market estimates and forecast by application, 2018 - 2030
- 6.2.6.7 Zaire (Republic of Congo)
- 6.2.6.7.1 Zaire drilling fluid market estimates and forecast by product, 2018 - 2030
- 6.2.6.7.2 Zaire drilling & completion fluids market estimates and forecast by application, 2018 - 2030
Chapter 7 Competitive Landscape
- 7.1 Vendor Landscape
- 7.2 Competitive environment
- 7.3 Strategy Framework
Chapter 8 Company Profiles
- 8.1 Baker Hughes, Inc.
- 8.1.1 Company overview
- 8.1.2 Financial performance
- 8.1.3 Product benchmarking
- 8.1.4 Strategic initiatives
- 8.2 Halliburton, Inc.
- 8.2.1 Company overview
- 8.2.2 Financial performance
- 8.2.3 Product benchmarking
- 8.2.4 Strategic initiatives
- 8.3 Weatherford International
- 8.3.1 Company overview
- 8.3.2 Financial performance
- 8.3.3 Product benchmarking
- 8.3.4 Strategic Initiatives
- 8.4 Schlumberger Limited
- 8.4.1 Company overview
- 8.4.2 Financial performance
- 8.4.3 Product benchmarking
- 8.4.4 Strategic initiatives
- 8.5 Newpark Resources, Inc.
- 8.5.1 Company overview
- 8.5.2 Financial performance
- 8.5.3 Product benchmarking
- 8.5.4 Strategic initiatives
- 8.6 Anchor Drilling Fluids USA, LLC
- 8.6.1 Company overview
- 8.6.2 Financial performance
- 8.6.3 Product benchmarking
- 8.6.4 Strategic initiatives
- 8.7 TETRA Technologies, Inc.
- 8.7.1 Company overview
- 8.7.2 Financial performance
- 8.7.3 Product benchmarking
- 8.7.4 Strategic initiatives
- 8.8 Petrochem Performance Chemicals Ltd. LLC
- 8.8.1 Company overview
- 8.8.2 Financial performance
- 8.8.3 Product benchmarking
- 8.9 Canadian Energy Services & Technology Corporation
- 8.9.1 Company overview
- 8.9.2 Financial performance
- 8.9.3 Product benchmarking
- 8.10 International Drilling Fluids and Engineering Services (IDEC) Ltd
- 8.10.1 Company overview
- 8.10.2 Financial performance
- 8.10.3 Product benchmarking
- 8.10.4 Strategic initiatives
- 8.11 China Oilfield Services Limited
- 8.11.1 Company overview
- 8.11.2 Financial performance
- 8.11.3 Product benchmarking
- 8.11.4 Strategic initiatives
- 8.12 Flotek Industries, Inc.
- 8.12.1 Company overview
- 8.12.2 Financial performance
- 8.12.3 Product benchmarking
- 8.12.4 Strategic initiatives
- 8.13 Global Drilling Fluids and Chemicals Limited
- 8.13.1 Company overview
- 8.13.2 Financial performance
- 8.13.3 Product benchmarking
- 8.14 National Oilwell Varco (NOV)
- 8.14.1 Company overview
- 8.14.2 Financial performance
- 8.14.3 Product benchmarking
- 8.14.4 Strategic initiatives
- 8.15 Scomi Group Bhd
- 8.15.1 Company overview
- 8.15.2 Financial performance
- 8.15.3 Product benchmarking
- 8.15.4 Strategic initiatives
- 8.16 Catalyst LLC
- 8.16.1 Company overview
- 8.16.2 Financial performance
- 8.16.3 Product benchmarking
- 8.16.4 Strategic initiatives