What is Global Drilling Fluids Market?
The Global Drilling Fluids Market is a vast and dynamic sector that plays a crucial role in the oil and gas industry. Drilling fluids, also known as drilling mud, are used in drilling rigs to carry out a variety of functions, such as cooling the drill bit, lifting drill cuttings, controlling pressure, maintaining wellbore stability, and providing buoyancy. The market for these essential fluids is global in nature, with demand stemming from all corners of the world where drilling activities are carried out. The market's value was estimated at US$ 9711 million in 2022, and it is projected to grow to US$ 11970 million by 2029, expanding at a compound annual growth rate (CAGR) of 2.5% from 2023 to 2029.
Oil-Based Fluids (OBF), Water Based Fluids (WBF), Others in the Global Drilling Fluids Market:
The Global Drilling Fluids Market is segmented based on the type of fluid used, namely Oil-Based Fluids (OBF), Water-Based Fluids (WBF), and others. Water-Based Fluids (WBF) are the most widely used type, accounting for about 50% of the market. These fluids are preferred due to their cost-effectiveness and lesser environmental impact compared to oil-based fluids. Oil-Based Fluids (OBF), on the other hand, are used in more challenging drilling conditions due to their superior lubrication properties and ability to withstand high temperatures. The 'others' category includes synthetic-based fluids and gas-based fluids, which are used in specific drilling conditions.
Onshore Drilling, Offshore Drilling, Other in the Global Drilling Fluids Market:
The usage of drilling fluids is not limited to one area but spans across Onshore Drilling, Offshore Drilling, and others. The largest application of drilling fluids is in onshore drilling, which accounts for about 75% of the market. Onshore drilling activities require drilling fluids for efficient and safe operations. Offshore drilling, although not as large as onshore, also significantly contributes to the demand for drilling fluids. Offshore drilling conditions are harsher and more challenging, requiring the use of high-performance drilling fluids. The 'other' category includes usage in unconventional drilling activities like horizontal drilling and directional drilling.
Global Drilling Fluids Market Outlook:
To put the Global Drilling Fluids Market into perspective, in 2022, the market was valued at US$ 9711 million. It is expected to grow at a steady pace, reaching a value of US$ 11970 million by 2029. This growth represents a CAGR of 2.5% during the forecast period of 2023-2029. The largest segment of this market is the Water Based Fluids (WBF), which holds about 50% of the market share. On the application front, onshore drilling takes the lead, accounting for approximately 75% of the market.
| Report Metric | Details |
| Report Name | Drilling Fluids Market |
| Accounted market size in 2023 | US$ 10330 million |
| Forecasted market size in 2029 | US$ 11970 million |
| CAGR | 2.5 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Sales by Region |
|
| By Company | Schlumberger, Halliburton, Baker Hughes, Newpark Resources, Tetra Technologies, CES Energy Solutions, NOV Inc., Scomi Group Bhd, Secure Energy Services, Weatherford International, Q’Max Solutions, CNPC, Sinopec, CNOOC |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
