Global Drilling Fluids Market by Application (Offshore, Onshore), by Product (Oil-based, Synthetic-based, Water-based) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028
Summary of the Report
Global drilling fluids market was worth USD 8.0 billion in 2019. It is expected to grow at a 4.2% CAGR between 2020 and 2027. Exploration and production companies have increased their investment in offshore and onshore drilling to meet growing demand for natural gas and crude oil in many energy-intensive sectors such as power generation, manufacturing and transportation.
The oil and gas markets around the globe were positively affected by the recovery in oil prices between 2017 and 2018. The average global oil-rig count increased by around 2211 in 2018, compared to 1,593 in 2016. This was a major boost for drilling activities all over the globe. The forecast period will see a rise in drilling fluid demand due to increased efforts to maintain energy demand from North America and Europe and the increasing number of deepwater discovery in the Persian Gulf, and Pacific regions.
In order to increase economic production from fossil fuels, the U.S. government has invested in unconventional oil and gas drilling projects. In January 2018, for example, the United States Department of Energy directed $30 million to R&D activities in unconventional shale development. This has led to a higher demand for drilling fluids.
There are growing environmental concerns about the disposal of drilling fluids. Therefore, regulatory bodies in Canada, Australia, Norway, Saudi Arabia, the U.S. and Canada have issued stringent regulations on the disposal and treatment. OSPAR Commission is a joint effort of 15 countries and the EU to preserve the North-East Atlantic marine environment. It has established procedures for the disposal of oil-based and water-based fluids in the U.K. The Canadian Association of Petroleum Producers and the National Oceanic and Atmospheric Administration have set strict guidelines regarding the disposal of drilling fluids in North America.
Companies have also been heavily involved in R&D to develop bio-based drilling solutions derived from vegetable oils. Water-based drilling fluids are being increasingly adopted due to increasing environmental concerns. Market growth is expected to be slowed by increasing safety, environmental, and health concerns about mud discharge and disposal. To overcome environmental and technological challenges, manufacturing companies are shifting to nanotechnology-based solutions.
Product Insights
With a market share greater than 51.0%, water-based fluids became the largest product segment in 2019, with more than 51.0%. They are expected to see increased penetration and growth rates due to their cost-effectiveness, lower environmental impact and low environmental impact from the discharged cuttings or mud. Over the forecast period, water-based fluids will see a rise in demand due to the increasing focus on improving the thermal and inhibitive performance of water-based fluids to compete with nonaqueous fluids for difficult applications like offshore and onshore shelf operations.
Because of their excellent thermal stability, borehole control and penetration rates, synthetic-based fluids will experience a substantial growth rate. This helps in reducing overall costs. Due to the negative environmental impact of waste discharge, the oil-based fluids market is expected to see a lower growth rate during the forecast period.
Foams, mists, gas, dust and aerated liquids are all other drilling fluids. These fluids are useful in medium-density drilling mediums where dry and hard formations make few formation liquids. The other drilling fluids sector is expected to grow at a substantial rate due to its lower maintenance costs and decreased lost circulation over the forecast period.
Application Insights
With a market share of more than 60.0% in 2019, the largest application segment was onshore. The forecast period will see an increase in oil drilling activity to meet growing energy demands. Additionally, the oil and gas market will be driven by rising upstream spending to meet oil production goals, which in turn will drive demand for drilling fluids.
The offshore segment, on the other hand is expected to experience the fastest growth rate during the forecast period. The recovery in oil prices has resulted in an increase in oil exploration in offshore oil fields. In January 2019, offshore rigs experienced a 23.0% increase in activity, as opposed to the 2.0% growth seen in onshore rigs. The demand for drilling fluids in offshore locations will continue to grow due to the increasing demand for mud in deep waters, harsh environments and remote areas. Companies are now using synthetic- and water-based fluids to reduce maintenance costs and protect the environment in offshore areas.
Regional Insights
North America was the dominant market for drilling fluids in 2019, thanks to factors like the shale boom in North America and the growing offshore drilling activity in the Gulf of Mexico. Over the forecast period, the market will grow due to the increased discovery of untapped oil and natural gas resources. The region is expected to see an increase in drilling activity over the forecast period due to large untapped hydrocarbon reserves, including and shale oil.
The Middle East is expected to see growth due to offshore activities like contract signing and increased oil production in different regions including Iran and Qatar. Over the forecast period, this is expected to further drive offshore exploration and production activities. Other factors, such as the revival of oil wells abandoned in the Persian Gulf or the sale of rig operations, are expected to increase offshore oil and gas production.
Due to the increased exploration of oil fields from untapped resources, the Asia Pacific market will experience significant growth. Australia, Brunei and Papua New Guinea are just a few of the countries that have large untapped offshore oil resources.
Market Share in Drilling Fluids
Baker Hughes, Newpark Resources and Halliburton are key market players in this global market. These companies provide a wide range of drilling fluids and services to operators companies. They are also highly integrated throughout the value chain.
Due to growing demand from the industrial sector for high-tech drilling technology, companies are focusing more on technology-based products. Manufacturing companies are focused on field service and batch testing, which can help with application problems and potential solutions. Baker Hughes, for example, launched DELTATEQ in May 2019. It is a drilling fluid that has a low pressure impact. This non-aqueous drilling fluid allows operators to operate in tight pressure windows, reducing hydraulic impact and minimizing risk.
Scope of the Report
Attribute |
More Details |
Estimation base year |
2019 |
Actual estimates/Historical data |
2016-2018 |
Forecast period |
2020-2027 |
Representation of the market |
From 2020 to 2027, revenue in USD million and CAGR |
Regional scope |
North America, Europe and Asia Pacific, Middle East, Africa and Central & South America |
Country coverage |
U.S., Canada, Mexico, U.K., Russia, Norway, Azerbaijan, Kazakhstan, China, India, Indonesia, Malaysia, Pakistan, Myanmar, Singapore, Australia, Vietnam, Thailand, Brazil, Argentina, Venezuela, Columbia, Peru, Saudi Arabia, UAE, Qatar, Kuwait, Iran, Iraq, Algeria, Libya, Nigeria, Gabon, Zaire |
Report coverage |
Forecast revenue, company share, competitive landscape and growth factors and trends |
15% off customization scope (equivalent of 5 analyst working days). |
We will customize the report to provide you with any additional information that you require. |
The Report Covers Certain Segments
This report predicts revenue growth at the global, regional and country level and offers an analysis of industry trends in each sub-segment from 2016 to 2027. Grand View Research segmented the global market for drilling fluids based on product, region, and application.
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Product Outlook (Revenue USD Million, 2016-2027)
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Oil-based fluids (OBF).
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Water-based fluids (WBF).
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Synthetic-based fluids
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Other
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App Outlook (Revenue USD Million, 2016-2027)
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Offshore
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Offshore
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Regional Outlook (Revenue USD Million, 2016-2027)
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North America
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The U.S.
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Canada
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Mexico
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Europe
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The U.K.
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Russia
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Norway
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Azerbaijan
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Kazakhstan
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Asia Pacific
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China
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India
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Indonesia
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Malaysia
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Pakistan
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Myanmar
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Singapore
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Australia
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Vietnam
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Thailand
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Middle East
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Saudi Arabia
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UAE
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Qatar
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Kuwait
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Iran
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Iraq
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Africa
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Algeria
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Libya
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Nigeria
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Gabon
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Zaire
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Central & South America
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Brazil
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Argentina
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Venezuela
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Columbia
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Peru
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These are the most frequently asked questions about this report
What is the size of the market for drilling fluids?b. In 2019, the global drilling fluids market was worth USD 8.0 billion.
How is the market for drilling fluids growing?b. From 2020 to 2027, the global drilling fluids market will experience a 4.2% CAGR. Exploration and production companies have increased their investments in offshore and onshore drilling to meet growing demand for oil and natural gas.
Which segment had the largest share of the drilling fluids market?b. b. They are expected to see increased penetration and growth rates due to their cost-effectiveness, lower environmental impact and low toxicity from the mud and cuttings.
Which are the major players in the drilling fluids marketb. Baker Hughes, Newpark Resources and Halliburton are the key market players in this global market.
What are the driving factors for the drilling fluids marketb. The forecast period will see an increase in oil drilling activity to meet growing energy demands.
Up Market Research published a new report titled “Drilling Fluids Market research report which is segmented by Application (Offshore, Onshore), by Product (Oil-based, Synthetic-based, Water-based), By Players/Companies Schlumberger These companies offer a diverse portfolio of drilling fluids in terms of both, Baker Hughes, Halliburton, products and services for operator companies and are highly integrated across the value chain, National Oilwell Varco Weatherford International, Newpark Resources”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Scope
Report Attributes | Report Details |
Report Title | Drilling Fluids Market Research Report |
By Application | Offshore, Onshore |
By Product | Oil-based, Synthetic-based, Water-based |
By Companies | Schlumberger These companies offer a diverse portfolio of drilling fluids in terms of both, Baker Hughes, Halliburton, products and services for operator companies and are highly integrated across the value chain, National Oilwell Varco Weatherford International, Newpark Resources |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 201 |
Number of Tables & Figures | 141 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
Global Drilling Fluids Market Report Segments:
The market is segmented by Application (Offshore, Onshore), by Product (Oil-based, Synthetic-based, Water-based).
Drilling Fluids Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Drilling Fluids Market
Overview of the regional outlook of the Drilling Fluids Market:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
Highlights of The Drilling Fluids Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of Drilling Fluids Market.
- Historical data and forecast.
- Estimations for the forecast period 2028.
- Developments and trends in the market.
1. Offshore
2. Onshore
7. By Product:1. Oil-based
2. Synthetic-based
3. Water-based
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Drilling Fluids Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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Reasons to Purchase the Drilling Fluids Market Report:
- The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
- Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
- Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
- The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
- Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Drilling Fluids Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Drilling Fluids Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Drilling Fluids Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Drilling Fluids Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Drilling Fluids Market Size & Forecast, 2018-2028
4.5.1 Drilling Fluids Market Size and Y-o-Y Growth
4.5.2 Drilling Fluids Market Absolute $ Opportunity
Chapter 5 Global Drilling Fluids Market Analysis and Forecast by Application
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Application
5.1.2 Basis Point Share (BPS) Analysis by Application
5.1.3 Absolute $ Opportunity Assessment by Application
5.2 Drilling Fluids Market Size Forecast by Application
5.2.1 Offshore
5.2.2 Onshore
5.3 Market Attractiveness Analysis by Application
Chapter 6 Global Drilling Fluids Market Analysis and Forecast by Product
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Product
6.1.2 Basis Point Share (BPS) Analysis by Product
6.1.3 Absolute $ Opportunity Assessment by Product
6.2 Drilling Fluids Market Size Forecast by Product
6.2.1 Oil-based
6.2.2 Synthetic-based
6.2.3 Water-based
6.3 Market Attractiveness Analysis by Product
Chapter 7 Global Drilling Fluids Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Drilling Fluids Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Drilling Fluids Analysis and Forecast
9.1 Introduction
9.2 North America Drilling Fluids Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Drilling Fluids Market Size Forecast by Application
9.6.1 Offshore
9.6.2 Onshore
9.7 Basis Point Share (BPS) Analysis by Application
9.8 Absolute $ Opportunity Assessment by Application
9.9 Market Attractiveness Analysis by Application
9.10 North America Drilling Fluids Market Size Forecast by Product
9.10.1 Oil-based
9.10.2 Synthetic-based
9.10.3 Water-based
9.11 Basis Point Share (BPS) Analysis by Product
9.12 Absolute $ Opportunity Assessment by Product
9.13 Market Attractiveness Analysis by Product
Chapter 10 Europe Drilling Fluids Analysis and Forecast
10.1 Introduction
10.2 Europe Drilling Fluids Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Drilling Fluids Market Size Forecast by Application
10.6.1 Offshore
10.6.2 Onshore
10.7 Basis Point Share (BPS) Analysis by Application
10.8 Absolute $ Opportunity Assessment by Application
10.9 Market Attractiveness Analysis by Application
10.10 Europe Drilling Fluids Market Size Forecast by Product
10.10.1 Oil-based
10.10.2 Synthetic-based
10.10.3 Water-based
10.11 Basis Point Share (BPS) Analysis by Product
10.12 Absolute $ Opportunity Assessment by Product
10.13 Market Attractiveness Analysis by Product
Chapter 11 Asia Pacific Drilling Fluids Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Drilling Fluids Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Drilling Fluids Market Size Forecast by Application
11.6.1 Offshore
11.6.2 Onshore
11.7 Basis Point Share (BPS) Analysis by Application
11.8 Absolute $ Opportunity Assessment by Application
11.9 Market Attractiveness Analysis by Application
11.10 Asia Pacific Drilling Fluids Market Size Forecast by Product
11.10.1 Oil-based
11.10.2 Synthetic-based
11.10.3 Water-based
11.11 Basis Point Share (BPS) Analysis by Product
11.12 Absolute $ Opportunity Assessment by Product
11.13 Market Attractiveness Analysis by Product
Chapter 12 Latin America Drilling Fluids Analysis and Forecast
12.1 Introduction
12.2 Latin America Drilling Fluids Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Drilling Fluids Market Size Forecast by Application
12.6.1 Offshore
12.6.2 Onshore
12.7 Basis Point Share (BPS) Analysis by Application
12.8 Absolute $ Opportunity Assessment by Application
12.9 Market Attractiveness Analysis by Application
12.10 Latin America Drilling Fluids Market Size Forecast by Product
12.10.1 Oil-based
12.10.2 Synthetic-based
12.10.3 Water-based
12.11 Basis Point Share (BPS) Analysis by Product
12.12 Absolute $ Opportunity Assessment by Product
12.13 Market Attractiveness Analysis by Product
Chapter 13 Middle East & Africa (MEA) Drilling Fluids Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Drilling Fluids Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Drilling Fluids Market Size Forecast by Application
13.6.1 Offshore
13.6.2 Onshore
13.7 Basis Point Share (BPS) Analysis by Application
13.8 Absolute $ Opportunity Assessment by Application
13.9 Market Attractiveness Analysis by Application
13.10 Middle East & Africa (MEA) Drilling Fluids Market Size Forecast by Product
13.10.1 Oil-based
13.10.2 Synthetic-based
13.10.3 Water-based
13.11 Basis Point Share (BPS) Analysis by Product
13.12 Absolute $ Opportunity Assessment by Product
13.13 Market Attractiveness Analysis by Product
Chapter 14 Competition Landscape
14.1 Drilling Fluids Market: Competitive Dashboard
14.2 Global Drilling Fluids Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Schlumberger These companies offer a diverse portfolio of drilling fluids in terms of both
14.3.2 Baker Hughes
14.3.3 Halliburton
14.3.4 products and services for operator companies and are highly integrated across the value chain
14.3.5 National Oilwell Varco Weatherford International
14.3.6 Newpark Resources