Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Drilling Fluids Market– Global Industry Analysis, Market Size, Opportunities and Forecast Till 2026”
LOS ANGELES, June 29, 2021 (GLOBE NEWSWIRE) -- The Global Drilling Fluids Market is expected to grow at significant CAGR around 6% throughout the forecast period and reach around US$ 11 Bn by 2026.
Deep sea drilling activities will surge the demand for drilling fluids products
Drilling activities are witnessing rapid growth across the globe. With the rising oil & gas demand government of developed and developing countries is spending high on the development of drilling infrastructure. Increasing demand for energy and rise in underwater projects for better sustainability is increasing demand for drilling fluids. The U.S. government’s Energy Information Service (EIA) estimates that in the near term, most new U.S. oil production will be in the deep waters of the Gulf of Mexico. Major players are implementing various deep water drilling projects.
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In 2018, Shell took the final investment decision to develop the Vito deep-water project in the US Gulf of Mexico. Vito is expected to reach peak production of approximately 100,000 barrels of oil equivalent (boe) per day.
In 2019, TotalEnergies SE finalized the investment decision (FID) to develop the Anchor oil field. Additionally, front-end engineering and design (FEED) has begun for the North Platte discovery. Both projects are located in the deepwater U.S. Gulf of Mexico.
In 2016, ONGC initiated its first deep water project; Two drilling rigs have been deployed at deep water Vashishta S1 Fields on India's east coast. The project will be using remotely operated vehicles (ROV) to drill at 700 metres below sea level.
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Players approach towards introduction of innovative solutions in order to attain major revenue share in the global drilling fluids market. In 2017, Halliburton, a chemical manufacturer launched “BaraShale Lite Fluid Systems”. The product is high-performance water-based fluid designed to maintain full salt saturation with reduced density, help prevent lost circulation and minimize waste disposal costs. The product launch helped the company to enhance the product offerings.
In 2017, OneStim, joint venture company received approval from US Department of Justice to deliver completion products and services for the development of unconventional resource plays in the US and Canada land markets. This is expected helped the company to enhance the business and increase the customer base.
Inclination towards tracing the untapped market in developing countries is expected to impact the growth of drilling fluids market. Approach towards partnership and agreement is expected to boost the market growth. In 2017, Newpark Resources, a global provider of value-added drilling fluids systems acquired Well Service Group (WSG). The acquisition helped the company to deliver industry-leading services and products. Factors such as stringent government regulations related to environment and product approval along with lack of funding issues are expected to hamper the demand for the drilling fluids products. In addition, drilling fluids impact on environment is expected to challenge drilling fluids growth.
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The global drilling fluids market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to account for major revenue share in the global drilling fluids market due to increasing shale offshore drilling activities. Players operating such as Suncor Energy, Husky Energy, Shell, Imperial Oil, and Cenovus and rise in investments in drilling projects on untapped lands will surge the demand for drilling oils. Increasing R&D activities by manufactures with the focus to deliver eco-friendly products will impact the regional drilling fluids growth.
The segmented mentioned in the global drilling fluids report are product type and application. The product type segment is divided into oil-based fluids (OBF), water-based fluids (WBF), synthetic-based fluids (SBF), and others. Among product type the water-based fluids (WBF) segment is expected to account for major revenue share in the global drilling fluids market. Prominent players operating in the global drilling fluids market are Baker Hughes, Inc., Halliburton, Inc., Weatherford International, Schlumberger Limited, Newpark Resources, Inc., Anchor Drilling Fluids USA, LLC, TETRA Technologies, Inc., Petrochem Performance Chemicals Ltd. LLC, and China Oilfield Services Limited. The market is highly competitive due to heavy presence of players operating on low profit ratio.
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