FREMONT, Calif., June 21, 2022 /PRNewswire/ -- The global drilling fluids market is projected to reach $12.92 billion in terms of revenue by 2031, at a CAGR of 7.8%, suggests the premium market intelligence study by BIS Research.
Growth in the drilling fluids market is being driven by the rise in energy demand, supportive government initiatives, and increasing drilling activities.
Drilling fluids are circulated in the borehole to aid in carrying out a cost-effective and efficient drilling process.
It serves various functions such as controlling formation pressures, removing slices from the wellbore, sealing permeable formations encountered while drilling, transmitting hydraulic energy to downhole tools and the bit, cooling and lubricating the bit, and maintaining wellbore stability.
In the report, the types of drilling fluids considered are water-based drilling fluids, oil-based drilling fluids, synthetic-based drilling fluids, and others (foams, mist, gas, dust, aerated liquid).
The detailed study is a compilation of 122 market data tables and 17 figures spread through 130 pages and in-depth TOC on "Global Drilling Fluids Market - Analysis and Forecast, 2022-2031"
Demand - Drivers and Limitations
Following are the demand drivers for the drilling fluids market:
- Increasing offshore and onshore drilling activities.
- Increasing focus on shale gases.
The market is expected to face some limitations too due to the following challenges:
- Volatility in prices of crude oil
- Rise in cost of deepwater and ultra-deepwater drilling
Reasons to Buy This Report
This exclusive report on the global drilling fluids market will help you in the following ways:
- Market ranking analysis based on product portfolio, recent developments, and regional spread.
Investment landscape including product adoption scenario, funding, and patent analysis. - The product segment helps the reader understand the different types of drilling fluids available for drilling wells and their potential globally.
- The study provides the reader with a detailed understanding of the different drilling fluids applications offshore and onshore.
- 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.
- Comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Analyst's Take on the Market:
According to Shivam Priyadarshi, Principal Analyst, BIS Research, "The drilling fluids are expected to be the best option for carrying out a smooth well drilling. With the increasing government support to increase oil production, the growth of the drilling fluid industry is expected to be exponential."
View the report on Global Drilling Fluids Market
Key Companies Operating in the Market and Competitive Landscape
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:
Company Type 1: Drilling Fluids Industry
- Schlumberger Limited
- Weatherford
- Newpark Resources Inc.
- AES Drilling Fluids
- Baker Hughes Company
- Halliburton
- Climeworks
Who Should Buy This Report?
The companies which are manufacturing drilling fluids and companies that use those drilling fluids meant for drilling well to explore oil and gases.
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Key Questions Answered in the Report:
- What are some of the major factors and trends that are impacting the drilling fluids market?
- What are the key applications that consume/utilize drilling fluids in the global market?
- Which is the most preferred type of drilling fluid (oil-based, water-based, synthetic-based) across end-use industries (oil and gas companies, mining organizations, etc.)?
- What are some of the key revolutions impacting the drilling fluids market?
- How has COVID-19 impacted the drilling fluids market across the globe, and how are the players within the ecosystem improvising/innovating to mitigate the impact?
- Which are the leading production technologies and end-use sectors in the market, and how are they going to perform in the coming years?
- For a new company looking to enter the drilling fluids market, which areas could it focus upon to stay ahead of the existing competition?
- What kinds of new strategies are being adopted by the existing market players to strengthen their market position in the industry?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape.
BIS Healthcare vertical offers intelligence in the healthcare technology market for Medical Devices, Digital Health, Life Sciences, Robotics and Imaging, Information Technology, Precision Medicine, and other emerging healthcare technologies, covering the entire industry spectrum. In the past 5 years, BIS Healthcare has published more than 50 reports under the precision medicine banner. Additionally, BIS Research has been nominating Top 25 Voices in Precision Medicine on its Insight Monk platform for the past two years successfully.
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