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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

  • Report ID: CHM-73878
  • Author: Up Market Research
  • Rating: 4.8
  • Total Reviews: 90
  • No. Of Pages: 201
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  • Pub. Date: 2021-10-21
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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.

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.

  • Product Outlook (Revenue USD Million, 2016-2027)

    • Oil-based fluids (OBF).

    • Water-based fluids (WBF).

    • Synthetic-based fluids

    • Other

  • App Outlook (Revenue USD Million, 2016-2027)

    • Offshore

    • Offshore

  • Regional Outlook (Revenue USD Million, 2016-2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • The U.K.

      • Russia

      • Norway

      • Azerbaijan

      • Kazakhstan

    • Asia Pacific

      • China

      • India

      • Indonesia

      • Malaysia

      • Pakistan

      • Myanmar

      • Singapore

      • Australia

      • Vietnam

      • Thailand

    • Middle East

      • Saudi Arabia

      • UAE

      • Qatar

      • Kuwait

      • Iran

      • Iraq

    • Africa

      • Algeria

      • Libya

      • Nigeria

      • Gabon

      • Zaire

    • Central & South America

      • Brazil

      • Argentina

      • Venezuela

      • Columbia

      • Peru

These are the most frequently asked questions about this report

b. In 2019, the global drilling fluids market was worth USD 8.0 billion.

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.

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.

b. Baker Hughes, Newpark Resources and Halliburton are the key market players in this global market.

b. 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 AttributesReport Details
Report TitleDrilling Fluids Market Research Report
By ApplicationOffshore, Onshore
By ProductOil-based, Synthetic-based, Water-based
By CompaniesSchlumberger 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 CoveredNorth America, Europe, APAC, Latin America, MEA
Base Year2020
Historical Year2018 to 2019 (Data from 2010 can be provided as per availability)
Forecast Year2028
Number of Pages201
Number of Tables & Figures141
Customization AvailableYes, 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 Industry Outlook

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.


Drilling Fluids Market Overview

Highlights of The Drilling Fluids Market Report:

  1. The market structure and projections for the coming years.
  2. Drivers, restraints, opportunities, and current trends of Drilling Fluids Market.
  3. Historical data and forecast.
  4. Estimations for the forecast period 2028.
  5. Developments and trends in the market.
        6. By Application:

                1. Offshore

                2. Onshore

        7. By Product:

                1. Oil-based

                2. Synthetic-based

                3. Water-based

  1. Market scenario by region, sub-region, and country.
  2. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
  3. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
  4. 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
  • Channel & Customer Management
  • Identifying Appropriate Advertising Appeals

Drilling Fluids Market Trends

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 1 Executive Summary
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
Segments Covered in the Report
The global Drilling Fluids market has been segmented based on

By Application
  • Offshore
  • Onshore
By Product
  • Oil-based
  • Synthetic-based
  • Water-based
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • 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

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