The global drilling fluids market size is expected to reach approximately US $ 11 billion by 2027, up from US $ 7.87 billion in 2019 at a CAGR of 4.42% over the forecast period 2020 to 2027.
OTTAWA, June 29, 2021 (GLOBE NEWSWIRE) – Precedence Research, recently announced report on “Drilling Fluids Market (By Application: Offshore, Onshore; By Product: Water Based Fluids (WBF), Oil Based Fluids (OBF), Synthetic Based Fluids (SBF)) – Global Market Size, Trend Analysis, Forecast segment, regional outlook 2020 – 2027 “.
Drilling fluid is a combination of clay and other elements with water or oil and is dispersed around the drill bit in oil well drilling. Drilling fluid is used to lubricate and cool the bit, plaster the side of the well to prevent collapses, and transport the rock cuttings to the surface. Drilling fluids play an important role in oil and gas exploration operations. In petroleum engineering, drilling fluid is known as drilling mud and is a mixture of viscous and heavy fluid used in oil and gas drilling procedures to convey rock cuttings to the surface. Drilling mud using hydrostatic pressure helps inhibit the collapse of unstable strata in the borehole and the invasion of water from aquifer strata that might be encountered. In addition, drilling fluids serve many functions, including lubricating the teeth of the drill bit and alleviating drill pipe sticking issues throughout drilling operations. Drilling muds are conventionally based on sea water, fresh water, brines of natural origin and prepared brines.
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The emerging needs for natural gas and crude oil in countless energy-intensive sectors such as manufacturing, power generation and transportation have prompted exploration and production companies to increase their spending on offshore drilling companies and onshore. Technological encroachments and strong demand are gradually exerting pressure to increase the depth of the wells. This type of drilling is carried out under conditions of high pressure and temperature. Deeper, horizontal wells encounter a variety of stability, drilling, pressure, and other issues that require a more refined drilling fluid system and greater volume of drilling fluid. An operational drilling fluid system reduces drilling time, helps increase wellbore stability and get the most out of reservoir recovery, thus certainly influencing the financial performance of the well. In this way, the escalation in offshore and onshore well drilling companies is expected to increase the demand for completion and drilling fluids in the near future.
The year-over-year growth in drilling achievements has propelled sales of drilling fluids. The increase in the number of ships for many processes outside and inside a country has increased the need for fuel efficient marine propulsion systems. Environmental guidelines applied by governments in many countries are expected to fuel the sale of synthetic sludge in the coming years. Synthetic-based muds are developed to reduce the ecological influence of offshore drilling operations. However, synthetic-based sludge includes specialty chemicals that are more expensive than oil-based sludges.
Highlights of the report
- In 2019, the water-based fluids segment captured the revenue of the global drilling fluids market due to such facts as increasing environmental apprehensions and the economic cost of these fluids.
- Companies involved in this field are gradually focusing on the evolution of products based on improved technology due to the development of industrial needs for advanced technologies for drilling operations.
- Synthetic-based fluids are expected to experience a substantial rate of progression over the coming years due to their low latent bioaccumulation, low toxicity, and lower fluid loss compared to other alternatives.
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In 2019, North America conquered the drilling fluids market with the majority of revenue generated across the world. This growth is attributed to factors such as the increase in offshore drilling companies in the Gulf of Mexico and the shale boom. In addition, the increase in the unexploited oil and gas reserves discovered is expected to drive the growth of the regional market in the coming years. Huge reserves of unconventional hydrocarbons in the form of shale gas along with significant investment from international oil and gas companies including Shell, Suncor Energy, Imperial Oil, Husky Energy, ExxonMobil and Cenovus are expected to step up drilling companies in the region over the next few years.
The Middle East is expected to see substantial progress given developments in offshore actions such as contract signing and cumulative oil production operations in many regions, such as Qatar and Iran. In addition, the revitalization of abandoned oil wells in the Persian Gulf and current marketing platform maneuvers are expected to push offshore oil and gas production operations in the region.
Key players and strategies
Many industrial companies focus on field service and batch testing which can maintain application problems and prospects. For the case, Baker Hughes introduced a drilling fluid with low pressure influence named DELTA-TEQ in May 2019. It is a kind of non-aqueous drilling mud formulation that makes it easier for workers to work in conical pressure windows reducing hydraulic influence and reducing risks. . Some of the leading companies in the global drilling fluids market include Weatherford International, Halliburton Company, Schlumberger, National Oilwell Varco, and Canadian Energy Services, among others.
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