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Drilling Fluids Market: By Products, By Application Type and Region Forecast 2020-2031
Drilling Fluids Market: By Products, By Application Type and Region Forecast 2020-2031
Drilling Fluids Market size was valued at US$ 10 billion in 2022 and is poised to grow at a CAGR of 4.4% from 2023-2029. This report studies global market dynamics elaborately to identify the current market trends and drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions and market unmet needs (Product Opportunities). Furthermore, corporations have invested heavily in research and development to develop bio-based drilling fluids generated from vegetable oils. Water-based drilling fluids are becoming more popular as environmental worries about the adverse impacts of utilising oil-based fluids grow. Over the projection period, rising environmental, healthcare, and safety concerns over mud discharge and cuttings disposal are projected to stymie market expansion. As a result, manufacturing businesses are refocusing their efforts on developing innovative nanotechnology-based solutions to address technological and environmental concerns. Because of the cost-effectiveness and lesser environmental impact of the discharged cuttings and mud, these fluids are expected to see increased penetration and growth rates. Over the projection period, demand for water-based fluids is expected to be driven by a growing focus on enhancing the inhibitive and thermal performance of water-based systems in order to compete with non-aqueous fluids used for demanding applications such as offshore and onshore shelf activities.
Drilling Fluids Market Key Developments:
Study Period
2025-2031Base Year
2024CAGR
4.4%Largest Market
North-AmericaFastest Growing Market
Asia-Pacific
Development and launch of innovative drilling fluids by the market players enables surge in the drilling fluids market demand over the forecast years. For instance. In 2018, Baker Hughes Incorporated (U.S.) launched the new drilling fluids which has a wide range of application. Moreover, launch of newer products in various countries enables the growth of drilling fluids market over the forecast years.Based on type, the global drilling fluids market is segmented into water based, oil based and synthetic based. Water based segment is expected to dominate the global drilling fluids market due to its low cost price, eco-friendly properties, and requires less chemical treatment.
North America accounted for major revenue share due to increased demand of drilling fluids from the growing population. U.S accounted for major revenue share due to improvement in technologies of drilling. Asia Pacific drilling fluids market is expected to account moderate CAGR due to increase in urbanization, population and industrialization. Europe exhibits a significant growth in drilling fluids market due to increased volumes of oil and gas production coupled with rapid growing drilling activities. Latin America shows a significant growth in market owing to increased discoveries of gas and substantial oil. Middle East and Africa drilling fluids market is also expected to rise in the forecast period due to increased production of gas and oil.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2025-2031 |
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Market Size in 2022 |
US$ 10 billion |
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Market CAGR |
4.4% |
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By Type |
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By Application |
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By Region |
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The drilling fluids market is projected to expand at a CAGR of 4.4% during the forecast period.
Schlumberger Limited (France) Halliburton Inc. (U.S.) Baker Hughes Incorporated (U.S.) Newpark Resources Inc. (U.S.) National Oilwell Varco. (USA)
North-America is the fastest-growing region for drilling fluids market
| 1. Executive Summary |
| 2. Global Drilling Fluids Market Introduction |
| 2.1. Global Drilling Fluids Market Taxonomy |
| 2.2. Global Drilling Fluids Market Definitions |
| 2.2.1. By Products |
| 2.2.2. By Application Type |
| 2.2.3. By Region |
| 3. Global Drilling Fluids Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Drilling Fluids Market Dynamic Factors - Impact Analysis |
| 3.6. Global Drilling Fluids Market Competition Landscape |
| 4. Global Drilling Fluids Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 |
| 4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Drilling Fluids Market, By Products, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 5.1. Oil-Based Fluids |
| 5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Water-Based Fluids |
| 5.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Synthetic Fluids |
| 5.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Others (Non-Aqueous Fluid, Reservoir Drilling Fluid, Etc.) |
| 5.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 6. Global Drilling Fluids Market, By Application Type, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 6.1. Onshore |
| 6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Offshore |
| 6.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 7. Global Drilling Fluids Market Forecast, By Region, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia-Pacific |
| 7.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Latin America |
| 7.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Middle East and Africa |
| 7.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Global Drilling Fluids Market - Opportunity Analysis Index, By End-User Industry, End-User Industry, and Region, 2023 - 2029 |
| 8. North America Drilling Fluids Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 8.1. Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1. Oil Based Fluid |
| 8.1.2. Water Based Fluids |
| 8.1.3. Synthetic Fluids |
| 8.1.4. Others |
| 8.2. Application Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1. Onshore |
| 8.2.2. Offshore |
| 8.3. Country Analysis 2018 - 2022 and Forecast 2023 - 2029Â by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 8.3.1. U.S. |
| 8.3.2. Canada |
| 8.4. North America Drilling Fluids Market - Opportunity Analysis Index, By Product, By Application, and Country, 2023 - 2029 |
| 8.5. North America Drilling Fluids Market Dynamics Trends |
| 9. Europe Drilling Fluids Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 9.1. Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Oil Based Fluid |
| 9.1.2. Water Based Fluids |
| 9.1.3. Synthetic Fluids |
| 9.1.4. Others |
| 9.2. Application Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. Onshore |
| 9.2.2. Offshore |
| 9.3. Country Analysis 2018 - 2022 and Forecast 2023 - 2029Â by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Germany |
| 9.3.2. UK |
| 9.3.3. France |
| 9.3.4. Spain |
| 9.3.5. Italy |
| 9.3.6. Russia |
| 9.3.7. Poland |
| 9.3.8. Rest of Europe |
| 9.4. Europe Drilling Fluids Market - Opportunity Analysis Index, By Product, By Application, and Country, 2023 - 2029 |
| 9.5. Europe Drilling Fluids Market Dynamics Trends |
| 10. Asia-Pacific Drilling Fluids Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 10.1. Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Oil Based Fluid |
| 10.1.2. Water Based Fluids |
| 10.1.3. Synthetic Fluids |
| 10.1.4. Others |
| 10.2. Application Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Onshore |
| 10.2.2. Offshore |
| 10.3. Country Analysis 2018 - 2022 and Forecast 2023 - 2029Â by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. Japan |
| 10.3.2. China |
| 10.3.3. India |
| 10.3.4. ASEAN |
| 10.3.5. Australia & New Zealand |
| 10.3.6. Rest of Asia-Pacific |
| 10.4. Asia-Pacific Drilling Fluids Market - Opportunity Analysis Index, By Product, By Application, and Country, 2023 - 2029 |
| 10.5. Asia-Pacific Drilling Fluids Market Dynamics Trends |
| 11. Latin America Drilling Fluids Market Analysis, 2018 - 2022 and Forecast, 2022 2028 |
| 11.1. Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Oil Based Fluid |
| 11.1.2. Water Based Fluids |
| 11.1.3. Synthetic Fluids |
| 11.1.4. Others |
| 11.2. Application Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Onshore |
| 11.2.2. Offshore |
| 11.3. Country Analysis 2018 - 2022 and Forecast 2023 - 2029Â by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Brazil |
| 11.3.2. Mexico |
| 11.3.3. Argentina |
| 11.3.4. Rest of Latin America |
| 11.4. Latin America Drilling Fluids Market - Opportunity Analysis Index, By Product, By Application, and Country, 2023 - 2029 |
| 11.5. Latin America Drilling Fluids Market Dynamics Trends |
| 12. Middle East and Africa Drilling Fluids Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn ) |
| 12.1. Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Oil Based Fluid |
| 12.1.2. Water Based Fluids |
| 12.1.3. Synthetic Fluids |
| 12.1.4. Others |
| 12.2. Application Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Onshore |
| 12.2.2. Offshore |
| 12.3. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Gulf Cooperation Council (GCC) Countries |
| 12.3.2. Israel |
| 12.3.3. South Africa |
| 12.3.4. Rest of MEA |
| 12.4. MEA Drilling Fluids Market - Opportunity Analysis Index, By Product, By Application, and Country, 2023 - 2029 |
| 12.5. MEA Drilling Fluids Market Dynamics Trends |
| 13. Competition Landscape |
| 13.1. Strategic Dashboard of Top Market Players |
| 13.2. Company Profiles (Introduction, Financial Analysis, Product & Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 13.2.1. Schlumberger Limited |
| 13.2.2. Baker Hughes Incorporated |
| 13.2.3. Anchor Drilling Fluids USA, LLC, |
| 13.2.4. National Oilwell Varco |
| 13.2.5. Gumpro Drilling Fluids Pvt. Ltd |
| 13.2.6. Halliburton Company (US) |
| 13.2.7. Tetra Technologies (US) |
| 13.2.8. CES (Canada) |
| 13.2.9. National Oilwell Varco (US) |
| 13.2.10. Secure Energy Services (Canada) |
| 13.2.11. Q’max Solutions (US) |
| 13.2.12. Global Drilling and Chemicals (India) |
| 13.2.13. Sagemines (France) |
| 13.2.14. Scomi (Malaysia) |
| 13.2.15. Others |
| 14. Research Methodology |
| 15. Key Assumptions and Acronyms |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.