The global drilling fluids market estimated to be valued US$ 10 Bn in 2021 and poised to grow at significant CAGR of 4.4% over 2022-2028. Global drilling fluids market report gives comprehensive outlook on drilling fluids market across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The report on global market gives historical, current, and future market sizes (US$ Mn) on the basis of type, by application type, and regions. 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). Key stakeholders of the global drilling fluids market report include suppliers, manufacturers, marketers, policy makers, and agronomists engaged in global drilling fluids market activities. 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, health, 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.
Recent Market Developments:
In May 2022, The Long Pond Marine Base and Blue Water Group entered into a new partnership to support the offshore energy industry. The partnership will offer “a complete solution for the industry” in one location.
In May 2022, Invictus Energy signed a binding well services contract with Baker Hughes for drilling in Zimbabwe, following a capital raise.