News - Full StoryDrilling Fluids Market to Witness CAGR of 4% (2021-2027) Due to Increasing Demand for Oil & Gas Products and Electricity | UnivDatos Market Insights
NOIDA, India, Nov. 23, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, theDrilling Fluids Marketwas valued at USD 8 billion in 2020 and is expected to grow at a CAGR of 4% from 2021-2027. The analysis has been segmented into Fluid Type (Water-Based, Oil-Based, and Other Fluid Types); Well Type [Conventional and High-Pressure High-Temperature (HPHT)]; Application (Onshore and Offshore); Region/Country.
The Drilling Fluids market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Drilling Fluids market. The Drilling Fluids market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Drilling Fluids market at the global and regional levels.
Drilling fluids are also known as drilling mud is a mixture that is heavy and viscous used to carry out the rock cuttings to the surface from the borehole in the oil and gas industry. It is also used for lubricating and cooling the drill bit and maintaining the borehole pressure. As urbanization and industrialization are increasing, it has increased the demand for energy in the various sectors. Considerably most of the industries' energy requirements are fulfilled by the oil and gas industry, so there is an increase in exploration and production processes. For the exploration operation, there is a requirement for drilling fluids. Moreover, the exploration processes by most petroleum companies have started in offshore rigs and it is necessary to maintain the borehole pressure there, for this purpose it will require a large number of drilling fluids. Furthermore, many industries like pharmaceuticals, cosmetics, fertilizers, synthetic fragrances, plastics, and others require petroleum-based products for manufacturing different products.
Some of the major players operating in the market include Schlumberger Limited, Baker Hughes Company, Halliburton Co., Weatherford International plc., National Oilwell Varco Inc., Tetra Technologies, Inc., Newpark Resources, Inc., CES Energy Solutions Corp., Flotek Industries Inc., and Horizon Mud Company.
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the Drilling Fluids industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for Drilling Fluids manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, China, as an automobile manufacturing powerhouse, is controlling the global automotive industry. China's supply shortages have triggered a chain reaction throughout the world.
The global Drilling Fluids market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on well type, the market is categorized into conventional and high-pressure high-temperature (HPHT). Among both, HPHT has a prominent share in the drilling fluids market. HPHT wells have usually high pressure or high temperature or both. Thus, to maintain the well pressure and temperature it will be required large amounts of drilling fluids while drilling the well.
Based on application, the market is categorized into onshore and offshore. Among both, onshore has a prominent share in the drilling fluids markets. The production and set-up onshore take less time and it is more cost-effective than offshore. Furthermore, the demand for energy and petroleum products is increasing therefore, there is a need for increasing the exploration processes on the onshore reservoir, thereby it will increase the demand for drilling fluids.
North America (United States, Canada, and Rest of North America)
Europe (Germany, United Kingdom, Italy, France, and the Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, and the Rest of Asia-Pacific)
Middle East and Africa (MEA) (Saudi Arabia, UAE, Rest of MEA)
South America (Brazil, Argentina, Rest of South America)
The North American region held a considerable position in the market owing to many oil & gas reservoirs and growing exploration & production activities mainly in the US and Canada. In the last several years the oil & gas production activity in countries like the US has increased significantly owing to a large number of fracturing activities in the country and huge investments in technology during the early stages of demand. Further, regional demand for energy and various petroleum products is increasing due to urbanization and the growing population. Improving per-capita income and disposable income is encouraging consumers to purchase large numbers of products, thereby increasing the demand for oil & gas-based raw materials.
The major players targeting the market include
Baker Hughes Company
Weatherford International plc.
National Oilwell Varco Inc.
Tetra Technologies, Inc.
Newpark Resources, Inc.
CES Energy Solutions Corp.
Flotek Industries Inc.
Horizon Mud Company
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Drilling Fluids Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and technological advancements in the Drilling Fluids market?
Which factors are influencing the Drilling Fluids market over the forecast period?
What are the global challenges, threats, and risks in the Drilling Fluids market?
Which factors are propelling and restraining the Drilling Fluids market?
What are the demanding global regions of the Drilling Fluids market?
What will be the global market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied by global companies?
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