Drilling fluids reducing the non-production drilling time, to witness a CAGR of 5.23% during 2017-2023

NEW YORK, Jan. 17, 2018 -- The report segments Drilling Fluid market by Type(Water-based fluid, Non-aqueous fluid (Oil-based fluid, Synthetic-based fluid), Pneumatic fluid, others),by Location (Onshore, Offshore), by Region (North America, Europe, Asia-Pacific, Middle East and Africa (MEA),Rest of the World (RoW)).The report studies the global drilling fluid market over the forecast period (2017-2023). The drilling fluid market is expected to witness a CAGR of 5.23%, and is projected to reach USD 10.97 billion by 2023. Factors propelling the growth of drilling fluid market are Increase in oil and gas exploration, development of drilling fluids for HPHT and ultra-deep wells, development of drilling fluid support system, drilling of unconventional hydrocarbon reserves.

Drilling fluid is the emulsion of chemical that is circulated throughout the wellbore. Drilling fluid forms a critical component of drilling system as it balances the hydrostatic pressure of the well, lubricates the drill bit and brings the cutting from the bottom of the hole to the surface among others. The properties of drilling fluid need to be constantly monitored and regulated by addition of specialty chemicals according to the wellbore conditions. The careful monitoring and optimization of drilling fluid is very critical in reducing the non-performance drilling time, thus making oil and gas well drilling economical. The companies are focusing on developing drilling fluid support system.  The drilling fluid support system consists of software that has preloaded algorithms that allows simulation of drilling fluid for a variety of well bore conditions.

Browse full research report with TOC on “Global Drilling Fluid Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2023” at:  https://www.energiasmarketresearch.com/global-drilling-fluid-market-outlook/ 

Key findings from drilling fluid report

• The global drilling fluid market is valued at 7.21billion in 2016 and is expected to reach USD 10.97billion by 2023.
• Based on Type, the water-based drilling fluid is the largest segment of drilling fluid market in 2016. The water-based drilling fluid being economical is preferred over other drilling fluids.
• The Non-Aqueous drilling fluid is the fastest growing segment during the forecast period. The superior inhibition and thermal stability will drive the growth of drilling fluids in near future.
• The onshore drilling fluids are the largest segment in 2016. The development of unconventional hydrocarbon reserves will bolster the growth of drilling fluid during the forecast period.
• The offshore drilling fluid will be the fastest growing market during the forecast period. The increase in offshore exploration activities will increase the consumption of drilling fluids in the near future.
• Geographically, North America currently dominates the drilling fluid market and is expected to continue its dominance in the near future. The shale boom and increasing drilling activities in Gulf of Mexico will increase the sale of drilling fluids in the region.
• Middle East and Africa was the second largest drilling fluid market in 2016. The major oil and gas producing countries are located in the region.
• In 2017, Calumets Specialty Products Partners announced strategic disinvestment of Anchor Drilling Fluid.
• The key players dealing in drilling fluid market are Schlumberger, Halliburton, Baker Hughes, new park, Tetra Technologies Inc., Lubrizol, Global drilling fluid & chemical Ltd., Chevron Phillips Chemical Company PLC, Scomi Group Bhd and Anchor Drilling Fluid.

Investor Corner
The global drilling fluid market is driven by the development of specialty chemicals. The well bore stability is the biggest issue related to drilling oil and gas wells. The selection of right chemical mix to make up the drilling fluid helps in minimizing the non-performance time, thus influencing the economics of oil and gas well drilling. Further, the need for more customized and new propriety product solution is increasing with the drilling complexity. In the advent of internet of things, oil and gas industry is a new market. A lot of data is generated during drilling a well. Companies have now understood the potential of this data and have begun investing on software that makes the fluid support system to a powerful tool. These software optimize and simulate the fluid behavior in accordance to the condition prevailing during drilling. A pocket of opportunity lies in the development of biodegradable drilling fluids. The market for biodegradable drilling fluids is stimulated by the norms laid down by regulatory bodies. The drilling companies are focusing on minimizing their budgets related to the disposal of drilling mud and cuttings. Biodegradable drilling fluid that causes minimum environmental damage is a viable choice.

Regional Insight
The development of North American drilling market is governed by a rise in drilling activities in the Gulf of Mexico. The favorable oil and gas prices have increased investments in shale gas exploration. A significant amount of business is generated from the development of unconventional hydrocarbon reservoirs. The Middle East and Africa market forms the second largest drilling fluid market. The Middle East and Africa region have the highest number of oil producing countries, but the geopolitical issues in the region hampers the drilling activities in the region as a result the drilling fluid market is quite volatile. Further, a significant amount of oil and gas exploration activities is seen in the African region. African oil and gas region is majorly developed by foreign players. Therefore, foreign players generate a good amount of business in the region.  Asia-Pacific drilling fluid market is governed by the energy security. The development of marginal fields and deep offshore oil and gas exploration will bolster the growth of drilling fluid in near future.

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