Drilling Fluids Market is projected to witness an incremental growth by 2025, exhibiting a CAGR of 3.7% during the forecast period of 2018 to 2025. Rapid surge in the product demand is credited to the rising number of drilling activities across the globe and shifting trend towards oil exploration. As a whole, the drilling fluid market is estimated to generate significant revenue during the forecast period, thereby offering numerous opportunities for investors to speed up research & development activities.
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The key driving factors responsible for the growth of Drilling
Fluids market :
Robust growth in oil & gas
industry, particularly among developed economies is expected to drive the
drilling fluids industry growth during the forecast period. In addition,
offshore decommissioning services is expected to gain momentum in European &
Middle-East region based on rising number of decommissioning projects in North
Sea area, thus contributing to the rampant demand for drilling fluids.
Moreover, adoption of advanced drilling techniques coupled with high-end
productivity are expected to foster drilling fluids market growth in the
upcoming years.
However, lowered cost of crude
oil and massive slump in the drilling activities are some of the key challenges
for market expansion, in the last few years. These factors are also expected to
hamper overall productivity and operating profitability of upstream or
exploration and production companies across the globe. Rise in the number of
manufactures that are incorporating the cost-effective into their mass-market
models is expected to pave a way for future market developments.
On May 2018, Ingevity has
unveiled its brand new EnvaMulTM emulsifier product line of drilling fluids.
EnvaMul emulsifiers are increasingly used for oil-based muds in drilling
applications where cost is the primary driver. Availability of low cost
solutions from Ingevity is expected to drive more customers towards the end of
forecast period. The EnvaMul line of emulsifiers helps to limit fluid loss and
improves rheology, electrical stability and solids control in a variety of mud
systems.
The manufacturers of drilling
fluids include Schlumberger Ltd., Halliburton Inc., Baker Hughes Inc., Newpark
Resources Inc., National Oilwell Varco, Inc., Scomi Group Bhd, TETRA
Technologies, Inc., Canadian Energy Services & Technology Corp., GEO Drilling
Fluids, Inc., and Anchor Drilling Fluids USA, Inc.
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