Drilling Fluids Market Size, Share & Trends Report

Drilling Fluids Market Size, Share & Trends Analysis Report By Product (Oil-based, Water-based), By Application (Onshore, Offshore), By Region (North America, Asia Pacific), And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-116-0
  • Number of Pages: 125
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the drilling fluids market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for drilling fluids market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of drilling fluids market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Drilling Fluids Market Categorization:

The drilling fluids market was categorized into three segments, namely product (Oil-based, Synthetic-based, Water-based), application (Onshore, Offshore), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East, Africa).

Segment Market Methodology:

The drilling fluids market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The drilling fluids market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East, Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into thirty-four countries, namely, the U.S.; Canada; Mexico; the UK; Russia; Norway; Azerbaijan; Kazakhstan; China; India; Malaysia; Indonesia; Pakistan; Myanmar; Singapore; Australia;  Vietnam; Thailand; Brazil; Argentina; Venezuela;  Columbia; Peru; Saudi Arabia; UAE; Qatar; Kuwait; Iran; Iraq; Algeria; Nigeria; Libya; Gabon; Zaire (Republic of Congo).

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Drilling fluids market companies & financials:

The drilling fluids market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Baker Hughes, Inc.  - Baker Hughes, Inc., which is now a subsidiary of GE, was founded in 1987 following the merger of Baker International and Hughes Tool Company. The company’s headquarters are in Neartown, and it provides oil field services across 90 countries. Baker Hughes’ oilfield operations are divided into two main segments: drilling & evaluation and completion & production. The drilling & evaluation segment oversees the management of drilling & completion fluids. This division is responsible for the tritone & PDC drill bit, casing drilling, and ream-while-drilling technology. The company offers a range of services, including oil drilling, completion, formation evaluation, and production & reservoir consulting. Baker Hughes has regional offices in various locations around the world, including the U.S., Canada, England, Germany, Saudi Arabia, Dubai, Singapore, and Thailand.

  • Halliburton, Inc. - Established in 1919, Halliburton Inc. is a U.S.-based company with two main divisions: Drilling & Evaluation and Completion & Production. The company’s product portfolio is designed to meet the needs of the upstream oil & gas sector. It offers a wide range of products and services, including exploration, technology development, formation evaluation, drilling, and well construction & completion. The Drilling & Evaluation division manages Baroid, which provides drilling fluid systems, solids control, performance additives, waste management services, and completion fluids for oil & gas drilling and workover operations. Halliburton Inc. has established its presence in various oil & gas exploration regions, including unconventional plays, deepwater reservoirs, and mature fields.

  • Weatherford International - Established in 1941, Weatherford International plc is a U.S.-based company. Its business activities encompass the drilling, completion, evaluation, intervention, and production of oil and natural gas wells, in addition to pipeline commissioning and construction. The company’s primary offerings include sand control, upper and lower completion systems, artificial lift, drilling tools, flow measurement, cementing products, well abandonment, and intervention services, which are broadly classified. The completion and stimulation division of the company oversees its fluid system products. Weatherford International plc has regional offices in various locations, including Canada, Colombia, South Africa, Scotland, Dubai, Russia, and Singapore.

  • Schlumberger Limited - Established in 1926, Schlumberger Limited is a U.S.-based company. Its business operations are divided into three segments: reservoir characterization, drilling, and production. The drilling group oversees various subsidiaries that specialize in drilling technologies and equipment. One of these subsidiaries, M-I SWACO, is responsible for the company’s drilling fluid products and services. The company’s key offerings include engineering software, drilling fluid simulation software, and both water-based and non-aqueous drilling fluid systems. As of 2016, Schlumberger employed over 100,000 people across regional offices in more than 80 countries. These regional offices are in the U.S., the UK, France, and the Netherlands.

  • Newpark Resources, Inc. - Newpark Resources, Inc., established in 1932, is a company based in Woodlands, Texas, U.S. It operates through two divisions: Fluids Systems & Engineering and Mats & Integrated Services. A subsidiary of Newpark Resources, Inc., Newpark Drilling Fluids (NDF), was set up in 1997. In 2002, NDF acquired AVA Drilling Fluids, an Italian company. The company offers a variety of products, primarily drilling fluid systems such as Evolution and Kronos, which are used in oil & gas and mineral exploration activities. These drilling fluid systems are managed under the Fluids System division. Newpark Resources, Inc. has a global footprint with regional offices in Canada, Brazil, Australia, Italy, Ukraine, Egypt, Turkey, Kuwait, and India.

  • Anchor Drilling Fluids USA, LLC  - Anchor Drilling Fluids USA, LLC, established in 1984 and based in the U.S., specializes in the production of drilling fluids and their supply to the oil and gas exploration industry. In March 2014, Calumet Specialty Products Partners, L.P. acquired the company for USD 223.6 million, and it now functions as a fully owned subsidiary within the parent company’s oilfield services. The oilfield services segment of Calumet Specialty Products Partners oversees the management of drilling fluid products and services. The company’s key offerings consist of production chemicals, completion fluids, drilling fluids, and solids control services. Anchor Drilling Fluids USA, LLC has regional offices in more than 25 locations, including areas in Oklahoma, Texas, Colorado, Arkansas, and Pennsylvania in the U.S.

  • TETRA Technologies, Inc. - Established in 1981, TETRA Technologies, Inc. is a U.S.-based company. Its business operations are divided into four main divisions: fluids, offshore, production testing, and compression. The fluids division is responsible for managing clear brine fluids (CBF), additives, and related services for drilling, completion, and workover operations. The primary products offered by the fluids division include calcium bromide, liquid calcium chloride, sodium bromide, zinc bromide, and zinc calcium bromide. These products cater to a variety of industries, including oil & gas, water treatment, agriculture, cement, and food processing. TETRA Technologies operates seven chemical production facilities located in Arkansas, Louisiana, California, West Virginia, and Finland. The company distributes its CBF products through facilities in the Asia Pacific, America, the Middle East, and Europe.

  • Petrochem Performance Chemicals Ltd. LLC  - Established in 1992, Petrochem Performance Chemicals Ltd. LLC is a UAE-based company that specializes in providing drilling products and services for the oil and gas industry. The company’s primary offerings include scavengers, deflocculants, defoamers, lubricants, oil mud products, viscosifiers, and surfactants. In addition to these, Petrochem Performance Chemicals also supplies industrial equipment such as chemical injection pumps, mud cleaners, centrifuges, and mud mixing units. The company provides technological solutions including water and oil-based mud systems, specialty mud systems, and software solutions for top-hole and intermediate-hole drilling activities. Petrochem Performance Chemicals markets its products through distribution facilities located in the UAE, Qatar, Yemen, and Iraq.

  • Canadian Energy Services & Technology Corporation - Established in 1986 and based in Canada, the Canadian Energy Services & Technology Corporation specializes in delivering sophisticated chemical solutions to North American oil and gas producers. The company’s expertise extends to various stages of oil and gas production, including stimulation, completion, drilling, and pumping. It also covers the midstream and pipeline markets. The company’s product portfolio encompasses demulsifiers, corrosion and scale inhibitors, surfactants, and other unique products. In addition, the company is engaged in the design and execution of drilling fluid systems and the creation and manufacturing of specialty chemicals for production.

  • International Drilling Fluids and Engineering Services (IDEC) Ltd - Established in 2006 and based in the UAE, International Drilling Fluids and Engineering Services (IDEC) Ltd. specializes in the production and distribution of drilling chemicals for the oil and gas sector. Their primary offerings encompass drilling fluids, production chemicals, reservoir drill-in fluids, completion fluids, solids control equipment, and waste management. In September 2014, IDEC was acquired by Q’Max Solution, Inc. The company’s drilling fluid products range from corrosion inhibitors, defoamers, emulsifiers, and lubricants to surfactants and brine products. In addition, IDEC provides technological solutions such as daily drilling mud reports for recording mud data, inventory tracking, hydraulic calculations, and end-of-well report generation.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Drilling Fluids Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Drilling Fluids Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

What questions do you have? Get quick response from our industry experts. Request a Free Consultation



This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.



We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

esomar icon

ESOMAR certified & member


ISO Certified

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.

great place to work icon