The global drilling fluids market is expected to reach USD 10.01 billion by 2025, according to a new report by Grand View Research, Inc. Increasing upstream spending to sustain oil production targets is anticipated to drive oil & gas industry drilling activities over the forecast period. Technological advancements to modify the fluid rheology for efficient extraction in different formations have created lucrative avenues for industry participants.
Increased maintenance costs and environmental risks associated with offshore locations, have urged companies to deploy drill mud for cost-efficient E&P activities. Growing demand for increasing production rates, efficiency and mitigating gas related capital expenditures is expected to drive drilling fluids demand in offshore activity, over the long term. Growing number of ongoing projects in the Middle East and Africa including, Maydan Mahzam and Bul Hanine fields are projected to drive product demand over the next nine years.
WBF emerged as a leading drilling fluid product segment covering 50.4% market revenue share in 2016. The OBF segment is expected to lose share over the forecast period and account for 26% of the total industry value by 2025
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Further key findings from the report suggest:
The global drilling fluids market is estimated to grow at a CAGR of 3.7% from 2017 to 2025
The onshore application segment is anticipated to reach 5.9 billion by 2025 over the upcoming years
Offshore drilling activities is projected to emerge as the fastest segment at a CAGR of 4.1% from 2017 to 2025
North America was the leading regional segment accounting for over 25% in 2016 and is expected to witness a similar trend over the forecast period
Asia Pacific is anticipated to emerge as the fastest consumer at a CAGR of 4.6% from 2017 to 2025
Russia onshore drilling fluids industry in 2016 was valued at USD 627.5 million and is projected to grow at a CAGR of 2.8% from 207 to 2025
Demand for WBF product in the Venezuela was valued at USD 113.94 million in 2016 and is expected to grow at a CAGR of 4.1% from 2017 to 2025
Drilling fluids market share in Kuwait is expected to grow at a CAGR of 4.7% over the forecast period and to reach USD 203.5 million by 2025
Offshore drill mud industry in Nigeria was valued at USD 53 million in 2016 and is anticipated to be the fastest application over the upcoming years
Major players include Newpark Resources, Halliburton, Weatherford International, Baker Hughes, National Oilwell Varco and Schlumberger
Grand View Research has segmented the global drilling fluids market on the basis of product, application and region:
Drilling Fluids Product Outlook (Revenue, USD Million, 2014 - 2025)
Oil based fluids
Water based fluids
Synthetic based fluids
Drilling Fluids Application Outlook (Revenue, USD Million, 2014 - 2025)
Onshore oil & gas
Offshore oil & gas
Drilling Fluids Regional Outlook (Revenue, USD Billion, 2014 - 2025)
Central & South America
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