The global drilling fluids market size is projected to reach USD 10.12 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to witness a moderate CAGR of 3.8% over the forecast period, from 2019 to 2025. Revival of new E&P projects along with several upcoming exploration and production bids over the next few years is predicted to spur the market growth over the forecast period.
Development of advanced formulations and performance additives mainly for wells where horizontal or directional drilling is required is projected to create huge opportunities for the industry expansion. Strict regulatory mandates by government regulatory bodies are expected to alter the growth owing to the potential environmental risk associated with upstream operations.
Governments of various countries including U.S, China, India, Australia, and G20 nations, support development of natural gas resources and have undertaken several favorable initiatives to extract hydrocarbons from conventional as well as unconventional sources, such as shale, CBM, and tight gas. Re-initiation of various offshore as well as shale gas basin operations post recovery of crude oil prices during 2017 to 2018 is also anticipated to drive the demand for drilling fluid significantly.
Water based fluids was the most prominent product segment and accounted for over 51% of the total market share in terms of revenue in 2018. The oil-based muds segment has been projected to expand to over USD 2.60 billion by 2025, at CAGR of 2.6% from 2019 to 2025.
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Further key findings from the report suggest:
Onshore segment is anticipated to increase the revenue up to USD 6.01 billion by 2025, at a CAGR of 3.5% over the forecast period
In 2018, North America held approximately 25% of the global drilling fluids market share owing to favorable government initiatives in U.S. and Canada
U.S. drilling mud industry has been predicted to capture over 77% of North American market by 2025, expanding at a CAGR of 3.8% over the next seven years
Asia Pacific is expected to reach USD 1.50 Billion by 2025 owing to growing E&P activities in countries such as China and Indonesia
Large unexplored shale reserves along with anticipated project initiation in several offshore basins in the South China Sea offers lucrative opportunities for market expansion in China in the forthcoming years
Russia was valued at USD 1.06 billion in 2018 and is estimated to expand at a CAGR of 3.5% from 2019 to 2025
Major market players include Weatherford International, Baker Hughes, Halliburton, 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)
Drilling Fluids Application Outlook (Revenue, USD Million, 2014 - 2025)
Drilling Fluids Regional Outlook (Revenue, USD Million, 2014 - 2025)
Central & South America
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