Middle East Drilling Fluid Market To Reach $2.68 Billion By 2030

Middle East Drilling Fluid Market Growth & Trends

The Middle East drilling fluid market size is estimated to reach USD 2.68 billion by 2030, expanding at a CAGR of 4.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing exploration activities coupled with increasing number of E&P companies in Oman, UAE, Saudi Arabia and Qatar which are expected to improve the output of conventional oil & gas fields. Rising concern towards maintenance costs in deep water projects, and dipping downhole losses are expected to propel demand in the region over the next seven years. 

Rising production of hydrocarbons due to increasing natural gas and crude oil demand in different industrial divisions including transportation and power is expected to propel growth over the forecast period. Drilling fluid market is expected to witness high demand owing to increasing rate of ultra-deep sea and deep sea explorations principally in the Red Sea and the Persian Gulf. 

The requirement of high efficiency in order to extract various forms of hydrocarbons and technological advancements in rheology are expected to open new prospects for the industry players. However, geopolitical disturbance coupled with stringent policies concerning usage and disposal of oil-based fluids majorly in the Red Sea and the Persian Gulf regions is expected to hamper exploration activities over the forecast period.

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Middle East Drilling Fluid Market Report Highlights

• Water-based fertilizers (WBFs) dominated the market and accounted for a share of 49.3% in 2023. WBFs are a more economical option compared to oil-based fertilizers (OBF), particularly in areas with abundant water resources

• The synthetic-based mud market is expected to witness high growth over the next seven years owing to properties including the ability to provide thermal stability, maximized rate of penetration, excellent wellbore stability, and lubricity. Cost effectiveness, reduced losses and reduced negative environmental impact of the product is expected to drive demand over the next seven years.

• Use of drilling mud including aerated and foam fluids are projected to witness an average growth over the forecast period on account of its ability to remove and clear cutting from holes without any significant fluid loss from fractured rocks.

• Onshore accounted for the largest market revenue share of 69.5% in 2023. Offshore is projected to grow at the fastest CAGR of 4.9% over the forecast period.

• Saudi Arabia drilling fluid market dominated the Middle East drilling fluid market with a revenue share of 28.3% in 2023, driven by the presence of major oil and gas producers with significant petroleum reserves.

• Key companies in the region include OiLSERV, ALI & SONS, Al Ghaith Energy LLC, Baker Hughe, Halliburton Inc, SLB, Oren Hydrocarbons, Weatherford and Catalyst LLC. 

Middle East Drilling Fluid Market Segmentation

Grand View Research has segmented the Middle East drilling fluid market based on product, application, and region:

Middle East Drilling Fluid Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• OBF

• SBF

• WBF

• Others

Middle East Drilling Fluid Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Onshore

• Offshore

Middle East Drilling Fluid Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Middle East and Africa (MEA)

  • Saudi Arabia

  • UAE

  • Kuwait

  • Qatar

  • Iran

  • Iraq

List of Key Players in the Middle East Drilling Fluid Market

• OiLSERV

• ALI & SONS

• Al Ghaith Energy LLC

• Baker Hughes

• Halliburton Inc

• SLB

• Weatherford

• Newpark Resources, Inc.

• ChampionX (Anchor Drilling fluid USA, Inc.)

• TETRA Technologies, Inc.

• MAZRUI INTERNATIONAL (Petrochem Performance Chemicals Ltd. LLC)

• EMEC

• IDEC

• OREN HYDROCARBONS

• Flotek Industries, Inc.

• MB Petroleum Services LLC

• Diamoco Group

• Oman Drilling Mud Products Co LLC.

• Catalyst LLC