Drilling Fluids Market Growth Accelerated by Increased Oil & Gas Exploration Activities

Drilling Fluids Market 

Drilling fluids, commonly known as drilling muds, play a crucial role in enabling oil & gas exploration by maintaining wellbore stability and removing cuttings from the bottom of the borehole during drilling operations. Some key advantages of drilling fluids include improved drilling efficiency, well control, and protection of producing formations from damage. The rising global energy demand along with depletion of existing reserves have accelerated oil & gas exploration activities in recent years. This has significantly fueled the demand for high-performance drilling fluids worldwide.


The global Drilling Fluids Market is estimated to be valued at US$ 8.43 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increased exploration spending by major oil companies in recent past has particularly driven the demand for drilling fluids. As per the International Energy Association, the global upstream oil and gas spending increased by around 11% to nearly US$ 491 billion in 2021. The growing exploration activities to cater to rising energy demand are expected to propel the drilling fluids market over the forecast period. Furthermore, the advancing offshore exploration projects owing to depletion of onshore reserves will continue boosting the market for high-performance drilling fluids specifically designed for offshore applications.

Segment Analysis
The drilling fluids market is dominated by oil-based fluids which accounts for over 40% share. Oil-based fluids are preferred for drilling through formations containing swelling clays and shales to minimise damage to the formation. It provides better lubrication and offers excellent suspension properties for cuttings removal during drilling. However, growing environmental concerns regarding oil contamination have increased demand for water-based and synthetic-based fluids.

Key Takeaways
The Global Drilling Fluids Market Size is expected to witness high growth over the forecast period driven by rising exploration and production activities around the world. Rapid industrialization along with growing population has increased demand for oil and gas, boosting the drilling market.

Regional analysis: North America dominates the global market with over 30% share owing to rising exploration of shale reserves in the US and Canada. The market in Asia Pacific is anticipated to grow at the fastest pace supported by increasing drilling activities in China, India and Southeast Asian countries. Major operators are shifting focus towards the region in view of significant reserves.

Key players analysis: Key players operating in the drilling fluids market are Orana Group, AECOM, Babcock International Group Plc, Westinghouse Electric Company LLC, Enercon Services Inc., KDC Contractors Limited, NUVIA Group, Onet Technologies SAS, and Sogin S.p.A. Major players are investing in product development and acquisition strategies to strengthen their footing in the market.

Get more insights on this topic:

https://www.marketwebjournal.com/drilling-fluids-market-market-size-and-share-analysis/

 Check more trending articles related to this topic:

https://shoutingstars.com/pd-1-and-pd-l1-inhibitors-a-promising-cancer-immunotherapy

Comments

Post a Comment

Popular posts from this blog

Cellulose Films is the largest segment driving the growth of Cellulose Plastics Market

Image
  Cellulose Plastics Market The global Cellulose Plastics Market is estimated to be valued at US$ 819.69 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: Cellulose plastics are bioplastics made from cellulose, one of the most abundant organic polymer on Earth. They are produced from plant materials like wood and agricultural residues. Cellulose plastics offer advantages like biodegradability, recyclability and sustainability. They are widely used in agriculture films, food packaging and textiles. Market key trends: One of the key trend in the cellulose plastics market is growing demand for biodegradable and sustainable packaging solutions. Rising environmental concerns regarding widespread use of conventional plastics is driving the demand for eco-friendly cellulose plastics. Strict government regulations prohibiting use of single use p...
Read more

The Rising Demand for High-Throughput Detection is Driving the Liquid Scintillation Analyzer Market

Image
  Liquid Scintillation Analyzer Market Liquid scintillation analyzers are ideal instruments for detecting and quantifying traces of radioactive emissions from biological samples, thereby enabling routine alpha or beta counting for life science research. These systems provide high sensitivity and counting efficiency via liquid scintillation techniques which allow incorporation of radiolabeled analytes into scintillation cocktails for measurement. Such instruments have wide applications across biomedical research, environmental monitoring, and university teaching. They can quantify radioactive isotopes like carbon-14, hydrogen-3, and phosphorus-32 at extremely low activity levels to enable advances in fields like drug discovery and medical diagnostics. Liquid scintillation analyzers employ two main techniques - liquid scintillation counting (LSC) and liquid scintillation spectrometry (LSS). LSC involves mixing of a sample containing radioactive emissions with a scintillation cocktail...
Read more

Projected Growth In Electric Vehicles To Boost The Growth Of Breathing Battery Market

Image
  Breathing Battery Market The global Breathing Battery Market is estimated to be valued at US$ 19.39 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: Breathing batteries store energy through redox reactions instead of traditional lithium ion technology, making them potentially safer, greener and longer-lasting power sources. They use organic and inorganic materials that can breathe like lungs, expanding when absorbing energy and contracting when releasing it. The batteries can be made from abundant and inexpensive materials. They can power devices from electric vehicles to medical implants for decades without need of recharging. Their advantage lies in generating power continuously through natural processes like breathing without degrading over time. Market key trends: One key trend in the market is growing focus on developing batteries for elect...
Read more