Drilling Fluids Market to be Worth $11.27 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 13, 2023 /PRNewswire/ -- The global drilling fluids market size is expected to reach USD 11.27 billion by 2030, registering a CAGR of 4.4% from 2023 to 2030, as per the new report by Grand View Research, Inc. The growth is majorly driven by the increasing demand in the energy industry. The high demand for crude oil by various industries, such as transportation and energy, has been ramping up oil & gas production globally. Growing concerns about crumbling boreholes, handling solid waste, and spill containment are anticipated to increase drilling fluid demand significantly during the forecast period. The oil and gas industry, and particularly the industries that are linked with it, has been creating immense opportunities in the market.

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Key Industry Insights & Findings from the report:

• The water-based segment is expected to grow at a CAGR of 5.0% from 2023 to 2030 as they are less likely to impact the environment as compared to oil-based, resulting in its demand in the forecast period.
• The overall industry is anticipated to witness a huge leap in demand, owing to the growing requirement for crude oil in emerging industry sectors, such as energy and transportation, which is expected to drive demand for oil & gas production globally.
• The onshore application segment dominated the market with the highest share of 60.1% in 2022. This is attributed to the ongoing oil drilling activities in the onshore field to fulfill growing energy needs.
• The global volume of oil & gas production is anticipated to witness huge growth due to an increasing number of research initiatives to develop abandoned oil wells and renewed projects in onshore oilfield.

Read 125-page market research 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", published by Grand View Research.

Drilling Fluids Market Growth & Trends

Water-based drilling fluid captured the highest market share in 2022 due to the increasing requirement for water-based fluid in horizontal drilling like wells. Water-based is considered to be less harmful to the environment than other oils, which is expected to drive demand in the forecast period. Water-based oils are used in 75% of drilling wells globally. The types of fluids used in this are freshwater, brine, saturated, or formate brine, which are less toxic, resulting in creating a huge potential for the industry in the coming years. Product manufacturers have been taking several strategic initiatives, such as new product development, partnerships, M&A, collaborations, agreements, and joint ventures.

These strategies have been adopted to increase market penetration and create enough opportunities for technology implementation for different end-use applications in the region. The major challenge for the product is its adverse effect on the environment due to its toxicity. Water-based oil is still less impactful to the environment in comparison with oil-based fluids. The degree of impact also depends on the type of oil used in the existing environmental conditions. This environmental impact has brought certain restrictions on its use in various parts of the world.

Drilling Fluids Market Report Scope

Drilling Fluids Market Segmentation 

Grand View Research has segmented the global drilling fluids market on the basis of product, application, and region

Drilling Fluids Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

• Oil-based
• Synthetic-based
• Water-based
• Others

Drilling Fluids Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• Onshore
• Offshore

Drilling Fluids Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Russia
• Norway
• Azerbaijan
• Kazakhstan
• Asia Pacific
• China
• India
• Indonesia
• Malaysia
• Pakistan
• Myanmar
• Singapore
• Australia
• Vietnam
• Thailand
• Central & South America
• Brazil
• Argentina
• Venezuela
• Colombia
• Peru
• Middle East
• Saudi Arabia
• UAE
• Qatar
• Kuwait
• Iran
• Iraq
• Africa
• Algeria
• Libya
• Nigeria
• Gabon
• Zaire (Republic of Congo)

List of Key Players of Drilling Fluids Market

• Baker Hughes, Inc.
• CES Energy Solutions Corp.
• Halliburton, Inc.
• Newpark Resources, Inc.
• Petrochem Performance Chemical Ltd. LLC
• Schlumberger Ltd.
• Scomi Group Bhd
• Weatherford International

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Browse through Grand View Research's Drilling & Extraction Equipment Research Reports

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.