The global oilfield drilling fluids market to grow at a CAGR of 6.22% during the period 2018-2022.
Global Oilfield Drilling Fluids Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Oilfield process chemicals are specialty chemicals used in the oil and gas industry for a smooth flow of operations. They are extensively used in the resource area or fields during the exploration and processing phases of oil and gas. The use of various types of oilfield process chemicals is increasing in upstream operations of the oil and gas industry for enhancing the efficiency of the exploration process.
According to the report, one driver in the market is increasing demand for energy. The onshore and offshore oil exploration activities are increasing owing to the increasing demand for energy across the world. The growing oil demand for energy purpose is leading exploration and extraction activities and this, in turn, increases the demand for oilfield drilling fluids.
One trend in the market is growing demand for water-based fluids (WBFs). Several players are focusing on offering high-performance products to the oil and gas market to sustain the competition. WBFs are gaining traction among the drilling fluids owing to their low toxicity and cost-effectiveness as compared with other drilling chemicals.
Further, the report states that one challenge in the market is volatile crude oil prices. Persistent price variants of oil pose a major challenge to the global oilfield drilling fluids market. Due to the supply-demand variabilities and the unprecedented political situation in the Middle East which has a major share of the global oil supply, there has always been instability in the price of crude oil in the foreign market.