DRILLING FLUIDS MARKET ANALYSIS

Drilling Fluids MarketSize and Trends

The global drilling fluids market size was valued at US$ 8.03 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5% from 2023 to 2030.  The Drilling Fluids market is growing due to the increased consumption of fossil fuels. The demand for drilling mud for offshore applications is also driving the market growth. Moreover, rising global crude oil production and increasing utilization of natural gas as a fuel is expected to propel the growth of the drilling fluids market.

Global Drilling Fluids Market Trends:

Increasing focus on development of advanced drilling fluid chemicals is a major trend

The demand for oil and gas is increasing across the world due to which key players active in the oil and gas sector are exploring deep and ultra-deepwater opportunities. As a result, the investments in offshore and subsea activities are growing rapidly. The major market players are focusing on investment in development of drilling fluids technologically equipped synthetic fluids that can operate successfully in harsh climatic conditions. For instance, Schlumberger began production of its fluids using synthetic technology. In September 2018, the company developed the CemFIT Shield mud-sealing cement system. Such developments in the sector are likely to support growth of the global drilling fluids market in the coming future.

Increasing demand in onshore applications is a growing trend

Onshore drilling comprises all the drilling sites on dry lands. According to Coherent Market Insights, onshore drilling accounts for 70% of the global oil production. Onshore drilling and offshore drilling are same only without deep water between the oil and the platform. With the constantly increasing oil and gas demand around the world, the number of drilling activities are increasing rapidly, specifically onshore drilling activities. As a result, the demand for drilling fluids is on the rise in onshore applications. This trend is thus likely to continue in the global drilling fluids market over the forecast period.