Drilling fluids are the backbone of drilling operations and serve various purposes. These fluids are mainly utilized in the drilling of subterranean wells. Drilling fluids provide primary well control of subsurface pressure by a combination of density and additional pressure acting on the fluid column (surface imposed or annular). Drilling fluids are also known as drilling muds.
The various principal functions of drilling fluids include maintaining well control, controlling subsurface pressure, maintaining wellbore stability – chemically and mechanically and transmitting hydraulic energy to the drill bit and down hole tools.
Various types of drilling fluids are utilized in offshore and onshore oil and gas applications, such as oil-based fluids, water-based fluids, non-aqueous fluids and synthetic fluids, among others. Water-based drilling fluids are one of the most widely utilized drilling fluids among all and are expected to hold a significant market share.
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Global Drilling Fluids Market: Segmentation
The global drilling fluids market can be segmented on the basis of product type and application.
Product Type
- Oil-based fluid
- Water-based fluids
- Synthetic fluids
- Others (non-aqueous fluid, reservoir drilling fluid, etc.)
Application
- Onshore
- Offshore
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Global Drilling Fluids Market: Dynamics
Growing investments across the value chain of the oil & gas industry are among the key factors likely to support the demand for drilling fluids in the near future. Recently, Exxon Mobil Corporation announced an investment of US$ 20.0 Bn through 2022 to expand its oil refining plant on the U.S. Gulf Coast, which in turn will boost the demand for drilling fluids in the coming years.
Further, initiatives towards the development of the oil and gas industry in developing economies are supporting the demand for drilling fluids in the APAC region. The government of India has allowed 100% Foreign Direct Investment (FDI) in upstream and private sector refining projects. Further, surging investments in Mexican oil & gas exploration, production and drilling activities are expected to create a demand for drilling fluids in the near future.
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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