Analyst Perspective
The global drilling fluids market is estimated to register a CAGR of 5.8%. The growing emphasis on environmental stability boosts the market growth for drilling fluids. The global demand for oil and gas is expected to grow, leading to increased drilling activity and higher demand for drilling fluids. Developing shale oil and gas, tight oil, and other unconventional resources requires specialized drilling fluids, creating a new market segment. Advancements in technology are making deep-water and ultra-deep-water drilling more feasible, opening up new exploration areas and necessitating specialized high-performance fluids. However, stringent environmental regulations are driving the development of new and improved drilling fluids with enhanced properties. Volatile oil and gas prices, environmental concerns, and competition from alternative energy sources are significant factors that may hamper the market growth.
Market Overview
Drilling fluids are crucial in creating boreholes for oil and gas extraction and core sampling. It serves various functions such as controlling pressures, clearing cuttings, sealing permeable formations, cooling and lubricating the drilling equipment, and maintaining wellbore stability for effective well control. Due to increased investments in exploring offshore oil and gas, the global market for drilling fluids is expected to grow in the forecasted period. Companies are enhancing drilling pipes and fluids to meet the demands of oil field drilling. The oil and gas industry is a primary user of drilling fluids, and the demand for these fluids is directly tied to exploration and production. Factors such as regulations, consumer preferences, and corporate responsibility are pushing the development of these eco-friendly solutions in response to the environmental concerns associated with traditional drilling fluids. The market will expand in the forecasted period due to increased exploration, a focus on environmental sustainability, and the need for high-performance drilling fluids.
Market Drivers
- As the global population grows and economies expand, the energy demand also increases, leading to more oil and gas exploration and drilling activities, which drives the demand for drilling fluids.
- The drilling fluids market is constantly evolving as new technologies are developed. These technologies are making drilling fluids more efficient, effective and environment friendly.
- The recent boom in shale gas production has also been a significant driver of the drilling fluids market.
Market Segmentation
The global drilling fluids market is segmented based on type and application. Based on type, market is segmented into water-based, oil-based, and synthetic. Based on application, the drilling fluids market is segmented into onshore and offshore.
Regional Analysis
The report provides a detailed industry overview, which includes qualitative and quantitative information. It gives information on an overview and forecast of the global drilling fluids market based on several segments. It also provides market size and forecast estimates from 2021 to 2031 concerning five major regions: Europe, North America, Asia-Pacific (APAC), Middle East & Africa (MEA) and South & Central America. The drilling fluids market by region is also sub-segmented by respective countries and segments. The Drilling Fluids market report covers an analysis and forecast of eighteen countries globally and the prevailing trends and opportunities in the region.
The report analyses factors affecting the drilling fluids market from both the demand and supply side. Furthermore, it evaluates market dynamics during the forecast period, i.e., drivers, challenges, opportunities, and future trends. The report also provides an extensive Porter's Five Forces analysis highlighting factors affecting the drilling fluids market in these regions.
Key Players
The reports cover vital organic and inorganic growth strategy developments in the drilling fluids market. Various companies concentrate on organic growth strategies such as product launches, approvals, patents, and others. Inorganic growth strategies activities observed in the market were acquisitions, partnerships & collaborations. These activities have paved the way for the development of the business and customer base of market players. The market players in the Drilling Fluids market are expected to have lucrative growth opportunities with the increasing demand for usable energy due to increasing population in the global market.
The report includes key companies' profiles, SWOT analysis, and Drilling Fluids market strategies. The report also focuses on leading market players with information including components and services offered, company profiles, financial information for the last three years, and critical development in the past five years.
Below is a List of Companies Engaged in the Drilling Fluids Market.
- Schlumberger
- Baker Hughes, Inc
- Ces Energy
- Halliburton, Inc.
- Newpark Resources, Inc
- Petrochem Performance Chemical Ltd. Llc
- Weatherford International
- Secure Energy Services
- Q Max
- Scomi
- Sagemines
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Drilling Fluids Market - By Type
1.3.2 Drilling Fluids Market - By Application
1.3.3 Drilling Fluids Market - By Region
1.3.3.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. DRILLING FLUIDS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. DRILLING FLUIDS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. DRILLING FLUIDS MARKET - GLOBAL MARKET ANALYSIS
6.1. DRILLING FLUIDS - GLOBAL MARKET OVERVIEW
6.2. DRILLING FLUIDS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. DRILLING FLUIDS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. WATER BASED
7.3.1. Overview
7.3.2. Water Based Market Forecast and Analysis
7.4. OIL-BASED
7.4.1. Overview
7.4.2. Oil-Based Market Forecast and Analysis
7.5. SYNTHETIC BASED
7.5.1. Overview
7.5.2. Synthetic Based Market Forecast and Analysis
8. DRILLING FLUIDS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ONSHORE
8.3.1. Overview
8.3.2. Onshore Market Forecast and Analysis
8.4. OFFSHORE
8.4.1. Overview
8.4.2. Offshore Market Forecast and Analysis
9. DRILLING FLUIDS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Drilling Fluids Market Overview
9.1.2 North America Drilling Fluids Market Forecasts and Analysis
9.1.3 North America Drilling Fluids Market Forecasts and Analysis - By Type
9.1.4 North America Drilling Fluids Market Forecasts and Analysis - By Application
9.1.5 North America Drilling Fluids Market Forecasts and Analysis - By Countries
9.1.5.1 United States Drilling Fluids Market
9.1.5.1.1 United States Drilling Fluids Market by Type
9.1.5.1.2 United States Drilling Fluids Market by Application
9.1.5.2 Canada Drilling Fluids Market
9.1.5.2.1 Canada Drilling Fluids Market by Type
9.1.5.2.2 Canada Drilling Fluids Market by Application
9.1.5.3 Mexico Drilling Fluids Market
9.1.5.3.1 Mexico Drilling Fluids Market by Type
9.1.5.3.2 Mexico Drilling Fluids Market by Application
9.2. EUROPE
9.2.1 Europe Drilling Fluids Market Overview
9.2.2 Europe Drilling Fluids Market Forecasts and Analysis
9.2.3 Europe Drilling Fluids Market Forecasts and Analysis - By Type
9.2.4 Europe Drilling Fluids Market Forecasts and Analysis - By Application
9.2.5 Europe Drilling Fluids Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Drilling Fluids Market
9.2.5.1.1 Germany Drilling Fluids Market by Type
9.2.5.1.2 Germany Drilling Fluids Market by Application
9.2.5.2 France Drilling Fluids Market
9.2.5.2.1 France Drilling Fluids Market by Type
9.2.5.2.2 France Drilling Fluids Market by Application
9.2.5.3 Italy Drilling Fluids Market
9.2.5.3.1 Italy Drilling Fluids Market by Type
9.2.5.3.2 Italy Drilling Fluids Market by Application
9.2.5.4 United Kingdom Drilling Fluids Market
9.2.5.4.1 United Kingdom Drilling Fluids Market by Type
9.2.5.4.2 United Kingdom Drilling Fluids Market by Application
9.2.5.5 Russia Drilling Fluids Market
9.2.5.5.1 Russia Drilling Fluids Market by Type
9.2.5.5.2 Russia Drilling Fluids Market by Application
9.2.5.6 Rest of Europe Drilling Fluids Market
9.2.5.6.1 Rest of Europe Drilling Fluids Market by Type
9.2.5.6.2 Rest of Europe Drilling Fluids Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Drilling Fluids Market Overview
9.3.2 Asia-Pacific Drilling Fluids Market Forecasts and Analysis
9.3.3 Asia-Pacific Drilling Fluids Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Drilling Fluids Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Drilling Fluids Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Drilling Fluids Market
9.3.5.1.1 Australia Drilling Fluids Market by Type
9.3.5.1.2 Australia Drilling Fluids Market by Application
9.3.5.2 China Drilling Fluids Market
9.3.5.2.1 China Drilling Fluids Market by Type
9.3.5.2.2 China Drilling Fluids Market by Application
9.3.5.3 India Drilling Fluids Market
9.3.5.3.1 India Drilling Fluids Market by Type
9.3.5.3.2 India Drilling Fluids Market by Application
9.3.5.4 Japan Drilling Fluids Market
9.3.5.4.1 Japan Drilling Fluids Market by Type
9.3.5.4.2 Japan Drilling Fluids Market by Application
9.3.5.5 South Korea Drilling Fluids Market
9.3.5.5.1 South Korea Drilling Fluids Market by Type
9.3.5.5.2 South Korea Drilling Fluids Market by Application
9.3.5.6 Rest of Asia-Pacific Drilling Fluids Market
9.3.5.6.1 Rest of Asia-Pacific Drilling Fluids Market by Type
9.3.5.6.2 Rest of Asia-Pacific Drilling Fluids Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Drilling Fluids Market Overview
9.4.2 Middle East and Africa Drilling Fluids Market Forecasts and Analysis
9.4.3 Middle East and Africa Drilling Fluids Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Drilling Fluids Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Drilling Fluids Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Drilling Fluids Market
9.4.5.1.1 South Africa Drilling Fluids Market by Type
9.4.5.1.2 South Africa Drilling Fluids Market by Application
9.4.5.2 Saudi Arabia Drilling Fluids Market
9.4.5.2.1 Saudi Arabia Drilling Fluids Market by Type
9.4.5.2.2 Saudi Arabia Drilling Fluids Market by Application
9.4.5.3 U.A.E Drilling Fluids Market
9.4.5.3.1 U.A.E Drilling Fluids Market by Type
9.4.5.3.2 U.A.E Drilling Fluids Market by Application
9.4.5.4 Rest of Middle East and Africa Drilling Fluids Market
9.4.5.4.1 Rest of Middle East and Africa Drilling Fluids Market by Type
9.4.5.4.2 Rest of Middle East and Africa Drilling Fluids Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Drilling Fluids Market Overview
9.5.2 South and Central America Drilling Fluids Market Forecasts and Analysis
9.5.3 South and Central America Drilling Fluids Market Forecasts and Analysis - By Type
9.5.4 South and Central America Drilling Fluids Market Forecasts and Analysis - By Application
9.5.5 South and Central America Drilling Fluids Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Drilling Fluids Market
9.5.5.1.1 Brazil Drilling Fluids Market by Type
9.5.5.1.2 Brazil Drilling Fluids Market by Application
9.5.5.2 Argentina Drilling Fluids Market
9.5.5.2.1 Argentina Drilling Fluids Market by Type
9.5.5.2.2 Argentina Drilling Fluids Market by Application
9.5.5.3 Rest of South and Central America Drilling Fluids Market
9.5.5.3.1 Rest of South and Central America Drilling Fluids Market by Type
9.5.5.3.2 Rest of South and Central America Drilling Fluids Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. DRILLING FLUIDS MARKET, KEY COMPANY PROFILES
11.1. CLARIANT
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. GUMPRO DRILLING FLUIDS PVT. LTD
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. MAZRUI INTERNATIONAL L.L.C
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. NATIONAL OILWELL VARCO
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. NEWPARK RESOURCES INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NUGENTEC
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. OREN HYDROCARBONS
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. ROYAL DUTCH SHELL PLC
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SOLVAY
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WEATHERFORD
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Clariant
2. Gumpro Drilling Fluids Pvt. Ltd
3. Mazrui International L.L.C
4. National Oilwell Varco
5. Newpark Resources Inc.
6. NuGenTec
7. OREN HYDROCARBONS
8. Royal Dutch Shell Plc
9. Solvay
10. Weatherford
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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