BIS Research Study Highlights Global Drilling Fluids Market to Reach $12.92 Billion by 2031
FREMONT, Calif., June 21, 2022 /PRNewswire/ — The global drilling fluids market is expected to reach $12.92 billion in terms of revenue by 2031, at a CAGR of 7.8%, suggests BIS Research’s premium study.
The growth of the drilling fluids market is driven by rising demand for energy, supporting government initiatives and increasing drilling activities.
Drilling fluids are circulated through the borehole to facilitate a cost effective and efficient drilling process.
It performs various functions such as controlling formation pressures, removing slices from the wellbore, sealing permeable formations encountered while drilling, transmitting hydraulic energy to downhole tools and drill bit , cooling and lubricating the drill bit and maintaining wellbore stability.
In the report, the types of drilling fluids considered are water-based drilling fluids, oil-based drilling fluids, synthetic-based drilling fluids and others (foam, fog, gas, dust, aerated liquid).
The detailed study is a compilation of 122 market data tables and 17 figures spread over 130 pages and an in-depth TOC on “Global Drilling Fluids Market – Analysis and Forecast, 2022-2031″
Demand – Drivers and Limits
Following are the demand drivers for the drilling fluids market:
- Increase offshore and onshore drilling activities.
- Increased focus on shale gas.
The market is also expected to face some limitations owing to the following challenges:
- Crude Oil Price Volatility
- Rising cost of deep and ultra-deepwater drilling
Reasons to buy this report
This exclusive Global Drilling Fluids Market Report will help you in the following ways:
- Market ranking analysis based on product portfolio, recent developments and regional breakdown.
Investment landscape including product adoption scenario, financing and patent analysis.
- The product segment helps the reader understand the different types of drilling fluids available for drilling wells and their potential globally.
- The study provides the reader with a detailed understanding of the different applications of offshore and onshore drilling fluids.
- A detailed competitive benchmarking analysis of players operating in the global Drilling Fluids Market has been conducted to help the reader understand how the players compare against each other, presenting a clear market landscape.
- Comprehensive competitive strategies such as partnerships, agreements, and collaborations will help the reader understand the untapped revenue pockets in the market.
Market Analyst’s View:
According Shivam PriyadarchiSenior Analyst, BIS Research, “Drilling fluids are expected to be the best option for performing smooth well drilling. With growing government support to increase oil production, the growth of the drilling fluids industry is expected to be exponential.”
See the report in the global drilling fluids market
Key Companies Operating in the Market and Competitive Landscape
The companies profiled have been selected based on input gathered from primary experts and analysis of company coverage, product portfolio and market penetration.
Some of the most prominent established names in this market are:
Business Type 1: Drilling Fluids Industry
- Schlumberger Limited
- Newpark Resources Inc.
- AES drilling fluids
- Baker Hughes Company
Who should buy this report?
Companies that manufacture drilling fluids and companies that use these drilling fluids for drilling wells to explore for oil and gas.
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Key questions answered by the report:
- What are some of the major drivers and trends impacting the drilling fluids market?
- What are the major applications that consume/use drilling fluids in the global market?
- What is the most preferred type of drilling fluid (petroleum-based, water-based, synthetic-based) across end-use industries (oil and gas companies, mining organizations, etc.)?
- What are some of the key revolutions impacting the drilling fluids market?
- How has COVID-19 impacted the drilling fluids market across the globe, and how are ecosystem players improvising/innovating to mitigate the impact?
- What are the main production technologies and end-use sectors in the market, and how will they perform in the coming years?
- For a new company looking to enter the drilling fluids market, what areas could it focus on to stay ahead of the existing competition?
- What kinds of new strategies are being adopted by existing market players to strengthen their market position in the industry?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focused on deep technologies and related emerging trends that may disrupt market dynamics in the near future. We publish over 200 market intelligence studies annually that focus on multiple deep technology verticals.
Our strategic market analysis emphasizes market estimates, technology analysis, high growth emerging applications, deeply segmented country-level granular market data, and other significant market parameters helpful in making strategic decision making for senior management.
BIS Research offers group studies as well as custom studies and expert consultations to companies, providing them with specific and actionable insights into new technology markets, business models and the competitive landscape.
BIS Healthcare vertical offers health technology market insights for medical devices, digital health, life sciences, robotics and imaging, information technology, precision medicine and other emerging health technologies, spanning the entire industry spectrum. Over the past 5 years, BIS Healthcare has published over 50 reports under the Precision Medicine banner. Additionally, BIS Research has successfully nominated the top 25 precision medicine voices on its Insight Monk platform for the past two years.
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SOURCE BIS Research