Pune, India, July 19, 2022 (GLOBE NEWSWIRE) -- The global drilling fluid market is likely to witness considerable growth in the coming years, with impetus from the increasing demand for gas and oil,. Fortune Business Insights, in a report, titled, "Drilling Fluid Market Size, Share and Global Trend by Fluid System (Water Based Fluid System, Oil Based Fluid System, Synthetic Based Fluid System), by Application (Onshore, Offshore), and Geography Forecast till 2029," states that numerous government as well as private organizations have started investing hefty amounts in the drilling fluid industry. This is mainly because of the development of existing wells and exploration of hydrocarbons.
Drilling fluids play a significant role in maximizing the production of wellbore and in elevating drilling capacity. These factors are anticipated to propel the global drilling fluid market during the forecast period.
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Highlights of the Report-
The report classifies the global drilling fluid market on the basis of application, fluid system, and geography. In terms of fluid system, the market is further segmented into water-based fluid system, synthetic based fluid system, and oil-based fluid system. By application, the market is divided into onshore and offshore. However, synthetic and oil based fluid systems are considered to be major environmental threats due to the presence of toxic elements in them. This results in the contamination of nature and is projected to hinder the growth of global drilling fluid market.
The report is based on extensive research on the market and its growth parameters, including drivers, restraints, challenges, and opportunities in the market. It also includes the table of segmentation, along with a list of segments dominating the market and its attributed factors. The report throws light on the significant industry developments, current asset integrity management market trends, and other interesting insights offered by the market. For more information on the market, log on to the company website.
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Regional Analysis:
Extensive Drilling Operations Likely to Drive the Market in Asia Pacific
The global drilling fluid market is geographically divided into Latin America, North America, Asia Pacific, the Middle East and Africa, and Europe. Amongst these, North America is currently leading the global drilling fluid market. This is because the region has invested a huge amount in offshore exploration. According to Fortune Business Insights, the drilling fluid market in the U.S. is expected to exhibit a notable growth during the forecast period. This is because the region is handling pipeline projects to explore hydrocarbon in order to meet the growing demands. Asia Pacific, on the other hand, had been experiencing moderate growth since the past decade, and the market is anticipated to grow constantly. The maximum share of hydrocarbon production is held by China, in the entire world. Existing wells for the growth of production and numerous drilling operations for examining new oil wells are projected to boost the drilling fluid market in Asia Pacific. Russia is one of the top exporters of gas and oil in Europe. Most of the countries in the European continent, are developing at a fast pace due to the presence of the company with a top conglomerate.
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Report Insights:
The Drilling Fluid market analysis covers in-depth information of major industry participants.
- Porter's five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analys is of the Drilling Fluid market during the forecast period (2022–2029).
- The report outlines the current market trends and future scenario of the global Drilling Fluid market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
Competitive Analysis:
Key Players Focus on Joint Ventures to Establish a Stronghold in Overall Market
Scomi Energy Services Bhd, a management service company headquartered in Malaysia, was awarded contracts worth US$150 million in March 2019, by Kuwait Oil Company. Its main aim is to provide mud engineering services and mud products for development drilling and deep drilling. Uzma Bhd, an international gas and oil service company, based in Malaysia, bagged a five-year contract from Petronas Carigali, a Malaysian company, in July 2018 for supplying drilling fluid and other services. Tetra Technologies Inc., a geographically diversified oil and gas service company, signed a development agreement with Halliburton, a global oil service company in July 2018. It was done to provide distribution and sales of TETRA CS Neptune drilling fluid.
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List of Players Operating in the Drilling Fluid Market are as follows:
- Baker Hughes
- Schlumberger Limited
- Tetra Technologies Inc.
- Halliburton Inc.
- Global Drilling Fluids and Chemicals Ltd.
- Newpark Resources Inc.
- Geo Drilling Fluid
- AES Drilling Fluids
- National Oilwell Varco
- M&D Industries of Louisiana
- Eco Drilling Fluid
- Star Drilling Fluid
- Scomi Energy Services Bhd (SESB)
- Universal Drilling Fluid
- Gumpro Drilling Fluids Pvt. Ltd.
Drilling Fluid Market Segmentation:
By Type:
- Water-based
- Oil-based
- Synthetic-based
- Others
By Application:
- Onshore
- Offshore
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter's Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Drilling Fluid Market
5. Global Drilling Fluid Market Analysis, Insights and Forecast, 2017-2029
5.1. Key Findings / Summary
Continued…
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