Drilling fluid is the fluid which facilitates the process of drilling borewell into the earth. The main function of a drilling fluid is that it assists in making holes by removal of cuttings, cooling and lubrication of the drill bit, providing a hydrostatic pressure to control well while drilling, helps in preventing mud loss and cleaning the drill bits. Drilling fluids are classified on the basis of their composition and their use as water based fluids, oil based fluids, and synthetic fluids, etc. They are used extensively in the oil and gas industry and for drilling of water wells. China has the largest market in the Asia-Pacific region due to a large number of wells. North America accounted for the largest share in the global drilling market and is expected to grow at a much higher rate.
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One of the major factors driving the market for drilling fluids includes the development of shale gas which promotes the use of horizontal drilling and hydraulic fracturing. Development of offshore fields is also helping the manufacturers to generate higher revenues since the cost of oilfield chemicals for offshore fields is much higher than the cost for onshore fields. Water based fluids will continue to dominate the market owing to their low cost compared to other types of drilling fluids. Moreover, they are easy to use and cause less environmental impact. Increase in global oil and gas prices will create the need for more drilling activities across the globe, which in turn is expected to drive the demand over the next five to six years.
The growing concerns regarding the negative impact of using drilling fluids on the environment is acting as one of the major factors hindering the market growth. Owing to these concerns, major drilling companies are switching over to green (bio-based) alternatives for drilling fluids. Some of the leading players in the drilling fluid market include WDC, New Park Drilling Fluids, GEO Drilling Fluids, XL Fluid System, United Mud Chem Pvt. Ltd., and ADC Global Supply, among some other.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
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