The global drilling fluids & chemicals market size is anticipated to reach $15.66 billion by 2026, growing at a CAGR of 8% during the forecast period, according to a report published by Polaris Market Research. The report ‘Drilling Fluids and Chemicals Market Size By Product Type (Oil Based Fluids, Water Based Fluids, Synthetic Fluids), By Additive Type (Polymer Viscosifiers, Barite, Bentonite, Lost Circulation Materials, Shale Inhibitors and Others), By Regions & Segments Forecast, 2018 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends.
The growing sophistication in the exploration of oil & gas operations, as operators explore the limits of related technologies in a single well to recover most of the crude oil. Moreover, in the lengths with the increasing lateral length has led to more utilization of drilling fluids. The product demand has also been driven by the depletion of easily accessible oil reserves This phenomenon is expected to result in the increase of horizontal wells and the average total depth which is likely to increase during the forecast period, hence leading to rapid boost in the consumption of these products.
Oil & gas operators have also dealt with multiple economic restrictions which are known to limit the required profitability in a few ways. This is mainly due to the constraints arising from fluctuations in the crude oil prices. Breakeven cost has been witnessed by the E&P operators in the industry, which specifically allows them with the capacity to explore reserves in the most cost-effective drilling techniques and growth prospects.
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The development of chemical formulations that have been introduced for lesser environmental impact are anticipated to strengthen the growth of drilling fluids. Such environmental-friendly fluids include biodegradable shale inhibitors and biocides with substantially less toxicity. Offshore sector is anticipated to be a significant contributor for the international market and the requirement of chemicals which showcase higher compatibility to environment.
Growing issues concerning groundwater pollution and environmental surroundings are among the most important constrains among the market players. These fluids are expected to witness optimum growth concerning the market value during the forecast period. Despite of comparatively reduced demand for the drilling fluids & chemicals in the current scenario, the total of the activities in oilfields and consequently the utilization of these fluids is anticipated to recover at a faster pace in 2020 and then grow moderately during the forecast period. Well completion counts is estimated to increase during the forecast period which in turn is expected to flourish the demand of completion chemicals. Simulation techniques such as hydraulic fracturing and acidizing are also expected to increase in tandem with the fracturing which has already increased or can be subject to other simulation methods post the initial completion.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Drilling Fluids and Chemicals Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada. Europe is divided into Germany, UK, Italy, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
The growth in unconventional drilling is likely to be a major development factor in the global oil industry. This phenomenon is primarily dominant in North America and especially in the U.S. Another associated factor for the growth includes altering demand-supply balance worldwide. In addition to this, growing drilling operations in the non-conventional hydrocarbon reserves are witnessed to be the primary cause to have dramatically changed the drilling fluids market. Also, increasing complexity and growing costs related with each drilling well have significantly resulted in substantial demand growth for the drilling fluids & chemicals in different regions.
The industry constitutes large number of market players. Some of these include Clariant, NALCO, Solvay, Croda International Plc, Kemira, Halliburton, Baker Hughes, Schlumberger Limited, Akzo Nobel N.V., Stepan Company, BASF SE, The Lubrizol Corporation, and Dow DuPont.
Polaris Market Research has segmented the global drilling fluids & chemicals market on the basis of product, application and region:
Drilling Fluids & Chemicals Market by Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 – 2026)
Drilling Fluids & Chemicals Market by Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 – 2026)
Drilling Fluids & Chemicals Market by Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 – 2026)