Drilling fluids, also known as drilling mud, plays an important role in facilitating the drilling process by suspending cuttings, controlling pressure, stabilizing exposed rock, providing buoyancy, cooling and lubricating. Every drilling activity requires drilling fluids and they are used extensively across the globe. Drilling fluids are water, oil or synthetic-based, and each composition provides different solutions in the well.
Drilling fluids are essential to drilling success, as it maximizes recovery and minimizes the amount of time taken to achieve the required goal. Drilling deeper, longer and more challenging wells being practiced has been made possible by improvements in drilling technologies, including more efficient and effective drilling fluids.
The growing energy demand globally owing to population growth is the major driver for drilling fluids market. Also, with the successful implementation of nanotechnology in the oil and gas industry, a large number of companies have been investing heavily in drilling fluids. On the brighter side, most of the onshore locations in the global drilling fluids market are currently facing depletion which has prompted many companies to drill deeper. This requires a much larger amount of drilling fluid to function in an optimum condition which will create a higher demand for drilling fluids in most regions.
However, drilling fluids market faces challenges owing to various environmental and socio-economic risk factors associated with the drilling industry. Factors like huge demand for clean and renewable energy globally, highly volatile crude oil market, strict government laws and regulations and environmental concerns related to exploration activities may restrain the market growth.
Schlumberger Technology Corporation
Newpark Drilling Fluids
Canadian Energy Services
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Drilling Fluids Market Forecast by Application (US$ billion)
6. Drilling Fluids Market Forecast by Fluid Type (US$ billion)
7. Drilling Fluids Market Forecast by Geography (US$ billion)