CHICAGO, June 24, 2019 /PRNewswire/ -- According to the new market research report "Fluid Loss Additives Market by Type (Synthetically Modified Natural (PAC, CMC), Synthetic (Acrylic Sulphonated Polymers), Natural (Starch, Lignin, Bentonite)), Application (Drilling Fluid, Cement Slurry) - Global Forecast to 2024", published by MarketsandMarkets™, the Fluid Loss Additives Market is projected to reach USD 376 million by 2024 from USD 315 million in 2019, at a CAGR of 3.6% during the forecast period.
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Synthetically modified natural additives are the largest segment of the fluid loss additives market.
Synthetically modified natural additives are estimated to lead the fluid loss additives market, in terms of value, in 2019. PAC and CMC are the two major types of synthetically modified natural additives commercially used. These additives are natural polymers which are modified using chemical reactions mainly to increase their performance under extreme conditions. The dominance of synthetically modified natural additives is primarily due to its high performance and low cost.
Drilling fluid is estimated to be the largest application segment of the fluid loss additives market during the forecast period.
The drilling fluid segment is estimated to be the largest application of fluid loss additives during the forecast period. Drilling fluid, also known as drilling mud, comprises several constituents including clay, bentonite, barite, and specialty oilfield chemicals, such as corrosion inhibitors, biocides, and surfactants. The type of drilling fluids depends upon the type of well and their use at different levels in the wellbore, while some drilling fluids are used in combination with others. Fluid loss additives are used in drilling fluids mainly to avoid loss of filtrate during drilling operations. The increasing drilling activities across the globe is a significant factor driving the growth of the fluid loss additives market in drilling fluid application.
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North America is estimated to be the largest market for fluid loss additives during the forecast period.
North America was the largest Fluid Loss Additives Market in 2018 and is expected to continue dominating the global market during the forecast period. The North American countries, especially, the US are one of the largest producers of crude oil and have made huge investments in unconventional drilling technologies such as horizontal drilling and hydraulic fracturing where fluid loss additives have a significant role to play. Additionally, the rising shale gas explorations in the US is a major factor fueling the growth of fluid loss additives market in North America.
The key market players profiled in the report include as Schlumberger Limited (US), Newpark Resources Inc. (US), Halliburton (US), Clariant (Switzerland), BASF SE (Germany), Solvay (Belgium), Nouryon (Holland), Kemira OYJ (Finland), Global Drilling Fluids and Chemicals Limited (India), and Tytan Organics Pvt. Ltd. (India).
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