Drilling Fluids Market – Snapshot
Drilling fluids play a vital role in oil and gas exploration activities. These are a mixture of water, oil, clay, and several chemicals. Drilling fluids are also known as drilling muds. Drilling fluids perform numerous functions such as cooling the drill bit and lubricate its teeth, carrying the drill cutting to the surface, and reducing drill pipe stuck problems during drilling operations. Muds help maintain hydrostatic pressure to prevent fluid formation from entering the wellbore.
The global drilling fluids market was valued at US$ 6660.5 Mn in 2017 and is anticipated to expand at a CAGR of around 5.9% from 2018 to 2026 according to a new report titled ‘Drilling Fluids Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ by Transparency Market Research (TMR) . Rise in crude oil prices has encouraged oilfield operators to drill wells in offshore and onshore areas. This augments the need for drilling fluids.
Drilling Fluids are Essential for Drilling Operations
Drilling fluids play a crucial role in oil and gas exploration activities. These fluids are a mixture of water, oil, clay, and several chemicals. Drilling fluids are also known as drilling muds. These fluids perform numerous functions such as cooling the drill bit and lubricate its teeth, carrying the drill cutting to the surface, and reducing the drill pipe stuck problems. The mud maintains hydrostatic pressure to prevent the formation of fluids from entering the wellbore. Newly developed state-of-the-art drilling fluids treatments offer superior drilling performance. Rise in the Marcellus and Bakken shale oil & gas formation in the U.S. and other countries such as Argentina and China has propelled the demand for drilling fluids.
Shift from Oil Based Muds to Water-based Muds
Several governments have imposed environmental regulations on the usage of oil based muds, as these are harmful while drilling. Water-based muds contains fresh water, seawater, brine, saturated brine, or a formate brine. This type of mud contains commercial bentonite or attapulgite. Water-based muds are widely used and less expensive than oil-based muds and synthetic-based muds. Water-based mud maintains hydrostatic pressure to prevent fluids formation from entering into the wellbore. Improvements in drilling technology has propelled the demand for synthetic-based muds.
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Highly Competitive Market
The global drilling fluids market is highly competitive. Leading players dominate the market. Key players operating in the market include Schlumberger, Baker Hughes- A GE Company, Newpark Resources Ltd, Akzo Nobel, Clariant, and Solvay.