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Global Drilling Fluids Market to Reach USD 11.3 Billion by 2026, Aided by the Rising Demand from North America

According to a new report by EMR titled, 'Global Drilling Fluids Market Report and Forecast 2021-2026', the global market for drilling fluids reached a value of USD 9.7 billion in 2019. The market is further expected to grow at a CAGR of 2.5% in the forecast period of 2021-2026 to attain USD 11.3 billion by 2026.

The global market for drilling fluids is being aided by the increasing demand from North America due to restarting the production of shale wells in the future. The regions with a high maturity market are North America and the Middle East, while regions with medium maturity markets are the Asia Pacific and Latin America. Due to explorations taking place in the market, the rig count has been increased in the past few years, leading to an increase in demand for drilling fluids from Australia.

Halliburton (NYSE: HAL) and Baker Hughes (NYSE: BKR) are the major key players in the drilling fluids industry. In February 2019, Halliburton announced that it would set up the first oilfield chemical manufacturing reaction plant in Saudi Arabia.  Once the plant is completed in 2020, the company will start the local manufacturing of specialty chemicals to enable customers to achieve production and reliability goals in the application sector from the reservoir to the refinery. Saudi Arabia has been selected as the country provides an advantageous location for the company to deliver the value proposition of superior service and expertise on chemical applications to the Eastern Hemisphere customers.

Market Analysis by Chemical and Region:

  • The market, on the basis of chemical, is divided into bentonite, barite, xanthan gum, potassium chloride, caustic soda, and soda ash, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for drilling fluids is being driven by the rising frequency of drilling operations as well as recovering oil prices.
  • The demand for drilling fluids is predicted to increase in the forecast period, further propelling the market for drilling fluids.
  • The market size of drilling fluids is equivalent to the drilling operations across the region. As a result of the continued activity of drilling and extraction from shale or tight formation, the demand for drilling fluids is expected to increase. 
  • The increasing market for bentonite, a type of drilling fluid, due to an increase in the application of foundry and metal casting in the automotive and oil and gas industries, is propelling the market forward. 
  • The growing environmental concerns regarding the wastewater treatment due to radioactive chemicals and high toxic content is providing impetus to the drilling fluids industry growth. 
  • The increase in the demand for barite is expected to rise owing to the improvement in oil prices and shale gas drilling, further accelerating the market growth of drilling fluids.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for drilling fluids for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the chemicals and regional markets of drilling fluids. 
  • It analyses the global trade data, looking into the value and volume of the significant importing as well as exporting countries.
  • The report offers the regional historical (2016-2020) and forecast (2021-2026) price trends of drilling fluids.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Solvay S.A., Nalco Champion (Ecolab), M-I SWACO (Schlumberger Company), Halliburton, Baker Hughes, A GE Company LLC, Huntsman Corporation, BASF SA, and Newpark Resources, Inc., among others, are the key players in the global drilling fluids market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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