Drilling fluids, also known as drilling muds, play a vital role in oil and gas drilling operations by serving several core functions such as removing rock cuttings from the borehole, cooling and lubricating the drill bit, maintaining wellbore stability, and managing downhole pressure. Advantages of using drilling fluids include improved drilling efficiency, enhanced borehole stability, well control, and effective removal of drill cuttings from the borehole.
The global Drilling Fluids Market is estimated to be valued at US$ 8.43 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Enhanced oil recovery (EOR) techniques have been widely adopted by oil and gas companies to boost declining reserves and maximize oil recovery from mature fields. Drilling fluids play a crucial role in various EOR methods such as gas injection, chemical flooding, and thermal recovery processes. For instance, polymeric drilling fluids are often used in steam injection wells for their heat resistance properties and ability to form a filter cake to minimize steam channeling. Likewise, oil-based drilling fluids have found increased application in cyclic steam stimulation wells owing to their excellent lubrication and shale inhibition characteristics. The growing demand for EOR techniques to improve field productivity is expected to propel the drilling fluids market over the forecast period. Segment Analysis The global drilling fluids market is dominated by oil-based drilling fluids which accounted for over 45% share of the market in 2023. Oil-based drilling fluids are preferred over water-based drilling fluids for drilling complex wells that require high lubrication and viscosity. They provide better wellbore stability, formation protection, and shallow gas control. However, increasingly stringent environmental regulations are prompting end-users to shift towards eco-friendly water-based and synthetic-based drilling fluids. Key Takeaways The Global Drilling Fluids Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 driven by increasing oil and gas E&P activities globally. Regional analysis: North America dominated the market with over 30% share in 2023 led by extensive shale gas drilling in the US. The US, Canada, and Mexico are focusing on ramping up domestic oil and gas production to enhance energy security. Key players operating in the drilling fluids market are Lepu Medical Technology (Beijing) Co.,Ltd., Render Biotech Co., Haemonetics Corporation, TA Instruments, HemaCore LLC, 5-Diagnostics, Xenometrix AG, Framar Hemologix srl, Instrumentation Laboratory, Medirox AB, Diagnostica Stago, Life Diagnostica, SYCOmed e.K., Nordic Biomarker, and Shenzhen Ultra-Diagnostics Biotec. Co., Ltd. Explore more information on this topic, Please visit @ https://www.marketwebjournal.com/the-drilling-fluids-market-driven-by-rise-in-oil-and-gas-exploration-activities-size
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