Global Onshore Drilling Fluid Market Expected to reach USD 6,660.67 Mn by 2031, Registering a CAGR of 5.1%
Category : Materials And Chemicals | Published Date : Oct 2024 | Type : Press Release
Onshore Drilling Fluid Market Scope & Overview:
Consegic Business Intelligence analyzes that the Global Onshore Drilling Fluid Market size was valued at USD 4,269.19 Million in 2022 and is expected to grow at a CAGR of 5.1%, reaching USD 6,660.67 Million by 2031. Onshore drilling fluids are essential for the drilling and exploration of oil and gas wells on land. These specialized fluids play a critical role in lubricating, cooling, and stabilizing the drilling equipment, while also removing cuttings from the wellbore.
This report comprises the Onshore Drilling Fluid Market Share, Size & Industry Analysis, By Product Type (Oil-based Drilling Fluid, Synthetic-based Drilling Fluid, Water-based Drilling Fluid, and Others), By Well Type (HPHT and Conventional), By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa), and Forecast, 2023-2031.
This report contains detailed information on Onshore Drilling Fluid Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The increasing demand for oil and petroleum is a key driver propelling the growth of the onshore drilling fluid market. This growing demand, coupled with the rise in petroleum usage across various industries, has driven the need for advanced drilling fluids that support efficient extraction operations.
Segmental Analysis :
Based on product type, the market is segmented into oil-based drilling fluid, synthetic-based drilling fluid, water-based drilling fluid, and others.
- The water-based drilling fluid segment accounted for the largest share in 2022, driven by its balance of performance, environmental safety, and cost-effectiveness.
- The synthetic-based drilling fluid segment is expected to grow at the fastest rate due to its superior performance in high-temperature, high-pressure environments.
Based on well type, the market is divided into HPHT and conventional.
- The conventional segment dominated in 2022, supported by the established infrastructure and expertise for conventional drilling operations.
- The HPHT segment is expected to grow rapidly as it enables access to previously unreachable reserves with higher productivity and extended well life.
Based on regions, the global market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
- North America held the largest market share in 2022, benefiting from a well-established oil and gas industry and significant shale gas and tight oil production in the U.S.
- Asia Pacific is projected to witness the fastest growth due to increasing energy demand from emerging economies like China and India, and their growing investments in onshore oil and gas exploration.
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 | USD 6,660.67 Million |
| CAGR (2024-2031) | 5.1% |
| By Product Type | Oil-based Drilling Fluid, Synthetic-based Drilling Fluid, Water-based Drilling Fluid, Others |
| By Well Type | HPHT, Conventional |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Onshore Drilling Fluid Industry:
- Schlumberger Limited
- Halliburton Energy Services, Inc.
- Newpark Resources Inc.
- Petrochem Performance Chemical LLC
- McAda Drilling Fluids
- AES Drilling Fluids LLC
- Weatherford International Plc
- Baker Hughes Company
- Tetra Technologies Inc.
- Canadian Energy Services L.P.
Recent Industry Developments :
- In March 2022, Schlumberger secured a contract from TotalEnergies to provide drilling, completions, and production services for the Tilenga onshore oil development project in Uganda.
- In September 2021, Chevron U.S.A. Inc. and Bunge North America, Inc. signed an MOU to establish a joint venture focused on renewable fuels and lower carbon-intensity feedstocks.
