Drilling fluid is the fluid which
facilitates the process of drilling borewell into the earth. The main
function of a drilling fluid is that it assists in making holes by removal of
cuttings, cooling and lubrication of the drill bit, providing a hydrostatic
pressure to control well while drilling, helps in preventing mud loss and
cleaning the drill bits. Drilling fluids are classified on the basis of their
composition and their use as water based fluids, oil based fluids, and
synthetic fluids, etc. They are used extensively in the oil and gas industry
and for drilling of water wells. China has the largest market in the
Asia-Pacific region due to a large number of wells. North America accounted for
the largest share in the global drilling market and is expected to grow at a
much higher rate.
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One of the major factors driving the
market for drilling fluids includes the development of shale gas which promotes
the use of horizontal drilling and hydraulic fracturing. Development of
offshore fields is also helping the manufacturers to generate higher revenues
since the cost of oilfield chemicals for offshore fields is much higher than
the cost for onshore fields. Water based fluids will continue to dominate the
market owing to their low cost compared to other types of drilling fluids.
Moreover, they are easy to use and cause less environmental impact. Increase in
global oil and gas prices will create the need for more drilling activities
across the globe, which in turn is expected to drive the demand over the next
five to six years.
The growing concerns regarding the
negative impact of using drilling fluids on the environment is acting as one of
the major factors hindering the market growth. Owing to these concerns, major
drilling companies are switching over to green (bio-based) alternatives for
drilling fluids. Some of the leading players in the drilling fluid market
include WDC, New Park Drilling Fluids, GEO Drilling Fluids, XL Fluid System,
United Mud Chem Pvt. Ltd., and ADC Global Supply, among some other.
This research report analyzes this
market depending on its market segments, major geographies, and current market
trends. Geographies analyzed under this research report include
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