Drilling Fluid Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Drilling Fluids Market
The drilling fluids market size was valued at USD 10.96 billion in 2023, and the market is now projected to grow from USD 11.61 billion in 2024 to USD 14.91 billion by 2032, exhibiting a CAGR of 3.18% during the forecast period of 2024-2032.
The outbreak of the COVID-19 pandemic had a massive impact on the drilling fluids market growth evolution as many companies had to close plants due to the lockdowns. Out of 28 Floating Production Vessels being constructed worldwide as of early 2020, 22 construction facilities were located in major economic countries such as China, Korea and Singapore where industrial operations were majorly affected. Lombardy of Italy, a preferred engineering country in this sector was among the earliest countries to apply lockdowns across Europe thus paralyzing production.
The growth of the global shale gas market is associated with the increased demand for gas-fired power generation and carbon management initiatives. Canada, India and Germany are investing in shale resources, and the IEA anticipates that gas may become 25% of the total energy supply in 2035 and surpass coal. Shale gas usage for power generation in the U.S. rose to 45% in July 2020, up by 3% in 2020, boosting shale and drilling fluids market share.
Furthermore, emerging oil and gas demands require offshore and subsea operations, which the major companies/sites plan to deepen in Latin America, West Africa and the Asia Pacific. Major players are investing in improved drilling fluids, creating synthetic variants capable of holding challenging environments and driving market development.
Comprehensive Analysis of Drilling Fluids Market
The drilling fluids market and power & energy industry are rising at an exponential rate due to their market segmentation. This market expansion effectively provides detailed regional assessments considering the dominant supply and demand forces that impact the power & energy industry. These segmentations are methodically segregated by types and by applications. The type includes Water-based, Oil-based, Synthetic-based and others. The application includes, Onshore and Offshore.
North America accounted for the largest market size in the global market in 2023 and is expected to grow at a decent CAGR during the forecast period. The exploration of shale gases and the advancement of fracking operations are equal reasons for the region's expansion. Schlumberger Mud, Ltd., Halliburton and Baker Hughes Company of North America are the key active players in constantly creating innovative solutions.
The top players in the market play a crucial role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include, Schlumberger (U.S.), Halliburton (U.S.), Newpark (U.S.), Baker Hughes (U.S.), TETRA Technologies, Inc. (U.S.), Canadian Energy Services (Canada), NOV (U.S.), Secure Energy (Canada), Weatherford (U.S.), Q’Max Solutions Inc. (U.S.), Global Drilling Fluids and Chemical Limited (India), Sagemines (France), Scomi Group Bhd (Malaysia), Catalyst Middle East (Dubai) and Flotek Industries, Inc. (U.S.). These market players provide a level-playing competitive landscape.
In July 2023, Wyo-Ben Inc. purchased the bentonite facilities of M-I Swaco, a division of Schlumberger that is the largest supplier of drilling fluids and technologies worldwide. This strategic move is positive for Wyo-Ben and creates a better position in the industry and the opportunity to grow and develop. Wyo-Ben delivers top-quality drilling fluids, sealants and additives that meet the needs of individual customers. With this acquisition, Wyo-Ben would be well-positioned to offer specialized products for various drilling and completion issues.
Segmentation Table
Global Drilling Fluids Market Market Scope
Study Period
2019-2032
Base Year
2023
Forecast Period
2024-2032
Growth Rate
CAGR of 3.18% from 2024-2032
Historical Period
2019-2022
Unit
Value (USD Billion)
Segmentation
By Type, Application, and Region
By Type
Water-based
Oil-based
Synthetic-based
Others
By Application
Onshore
Offshore
By Region
North America
- By Type
- By Application
- By Country
Canada (By Application)
Europe
- By Type
- By Application
- By Country
The U.K. (By Application)
Norway (By Application)
Ukraine (By Application)
Turkey (By Application)
Russia (By Application)
Rest of Europe (By Application)
Asia Pacific
- By Type
- By Application
- By Country
India (By Application)
Australia (By Application)
Indonesia (By Application)
Thailand (By Application)
Rest of Asia Pacific (By Application)
The Middle East & Africa
- By Type
- By Application
- By Country
Egypt (By Application)
Nigeria (By Application)
Kuwait (By Application)
Oman (By Application)
Saudi Arabia (By Application)
UAE (By Application)
Rest of the Middle East & Africa (By Application)
Latin America
- By Type
- By Application
- By Country
Brazil (By Application)
Argentina (By Application)
Colombia (By Application)
Rest of Latin America (By Application)Please Note: It will take 5-6 business days to complete the report upon order confirmation.
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Drilling Fluids Market
- 5. Global Drilling Fluids Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Water-based
- 5.2.2. Oil-based
- 5.2.3. Synthetic-based
- 5.2.4. Others
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Onshore
- 5.3.2. Offshore
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Drilling Fluids Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Water-based
- 6.2.2. Oil-based
- 6.2.3. Synthetic-based
- 6.2.4. Others
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Onshore
- 6.3.2. Offshore
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S. Market Analysis, Insights and Forecast – By Application
- 6.4.1.1. Onshore
- 6.4.1.2. Offshore
- 6.4.2. Canada Market Analysis, Insights and Forecast – By Application
- 6.4.2.1. Onshore
- 6.4.2.2. Offshore
- 7. Europe Drilling Fluids Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Water-based
- 7.2.2. Oil-based
- 7.2.3. Synthetic-based
- 7.2.4. Others
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Onshore
- 7.3.2. Offshore
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. U.K Market Analysis, Insights and Forecast – By Application
- 7.4.1.1. Onshore
- 7.4.1.2. Offshore
- 7.4.2. Germany Market Analysis, Insights and Forecast – By Application
- 7.4.2.1. Onshore
- 7.4.2.2. Offshore
- 7.4.3. Norway Market Analysis, Insights and Forecast – By Application
- 7.4.3.1. Onshore
- 7.4.3.2. Offshore
- 7.4.4. Turkey Market Analysis, Insights and Forecast – By Application
- 7.4.4.1. Onshore
- 7.4.4.2. Offshore
- 7.4.5. Ukraine Market Analysis, Insights and Forecast – By Application
- 7.4.5.1. Onshore
- 7.4.5.2. Offshore
- 7.4.6. Russia & CIS Market Analysis, Insights and Forecast – By Application
- 7.4.6.1. Onshore
- 7.4.6.2. Offshore
- 7.4.7. Rest of Europe Market Analysis, Insights and Forecast – By Application
- 7.4.7.1. Onshore
- 7.4.7.2. Offshore
- 8. Asia Pacific Drilling Fluids Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Water-based
- 8.2.2. Oil-based
- 8.2.3. Synthetic-based
- 8.2.4. Others
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Onshore
- 8.3.2. Offshore
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. China Market Analysis, Insights and Forecast – By Application
- 8.4.1.1. Onshore
- 8.4.1.2. Offshore
- 8.4.2. India Market Analysis, Insights and Forecast – By Application
- 8.4.2.1. Onshore
- 8.4.2.2. Offshore
- 8.4.3. Australia Market Analysis, Insights and Forecast – By Application
- 8.4.3.1. Onshore
- 8.4.3.2. Offshore
- 8.4.4. Indonesia Market Analysis, Insights and Forecast – By Application
- 8.4.4.1. Onshore
- 8.4.4.2. Offshore
- 8.4.5. Thailand Market Analysis, Insights and Forecast – By Application
- 8.4.5.1. Onshore
- 8.4.5.2. Offshore
- 8.4.6. Rest of Asia Pacific Market Analysis, Insights and Forecast – By Application
- 8.4.6.1. Onshore
- 8.4.6.2. Offshore
- 9. Latin America Drilling Fluids Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Water-based
- 9.2.2. Oil-based
- 9.2.3. Synthetic-based
- 9.2.4. Others
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Onshore
- 9.3.2. Offshore
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. Argentina Market Analysis, Insights and Forecast – By Application
- 9.4.1.1. Onshore
- 9.4.1.2. Offshore
- 9.4.2. Mexico Market Analysis, Insights and Forecast – By Application
- 9.4.2.1. Onshore
- 9.4.2.2. Offshore
- 9.4.3. Colombia Market Analysis, Insights and Forecast – By Application
- 9.4.3.1. Onshore
- 9.4.3.2. Offshore
- 9.4.4. Brazil Market Analysis, Insights and Forecast – By Application
- 9.4.4.1. Onshore
- 9.4.4.2. Offshore
- 9.4.5. Rest of Latin America Market Analysis, Insights and Forecast – By Application
- 9.4.5.1. Onshore
- 9.4.5.2. Offshore
- 10. Middle East & Africa Drilling Fluids Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Water-based
- 10.2.2. Oil-based
- 10.2.3. Synthetic-based
- 10.2.4. Others
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Onshore
- 10.3.2. Offshore
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. Saudi Arabia Market Analysis, Insights and Forecast – By Application
- 10.4.1.1. Onshore
- 10.4.1.2. Offshore
- 10.4.2. Kuwait Market Analysis, Insights and Forecast – By Application
- 10.4.2.1. Onshore
- 10.4.2.2. Offshore
- 10.4.3. UAE Market Analysis, Insights and Forecast – By Application
- 10.4.3.1. Onshore
- 10.4.3.2. Offshore
- 10.4.4. Iraq Market Analysis, Insights and Forecast – By Application
- 10.4.4.1. Onshore
- 10.4.4.2. Offshore
- 10.4.5. Rest of Middle East & Africa Market Analysis, Insights and Forecast – By Application
- 10.4.5.1. Onshore
- 10.4.5.2. Offshore
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. Baker Hughes
- 11.2.1.1. Business Overview
- 11.2.1.2. Product Applications, & Services
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Strategies
- 11.2.1.5. Financials
- 11.2.2. Halliburton
- 11.2.2.1. Business Overview
- 11.2.2.2. Product Applications, & Services
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Strategies
- 11.2.2.5. Financials
- 11.2.3. Schlumberger
- 11.2.3.1. Business Overview
- 11.2.3.2. Product Applications, & Services
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Strategies
- 11.2.3.5. Financials
- 11.2.4. Newpark
- 11.2.4.1. Business Overview
- 11.2.4.2. Product Applications, & Services
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Strategies
- 11.2.4.5. Financials
- 11.2.5. TETRA Technologies, Inc.
- 11.2.5.1. Business Overview
- 11.2.5.2. Product Applications, & Services
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Strategies
- 11.2.5.5. Financials
- 11.2.6. Canadian Energy Services
- 11.2.6.1. Business Overview
- 11.2.6.2. Product Applications, & Services
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Strategies
- 11.2.6.5. Financials
- 11.2.7. NOV
- 11.2.7.1. Business Overview
- 11.2.7.2. Product Applications, & Services
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Strategies
- 11.2.7.5. Financials
- 11.2.8. Secure Energy
- 11.2.8.1. Business Overview
- 11.2.8.2. Product Applications, & Services
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Strategies
- 11.2.8.5. Financials
- 11.2.9. Weatheford
- 11.2.9.1. Business Overview
- 11.2.9.2. Product Applications, & Services
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Strategies
- 11.2.9.5. Financials
- 11.2.10. Q’Max Solutions Inc.
- 11.2.10.1. Business Overview
- 11.2.10.2. Product Applications, & Services
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Strategies
- 11.2.10.5. Financials
- 11.2.11. Global Drilling Fluids and Chemical Limited
- 11.2.11.1. Business Overview
- 11.2.11.2. Product Applications, & Services
- 11.2.11.3. SWOT Analysis
- 11.2.11.4. Strategies
- 11.2.11.5. Financials
- 11.2.12. Sagemines
- 11.2.12.1. Business Overview
- 11.2.12.2. Product Applications, & Services
- 11.2.12.3. SWOT Analysis
- 11.2.12.4. Strategies
- 11.2.12.5. Financials
- 11.2.13. Scomi Group Bhd
- 11.2.13.1. Business Overview
- 11.2.13.2. Product Applications, & Services
- 11.2.13.3. SWOT Analysis
- 11.2.13.4. Strategies
- 11.2.13.5. Financials
- 11.2.14. Catalyst Middle East
- 11.2.14.1. Business Overview
- 11.2.14.2. Product Applications, & Services
- 11.2.14.3. SWOT Analysis
- 11.2.14.4. Strategies
- 11.2.14.5. Financials
- 11.2.15. Flotek Industries, Inc.
- 11.2.15.1. Business Overview
- 11.2.15.2. Product Applications, & Services
- 11.2.15.3. SWOT Analysis
- 11.2.15.4. Strategies
- 11.2.15.5. Financials
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