North American Report

Drilling Fluids Additives Market Research Report | Industry Growth Rate, Size, Share, Regional Analysis, Global Forecast to 2027

 Breaking News
  • No posts were found

Drilling Fluids Additives Market Research Report | Industry Growth Rate, Size, Share, Regional Analysis, Global Forecast to 2027

March 02
20:32 2021
Drilling Fluids Additives Market Research Report | Industry Growth Rate, Size, Share, Regional Analysis, Global Forecast to 2027

Drilling Fluids Additives Market
A growing emphasis on developments of new oilfields is one of the significant factors influencing the market growth.

Market Size – USD 1.64 Billion in 2019, Market Growth – CAGR of 2.3%, Market Trends – Rise in oil & gas production worldwide

The global Drilling Fluids Additives Market is expected to reach USD 1.97 Billion by 2027, according to a new report by Reports and Data. Drilling Fluids Additives is witnessing an increase in demand attributed to the growing emphasis on the developments of new oilfields wells and restoration of closed wells, which may be considered a better alternative in an environment of dipping oil price and profit. To uphold the rate of oil production but with less expenditure, cost reduction and growing efficacy are the top priority of the operators. According to report by the UK Oil & Gas Authority (OGA), there have been 7,000 wells drilled on the UKCS (the UK continental shelf), out of which some 2,700 (around 32.0% of which are subsea wells) are considered active, and 600 of those were closed. Besides, by well intervention operations, a further 22 million barrels of oil equivalent was produced in 2017. Nevertheless, in 2017, the subsea well intervention was accomplished on only 14.0%, whereas on platform wells, it was 54.0%.

Surging demand for energy across the globe is driving the growth of the market. According to the forecasts of the US Energy Information Administration (EIA), the energy consumption across the globe is expected to rise by about 50.0% between the year 2018 and 2050. A significant proportion of this rise is consumption is from countries, which are not a member OECD (Organization for Economic Cooperation and Development), and is emphasized in areas where robust economic growth is fuelling the demand, specifically in the Asia Pacific region.

Get a Sample of the Report @ https://www.reportsanddata.com/sample-enquiry-form/3440

COVID-19 Impact

The spread of COVID-19 across the globe has forced several nations to impose a lockdown, which in turn has resulted in a decline in demand for oil from the end-users, thus further bringing down the oil price. To combat the situation, the leading oil & gas producing firms reduced their production by 1.5 Million barrel following the guidelines of OPEC (Organization of the Petroleum Exporting Countries).

The reduction in the production of oil means less exploration and drilling activities by the oil & gas industry, which eventually have a negative impact on the Drilling Fluids Additives market.

Key participants include Akzo Nobel, BAFF SE, Chevron Phillips, Innospec Inc., Dow Chemical, Tetra Technologies, Baroid Industrial Drilling Products, Omnova Solutions Inc., Lubrizol Corporation Ltd., and Croda International PLC, among others.

For the purpose of this report, Reports and Data have segmented the global Drilling Fluids Additives market on the basis of type, distribution channel, application, and region:

Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

  • Water-Based
  • Oil-Based
  • Synthetic-based

Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

  • Online
  • Offline

Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

  • Dispersants
  • Flocculants
  • Corrosion Inhibitors
  • Biocides
  • Surface Modifiers
  • Defoamers
  • Others


Get Discount on the Report @
https://www.reportsanddata.com/discount-enquiry-form/3440

Further key findings from the report suggest

  • By type, oil-based Drilling Fluids Additives held a substantial Drilling Fluids Additives market size in 2019. Drilling fluids make use of oil as the continuous phase, which offers benefits such as lower friction of wells and is often used in long-reach wells where friction is considered a crucial factor.
  • By distribution channel, offline held a larger Drilling Fluids Additives market size in 2019. The Drilling Fluids Additives industry is very offline-intensive and witnesses transparency. The offline channel necessitates the requirement of substantial investment of time by the buyer and high selling costs, along with considerable knowledge of the market on the seller side.
  • By application, flocculants are likely to grow at a rate of 2.5% in the forecast period in the Drilling Fluids Additives market. These find applications to increase the viscosity for better drilling of holes, cleaning, and better bentonite yield, among others. Brine, gypsum, hydrated lime, soda ash, and sodium tetraphosphate, among others, may be used to aid suspended colloidal particles to group together, thus enabling them to settle out.
  • North America dominated the Drilling Fluids Additives market in 2019 and is likely to grow at a rate of 1.9% in the forecast period. The market dominance of the region is due to factors including continuing shale gas revolution. An increasing number of low-pressure oil wells, as well as the growing demand for energy, is fuelling the market growth in the region.
  • In June 2018, Baker Hughes declared the receiving of an integrated well services contract for backing up a large proportion of drilling and construction activities of Equinor in the Norwegian sector of the North Sea. The partnership intends to enhance operational efficiencies considerably and decrease well costs over the life of the project.


Table of content:

Chapter 1. Market Synopsis

    1.1. Market Definition

    1.2. Research Scope & Premise

    1.3. Methodology

    1.4. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2019-2027

Chapter 3. Indicative Metrics

Chapter 4. Drilling Fluid Additive Segmentation & Impact Analysis

    4.1. Drilling Fluid Additive Material Segmentation Analysis

    4.2. Industrial Outlook

          4.2.1. Market indicators analysis

          4.2.2. Market drivers analysis

                    4.2.2.1. Growing demand for energy across the globe

Continued….

Access Full Report Description, TOC, Table of Figure, Chart, etc. @ https://www.reportsanddata.com/report-detail/drilling-fluids-additives-market

Thank you for reading our report. Customization of the report is available according to the requirements of the clients. Kindly get in touch with us to know more about the report, and our team will ensure the report is tailored according to your needs. 

About Reports and Data:
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

Media Contact
Company Name: Reports and Data
Contact Person: John Watson
Email: Send Email
Phone: +1-212-710-1370
Address:40 Wall St. 28th floor
City: New York City
State: NY 10005
Country: United States
Website: https://www.reportsanddata.com/press-release/global-drilling-fluids-additives-market