Rapid surge in the product demand is credited to the rising number of drilling activities across the globe and shifting trend towards oil exploration. As a whole, the drilling fluid market is estimated to generate significant revenue during the forecast period, thereby offering numerous opportunities for investors to speed up research & development activities.
Robust growth in oil & gas industry, particularly among developed economies is expected to drive the drilling fluids industry growth during the forecast period. In addition, offshore decommissioning services is expected to gain momentum in European & Middle-East region based on rising number of decommissioning projects in North Sea area, thus contributing to the rampant demand for drilling fluids. Moreover, adoption of advanced drilling techniques coupled with high-end productivity are expected to foster drilling fluids market growth in the upcoming years.
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However, lowered cost of crude oil and massive slump in the drilling activities are some of the key challenges for market expansion, in the last few years. These factors are also expected to hamper overall productivity and operating profitability of upstream or exploration and production companies across the globe. Rise in the number of manufactures that are incorporating the cost-effective into their mass-market models is expected to pave a way for future market developments.
On May 2018, Ingevity has unveiled its brand new EnvaMulTM emulsifier product line of drilling fluids. EnvaMul emulsifiers are increasingly used for oil-based muds in drilling applications where cost is the primary driver. Availability of low cost solutions from Ingevity is expected to drive more customers towards the end of forecast period. The EnvaMul line of emulsifiers helps to limit fluid loss and improves rheology, electrical stability and solids control in a variety of mud systems.
The manufacturers of drilling fluids include Schlumberger Ltd., Halliburton Inc., Baker Hughes Inc., Newpark Resources Inc., National Oilwell Varco, Inc., Scomi Group Bhd, TETRA Technologies, Inc., Canadian Energy Services & Technology Corp., GEO Drilling Fluids, Inc., and Anchor Drilling Fluids USA, Inc.
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