Meticulous Research®—a leading global market research company, published a research report titled, ‘Drilling Fluids Market by Type (Liquid-based [Oil, Water, Synthetic], Pneumatic-based), Product (Weighting Agents, Viscosifiers, Defoamers, Lubricants), Application, End-use (Oil & Gas, Mining, Construction), and Geography - Global Forecast to 2031.’
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In a recent report published by Meticulous Research®, the global drilling fluids market is projected to surge to $10.7 billion by 2031, reflecting a robust CAGR of 5.7% from 2024 to 2031. This significant market growth is propelled by the escalating demand for drilling fluids in oil extraction and refining, coupled with increased deepwater exploration and a rising need for crude oil and gas within the industrial sector. The ongoing development of advanced drilling fluid chemicals is also anticipated to open substantial growth avenues for market stakeholders.
However, the market faces restraints due to the adverse environmental impacts associated with drilling fluids. Additionally, high operational costs in drilling processes present notable challenges. A key market trend is the growing emphasis on environmentally friendly drilling fluids, driven by stringent environmental regulations.
Market Segmentation Insights
The market is segmented by fluid type into liquid-based fluids, pneumatic-based fluids, and other drilling fluids. The liquid-based fluids category, encompassing oil-based mud (OBM), water-based mud (WBM), and synthetic-based mud (SBM), is expected to dominate the market in 2024, both in market share and growth rate. The segment’s prominence is due to the extensive use of OBM and SBM in oil and gas reservoirs and the rising preference for WBM for its lower environmental impact and enhanced cooling and lubrication properties.
The product type segmentation includes weighting agents, viscosifiers, scavengers, shale control additives, biocides & corrosion inhibitors, defoamers, lubricants & surfactants, lost circulation materials (LCM), fluid loss additives, filtration control additives, and other product types. Weighting agents are projected to lead the market in 2024 due to their crucial role in increasing drilling fluid density and facilitating efficient drilling. Conversely, the biocides & corrosion inhibitors segment is anticipated to exhibit the highest CAGR, driven by regulatory compliance needs and the demand for equipment protection and environmental mitigation.
Applications are categorized into onshore and offshore drilling. Onshore drilling is expected to hold the larger market share in 2024, attributed to its accessibility and cost-effectiveness compared to offshore drilling. However, offshore drilling is forecasted to experience a higher CAGR, fueled by increased deepwater exploration and technological advancements in subsea drilling and floating production systems.
The market is also segmented by end-use industry into oil & gas, mining, construction, and other sectors. The oil & gas sector is expected to dominate in 2024, driven by global energy demand and deepwater exploration activities. The mining sector is set to register the highest CAGR, propelled by the rising extraction of rare-earth elements and the adoption of environmentally friendly drilling fluids.
Regional Market Dynamics
North America is anticipated to account for the largest market share in 2024, bolstered by extensive exploration and production activities, stringent environmental regulations, and high demand for minerals and metals.
The Asia-Pacific region is projected to record the highest CAGR during the forecast period. Factors driving this growth include the increasing demand for advanced drilling fluids, technological advancements in drilling methods, and the rising use of drilling fluids in various construction projects.
Key Market Players
Baker Hughes Company (U.S.)Halliburton Energy Services, Inc. (U.S.)CES Energy Solutions Corp. (Canada)Newpark Resources, Inc. (U.S.)Schlumberger Limited (U.S.)TETRA Technologies, Inc. (U.S.)Paragon Integrated Services Group (U.S.)SECURE Energy Services Inc. (Canada)NorthStar Fluid Solutions LLC (U.S.)Petrochem Performance Chemicals LLC (UAE)Chevron Phillips Chemical Company LLC (U.S.Proec Energy Limited (India)United Mud-Chem Pvt. Ltd. (India)Ennor Muds & Chemicals (India)Global Drilling Fluids and Chemical Limited (India)Sagemines (DIAMOCO Group) (France)
These companies are at the forefront of innovation, driving the market forward through advanced product offerings and strategic investments.

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