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CHEMICALS AND ADVANCED MATERIALS

Onshore Drilling Fluids Market Analysis by Product Type (Water-Based Fluids, Oil-Based Fluids, and Synthetic-Based Fluids); and by Well Type (HPHT, and Conventional) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • TETRA Technologies has entered into a licensing agreements with KMX Technologies LLC and Hyrec Holdings Company W.L.L.  for recycling of produced water for the purpose of beneficial reuse.
  • Baker Hughes Company has acquired Quest Integrity, a global leader in the development and delivery of technology-enabled asset inspection and reliability management solutions across the pipeline, refining, petrochemical and power generation sectors.

Global Onshore Drilling Fluids Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~5%

Base Year Market Size (2022)

~ USD 4 Billion

Forecast Year Market Size (2033)

~ USD 7 Billion

The global onshore drilling fluids market is estimated to garner a revenue of ~USD 7 billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 4 billion in the year 2022. The primary growth of the onshore drilling market is primarily attributed to the rising expansion of oil & gas industry. The latest data suggests that oil and gas industry is one of the largest sector in the world in terms of revenue generation. In 2022, the global oil and gas industry generated around USD 2 trillion.

Onshore-Drilling-Fluids-Market-Scope

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At a globe level, the demand for gasoline and fuels is rising in a steady pace. This is anticipated to increase the demand of onshore drilling processes. Thus, the huge population involved in the oil and gas industry is expected to increase the adoption rate of onshore drilling fluids. In the oil and natural gas industry of the United States, there are almost 10 million jobs which is contributing to at least 8% of the nation’s Gross Domestic Product (GDP) as per a report published in 2022.

Global Onshore Drilling Fluids Market: Growth Drivers and Challenges

Growth Drivers

  • High Demand and Consumption of Oil Across the World – Oil is an essential component in varied processes across numerous industries. Also, the rapid industrialization has propelled the high consumption of oil in order to fulfil the needs and demand of recent urbanization.   In 2021, the global oil consumption was approximately 94 million barrels per day, a 6% increment from the previous year.
  • High Utilization of Petroleum and Fuels – As per the reports of U.S. Energy Information Administration, it was calculated that in the year 2020, around 92.2 barrels of petroleum and other liquid fuels were consumed worldwide.
  • Rising Support by Various Governments – By 2024, Indian government is planning to invest around USD 120 billion in oil and gas industry. USD 60 billion is expected to direct towards exploration and production (E&P) activities, and rest USD 60 billion in natural gas infrastructure.
  • High Expenditure in Research & Development – World Bank released the global expenditure made in Research & Development (R&D) sector which showed that in 2020 it was 2.63% of the total GDP. This is an increase from year 2.14% of total GDP in 2016.

Challenges

  • Adverse Effect on Environment
  • Increased Risks During the Drilling Processes
  • Fluctuation in the Price of Crude Oil and End Products

The onshore drilling fluids market is segmented and analyzed for demand and supply by product type into water-based fluids, oil-based fluids, and synthetic-based fluids. Out of these, the oil-based fluids segment is attributed to garner the highest market share by 2033, owing to high consumption of petroleum based products across the world. It estimated that the consumption of petroleum products in India stood up at 195 million tons (MT) in FY21.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Demand-Analysis

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Onshore Drilling Fluids Market Regional Synopsis

Regionally, the global onshore drilling fluids market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033, owing to the large consumption of petroleum and petroleum products. As per U.S. Energy Information Administration revealed that in 2021, the United States consumed an average of about 19.89 million barrels of petroleum per day, or a total of about 7.26 billion barrels of petroleum. Also, the high demand of energy by American population is an another growth factor of the market in the region. In 2021, total U.S. primary energy consumption was equal to about 97,331,601,000,000,000 Btu, or about 97 quadrillion Btu, as stated by U.S. Energy Information Administration.

Onshore-Drilling-Fluids-Market-Size

The global onshore drilling fluids market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global onshore drilling fluids market includes the following segments:

By Product Type

  • Water-Based Fluids
  • Oil-Based Fluids
  • Synthetic-Based Fluids

By Well Type

  • HPHT
  • Conventional

Top Featured Companies Dominating the Global Onshore Drilling Fluids Market

  • Baker Hughes Company
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Castle Harlan Inc.
  • TETRA Technologies
  • Scomi Group Bhd
  • Halliburton Energy Services, Inc.
  • NOV
  • Newpark Resources, Inc.
  • CES Energy Solutions Corp.
  • GEO Drilling Fluids, Inc.
  • Weatherford International plc

 

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