Global Oilfield Drilling Fluids Market 2018-2022
About Oilfield Drilling Fluids
Oilfield process chemicals are specialty chemicals used in the oil and gas industry for a smooth flow of operations. They are extensively used in the resource area or fields during the exploration and processing phases of oil and gas. The use of various types of oilfield process chemicals is increasing in upstream operations of the oil and gas industry for enhancing the efficiency of the exploration process.
Technavio’s analysts forecast the global oilfield drilling fluids market to grow at a CAGR of 6.22% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global oilfield drilling fluids market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Oilfield Drilling Fluids Market 2018-2022
Technavio recognizes the following companies as the key players in the global oilfield drilling fluids market: BASF, GENERAL ELECTRIC, Halliburton, Newpark Resources, and Schlumberger.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing demand for water-based fluids (WBFs). Several players are focusing on offering high-performance products to the oil and gas market to sustain the competition. WBFs are gaining traction among the drilling fluids owing to their low toxicity and cost-effectiveness as compared with other drilling chemicals.”
According to the report, one driver in the market is increasing demand for energy. The onshore and offshore oil exploration activities are increasing owing to the increasing demand for energy across the world. The growing oil demand for energy purpose is leading exploration and extraction activities and this, in turn, increases the demand for oilfield drilling fluids.
Further, the report states that one challenge in the market is volatile crude oil prices. Persistent price variants of oil pose a major challenge to the global oilfield drilling fluids market. Due to the supply-demand variabilities and the unprecedented political situation in the Middle East which has a major share of the global oil supply, there has always been instability in the price of crude oil in the foreign market.
BASF, GENERAL ELECTRIC, Halliburton, Newpark Resources, and Schlumberger.