Global Onshore Drilling Fluid Market growing at a CAGR of 5.1% from 2023 to 2031
Category : Materials And Chemicals | Published Date : Oct 2023
Key Market Overview
Consegic Business Intelligence analyzes that the onshore drilling fluid market is predicted to grow at a compound annual growth rate of 5.1% from 2023 to 2031 and is expected to reach USD 6,660.67 million in 2031 and 4,457.40 million in 2023 which was valued at USD 4,269.19 million in 2022.
The report highlights an increasing demand for oil and petroleum is a major factor that drives the market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the onshore drilling fluid market.
Global Onshore Drilling Fluid Market By Overview
The onshore drilling fluid market is segmented into product type and well type. Based on product type, the market is segmented into oil-based drilling fluid, synthetic-based drilling fluid, water-based drilling fluid, and others. In 2022, the water-based drilling fluid segment dominate in the overall onshore drilling fluid market. Based on well type segment is categorized into HPHT and conventional. In 2022, the conventional segment accounted for the highest market share in the onshore drilling fluid market.
Get Free SampleMarket Dynamics
Driver:
- Increasing demand for oil and petroleum is a major factor that drives market growth.
- The rising use of petroleum in various industries also drives the growth of the market.
Restraints:
- Huge upfront investment in equipment, infrastructure, and personnel is a major factor that restraints the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| By Product Type | (Oil-based Drilling Fluid, Synthetic-based Drilling Fluid, Water-based Drilling Fluid, and Others) |
| By Well Type | HPHT and Conventional |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The market is dominated by certain major companies such as Schlumberger Limited, Halliburton Energy Services, Inc., Weatherford International Plc, and Baker Hughes Company which have a strong market position in the current market circumstances. These companies are continuously leveraging new product launches and expansion of business. Furthermore, the onshore drilling fluid market is expected to witness substantial growth in the coming years due to the rising use of petroleum in various industries.
The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
- Schlumberger Limited
- Halliburton Energy Services, Inc.
- Newpark Resources Inc.
- Petrochem Performance Chemical LLC
- McAda Drilling Fluids
- AES Drilling Fluids LLC
- Weatherford International Plc
- Baker Hughes Company
- Tetra Technologies Inc.
- Canadian Energy Services L.P.