Global Drilling Chemicals Market is estimated to be valued at US$ 11974.03 Mn in 2021, according to the Global Drilling Chemicals Market Report, by Chemicals (Dispersants & Deflocculants, Clean Up Chemicals, Shale Stabilizers, Drilling Mud Defoamers and Foaming Agents, Drilling Mud Lubricants, Drilling Mud Surfactants, Spotting Fluids, Fluid Loss Control Additives, Loss Circulation Material, Emulsifiers for Water-based and Oil-based Systems, Drilling Polymers, Weight Materials, Corrosion Inhibitor, Scavengers & Biocides, Viscosifiers, Adhesives & Sealants, and Commercial Chemicals), by Base Fluid Type (Oil-based Fluids (OBF), Water-based Fluids, Synthetic-Based Drilling Fluids, and Pneumatic Drilling Fluids), by Application (Onshore Drilling and Offshore Drilling), and by Region (North America, South America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global drilling chemicals market was valued at US$ 11974.03 Mn in 2021. Drilling chemicals market is expected to register a CAGR of 5.67 % over the forecast period (2022–2030), to reach US$ 19636.44 Mn by 2030.
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https://www.coherentmarketinsights.com/market-insight/drilling-chemicals-market-334
Key Trends and Analysis of the Global Drilling Chemicals Market:
According to the International Energy Agency, around 65,176 wells were drilled across the world in 2021. New approvals from several governments for drilling operations across the globe is also expected to propel demand for drilling chemicals in onshore and offshore operations. For instance, in September 2021, a leading provider of specialty chemicals, Albemarle Corporation, announced that its subsidiary, Albemarle Lithium UK Limited, had signed a binding contract to buy Guangxi Tianyuan New Energy Materials Co., Ltd. The purchase of Tianyuan, which runs a recently built lithium processing facility and owns it, is in keeping with our goal to pursue profitable expansion in response to client demand.
Key Takeaways of the Global Drilling Chemicals Market:
- On the basis of application, drilling chemicals market is segregated into onshore drilling and offshore drilling. Onshore drilling is considered as the largest application segment, which has a direct impact on the growth of the drilling chemicals market.
- Asia Pacific is expected to emerge as one of the potential areas for investment by the end of 2030, owing to increasing demand for drilling chemicals in countries such as China and India. According to data released by the Department of Industrial Policy and Promotion of India (DIPP), the petroleum and natural gas sector in India attracted FDI valued at US$ 6.8 billion between April 2000 and December 2020
- According to the Government of India, the country imported 109.09 million tons of crude oil from 10 Middle East nations in the 2021-30 fiscal year, which was 59% of the total oil imports. The demand for crude oil is increasing significantly due to growing automobile and petrochemical industries in Asia Pacific. India is focusing on to diversify its oil imports and plans to reduce its dependence on Middle East by increasing imports from Africa, as announced by Ministry of Petroleum and Natural Gas, Government of India in April 2016.
- Major players operating in the global drilling chemicals market include Anchor Drilling Fluids Inc., MB Holding Company LLC, Tetra Technologies Inc., International Drilling Fluids and Engineering Services (Idec) Ltd., Canadian Energy Services Inc., Weatherford International Ltd., Global Fluids & Chemical Co., Baker Hughes, Newpark Drilling Fluids LLC., Diamoco Group, M-I SWACO, Schlumberger, Oren Hydrocarbons, and Halliburton
- Key players in the market are undertaking various strategies, in order to enhance their share in the global market. For instance, in 2020, Schlumberger established a new production technology center of excellence and analysis laboratories in the Middle East to enhance its product portfolio and solve challenges related to its oil & gas sector.
