The global drilling chemicals market was valued at US$ 10,829.0 million in 2018, according to 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.
The global drilling chemicals market is projected to reach US$ 17,266.8 million by 2027, exhibiting a CAGR of 5.3% during the forecast period (2019-2027). Increasing demand for drilling chemicals in the construction and oil & gas industries is expected to boost growth of the drilling chemicals market over the forecast period.
Increase in upstream activities of the oil & gas industry is expected to boost the production volume of crude oil. This in turn is propelling the drilling chemicals market growth. Demand for drilling chemicals is expected to increase in areas such as North Sea in Norway and Bakken field in the U.S. According to the International Energy Agency, around 65,176 wells were drilled across the world in 2017. 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. In February 2013, the United Kingdom Onshore Operators Group (UKOOG), the representative body for UK onshore oil and gas companies, published industry guidelines covering best practice for shale gas well operations in the UK.
However, a glut in oil supply has resulted in fall of oil prices. In 2017, the oil price of Brent Crude was stabilized to US$ 50/bbl (U.S. liquid barrel), which does not allow for many oil producers to reach breakeven. Low oil prices have affected the oil revenue dependent nations in the Middle East and Africa. Moreover, with a dominance of state-owned oil corporations in Africa, the countries in the region lack the technology to achieve breakeven at low oil prices. This scenario is predicted to hinder the growth of the industry in next coming years.
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