Oilfield Drilling Fluid Additives Market is figured out to grow at a CAGR of 2.85% of $1838.50 million by 2023
Fluid Viscosifiers (Cellulosics, Others); Corrosion Inhibitors (Oxides, Others); Dispersants (Ionic, Non Ionic); Biocides (Glutaraldehyde, Others); By Defoamers; By Formulation (Water, Oil, Synthetic); By Geography - (2018-2023)” published by IndustryARC, the market is driven by growing offshore drilling activities, and surge in finding potential untapped oil and gas reserves.
Oilfield Drilling Fluid Additives Market (2018 - 2023)”
North America dominates with major share and growth in the Oilfield Drilling Fluid Additives Market
North America is expected to get a significant amount of growth in Oilfield Drilling Fluid Additives Market. The market has been gaining more than 50% of rising share in 2017 due to growing drilling activities in the areas of Mexico, and finding possible opportunities in oil and gas services. North America holds the dominant position due to the increasing U.S. oil sands extraction market. The market is estimated to grow at a CAGR of 2.48% to reach revenue of $942.18 million by 2023 from $824.88 million in 2017. Asia-Pacific oilfield drilling fluid additives market is anticipated to grow at a faster CAGR of 2.81% to reach a revenue of $296.58 million by 2023 from $254.696 million 2017. Ongoing efforts of China in Enhanced Oil Recovery (EOR) technique and deep water drilling activities are increasing in India, Japan, and South Korea in the oil refining operation, where oilfield chemicals will experience a robust growth in the market.
Selected Fluid Formulation done in the full Report:
Water based fluids, oil based fluids and synthetic based fluids are the segments of type fluid formulation in Oilfield Drilling Fluid Additives Market. Among all, water based fluids generated the highest revenue of $757.07 million in 2017 in the global market. Findings say water based fluids segment is estimated to grow at a CAGR of 3.52% to reach a revenue of $918.74 million in 2023. Water based lubricants are generally preferred to be utilized as drilling lubricant. Oil based fluids are the second most utilized additives that generated a revenue of $547.42 million in 2017. The oil based fluids market is expected to grow at a CAGR of 2.60% to reach revenue of $629.73 million. Increasing oil production over the years has helped the synthetic based fluid market to grow in oil drilling field additives market. The synthetic based fluids is predicted to grow at a CAGR of 1.44% to reach revenue of $290.53 million by 2023.
Excerpts on Market Growth Factors
Bentonite and attapulgite are the drilling mud additives used to control the fluid-loss and cleaning effectiveness in the drilling process. The characters such as low colloidal content, effective inhibition, shear-thinning behavior and non-dispersed system in order to get the maximum drilling performance is helping to lead in the market.
Recent development of deep water and ultra-deep water operations will bring significant new and more technical complex to harsh conditions. In order to overcome the challenges, the biopolymer fluid viscofiers will play an important role with respect to its environmental based advantage.
The negative impact of oil based defoamers on the environment has been a major reason for the slow growth in this segment. So, water based defoamers have fueled their demand in the petrochemical sector.
Key players of the Oilfield Drilling Fluid Additives Market
Oilfield Drilling Fluid Additives Market is extremely dominated due to competition among the dominant players such as BASF, Chevron Philips Chemical Company, E.I. Du Pont De Nemours and Company. BASF SE has its core drill function as Bentonite Extenders, Dewatering Additives, Fluid Loss Additives, Shale Inhibitors, Thinners, Viscosifiers with patent named as Alcomer 180, Alcomer 1771, Alcomer 24, 80, 90 types, Alcomer 700,800 types, Alcomer 7100 types etc. Du Pont De Nemours And Company launched its products in the year between 2013-2016. The products are DuPont Capstone, and DuPont Viton. Chevron Corporation has combination of products such as Defoamers, Oil Mud, and Viscosifiers.
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