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Oilfield Drilling Fluid Additive Market: Overview

Drilling fluid plays an important role in oil and gas exploration activities. It is the mixture of water, oil, clay, and several chemicals. It is also called drilling mud. Oilfield drilling fluid additives are chemical formulations used in various functions in the oil & gas industry. They help create proper fluid weight to balance pressure formation and optimize fluid flow. Other functions include maintaining strong boundary lubrication films in silicate-based mud systems specialized for shale drilling, which is done by lubricating agents. Other important functions are wettability, detergency, and clay stabilization. Selection of drilling fluid additives requires careful consideration of several criteria such as well design, rock composition, potential formation pressures and temperatures, reservoir chemistry, protection of the producing zone, and environmental regulations.

Oilfield Drilling Fluid Additive Market: Demands & Developments

Rise in demand for oil and gas due to industrialization, urbanization, and population growth is driving the drilling market across the globe. This is ultimately boosting the oilfield drilling fluid additive market. Increase in exploration and new discovery of oil and gas deposits are fueling the oilfield drilling fluid additive market. Furthermore, rise in investments in the oil & gas sector is boosting the oilfield drilling fluid additive market. For instance, in April 2018, U.S. Oil & Gas Plc (USOIL) started new exploration drilling at the Hot Creek Valley project in Nevada. However, high cost of drilling and stringent government regulations on offshore drilling are estimated to hamper the oilfield drilling fluid additive market.

Oilfield Drilling Fluid Additive Market: Key Segments

The global oilfield drilling fluid additive market can be segmented based on type, fluid formulation, and region. Based on type, the oilfield drilling fluid additive market can be classified into fluid viscosifiers, corrosion inhibitors, weighting agents, fluid loss control additives, defoamers, dispersants, and others. Fluid loss control additives, also known as filtration control agents. Clays, dispersants, and polymers such as starch are widely used as fluid-loss control additives. Weighting agents such as barite and hematite are high-density minerals. They are largely used to increase the hydrostatic pressure of mud to equalize downhole pressures.

Based on fluid formulation, the oilfield drilling fluid additive market can be segmented into water based fluids, oil based fluids, and synthetic based fluids. Water based fluids are largely used drilling fluid systems. These fluid systems are less expensive, require less chemical treatment before disposal, and are eco-friendly. This is expected to fuel the demand for water based fluids during the forecast period.

Oilfield Drilling Fluid Additive Market: Regional Outlook

In terms of region, the global oilfield drilling fluid additive market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America dominated the global oilfield drilling fluid additive market in 2017. This trend is estimated to continue during the forecast period owing to the discovery of shale reserves in the U.S. and presence of a large number of private oil companies in the region. According to Baker Hughes Inc. a General Electric Company, the oil rig count in the U.S. increased by approximate 42% in 2017 compared to that in 2016 owing to the recovery in crude oil prices. Offshore developments and discoveries, particularly in the Red Sea region, by countries such as Qatar, the UAE, and Saudi Arabia are anticipated to drive the oilfield drilling fluid additive market in the Middle East.

Oilfield Drilling Fluid Additive Market: Key Players

Major companies operating in the global oilfield drilling fluid additive market include Baroid Industrial Drilling Products, Prince Energy, OMNOVA Solutions Inc., Flotek Industries, Inc., The Dow Chemical Company, Akzo Nobel N.V., Lubrizol Corporation, Ltd., Croda International Plc, and Stepan Company. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
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  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

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Oilfield Drilling Fluid Additive Market

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