Drilling Fluids Global Market Report 2024

The global drilling fluids market has grown strongly in recent years. It will grow from $9.56 billion in 2023 to $10.16 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historical period can be attributed to factors such as growing exploration and production activities in the oil and gas sector, a focus on regulatory compliance and environmental concerns, an increase in offshore drilling activities, a demand for high-performance drilling fluids, and exploration in challenging geographies.

The global drilling fluids market is expected to see strong growth in the next few years. It will grow to $12.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be attributed to factors such as the increasing global energy demand, a rising focus on enhanced oil recovery (EOR) techniques, the expansion of geothermal energy projects, the development of high-temperature fluids, a demand for water-based drilling fluids, and global dynamics in oil prices. Major trends in the forecast period encompass the development of advanced fluid systems for unconventional resources, technological advancements in fluid additives, a rise in deepwater and ultra-deepwater exploration, the use of reservoir drill-in fluids for well completion, increasing adoption of synthetic-based fluids, and an emphasis on real-time monitoring and control in drilling operations.

The drilling fluids market is witnessing significant growth, propelled by the increased demand for oil. As a crucial component in petroleum production, oil extraction necessitates drilling fluids for diverse purposes, including cooling and lubrication of the drill. The surge in oil demand has prompted heightened oil extraction activities by companies, consequently boosting the drilling fluids market. According to the International Energy Agency (IEA), global oil demand is projected to rise from 9 mb/d (million barrels per day) in 2019 to 104.1 mb/d, marking a substantial increase of 4.4 mb/d in the foreseeable future. This growth trajectory is further supported by projections from The Organization of the Petroleum Exporting Countries (OPEC), estimating a 1.6 mb/d increase in oil demand in 2022, with concurrent non-OECD growth expected at 1.5 mb/d. Thus, the escalating demand for oil serves as a pivotal driver for the drilling fluids market.

The drilling fluids market is set for expansion, driven by the increasing demand for shale gas. Shale gas, a natural gas reservoir within shale rock formations, necessitates specialized drilling fluids to optimize extraction processes. The surge in shale exploration and production activities contributes to the growing need for tailored drilling fluid solutions, fostering continuous innovation in drilling fluid technologies. According to the Energy Information Administration, U.S. dry natural gas production witnessed a substantial increase of approximately 1.29 trillion cubic feet in 2022 compared to the previous year. This surge in shale gas demand substantiates the pivotal role of drilling fluids in optimizing efficiency and meeting environmental standards, thereby propelling the growth of the drilling fluids market.

Product innovation emerges as a key trend in the drilling fluids market, with major players actively developing novel solutions to enhance drilling efficiency. Ingevity Corporation, a prominent player in the market, introduced EnvaWet UHS 3100 wetting agent and EnvaDryTM P-FL dual-functional dry additive for invert emulsion drilling fluids. These innovative products offer superior performance and sustainability, maintaining consistent rheology in fluids with high solids volume. The introduction of such advanced drilling fluid formulations underscores the commitment to addressing industry challenges and driving market growth by providing efficient and environmentally friendly solutions.

Strategic partnerships are playing a crucial role in the expansion of capabilities in the drilling fluids market. Vår Energi, a Norwegian oil and gas company, recently entered into a strategic partnership with Halliburton, a leading provider of drilling fluids and solutions. This collaboration aims to enhance value creation and improve well performance and drilling across the Norwegian Continental Shelf (NCS). The partnership encompasses drilling services for Vår Energi's production and development drilling, exemplifying the collaborative efforts of companies to leverage strengths and resources for mutual benefits and success in the dynamic drilling fluids market.

In August 2021, Richardson International Limited, a prominent Canada-based company in the agricultural and food industry, successfully acquired Control Chemical Corporation for an undisclosed sum. This strategic acquisition is part of Richardson International Limited's initiative to diversify its business portfolio by incorporating innovative product offerings. Control Chemical Corporation, the acquired entity, is recognized in Canada for its expertise in manufacturing high-performance drilling fluids and proprietary vegetable oil lubricants.

Major companies operating in the drilling fluids market report are Baker Hughes Holdings LLC, Halliburton Company, Weatherford International PLC, Schlumberger Limited, Newpark Resources Inc., Anchor Drilling Fluids USA Inc., TETRA Technologies Inc., Petrochem Performance Chemicals LLC, International Drilling Fluids and Engineering Services Ltd., National Oilwell Varco Inc., Scomi Group Bhd, Stellar Drilling Fluids LLC, Gumpro Drilling Fluids Pvt. Ltd., Global Drilling Fluids & Chemicals Limited, DIAMOCO Group, Q'Max Solutions Inc., Badische Anilin und Soda Fabrik SE, Chevron Phillips Chemical Company LLC, The Dow Chemical Company, Canadian Energy Services & Technology Corp., Secure Energy Services Inc., Sinopec, Horizon Mud Company Inc., Medserv PLC, IMDEX LIMITED, AES Drilling Fluids LLC, Francis Drilling Fluids Ltd., Avril Group, Unique Drilling Fluids Inc., Sunwest Fluids LLC, McAda Drilling Fluids, and Geo Drilling Fluids Inc.

North America was the largest region in the drilling fluids market in 2023 and is expected to be the fastest-growing region in the drilling fluid market report during the forecast period. The regions covered in the drilling fluids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the drilling fluids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of drilling fluids include oil-based, synthetic-based, water-based, and other products. Oil-based drilling fluids are composed of oil as the continuous phase and water as the dispersed phase, often combined with emulsifiers, wetting agents, and gallants. These fluids find applications in both onshore and offshore drilling activities and are used by various end-users, including crude petroleum companies and natural gas extraction companies.

This report provides drilling fluids market statistics, including drilling fluids industry global market size, regional shares, competitors with a drilling fluids market share, detailed drilling fluids market segments, market trends and opportunities, and any further data you may need to thrive in the drilling fluids industry. This drilling fluids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The drilling fluids market consists of sales of non-aqueous fluid, reservoir drilling fluid, and air drilling fluids, such as foams, mists, and stiff foams. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.