The drilling fluids market is anticipated to experience significant growth opportunities in the years to come. The market growth is because of the importance of drilling fluids in the exploration activities in oil and gas. Further, increasing the count of the functions of drilling fluids is adding to the market growth. For example, reducing the problems of drill pipe stuck at the time of drilling operations and carrying out the action of drill cuttings to the surface. Further, these products are also used for the cooling of the drill bit along with its teeth lubrication. Thus, based on these functions, the market is likely to experience noticeable growth avenues in the forthcoming years.
In the past few years, there has been a significant increase in drilling activities. The rising number of marine ships for different operations outside and inside the country has bolstered the requirement for fuel-effective marine propulsion systems.
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Further, there has been a noteworthy increase in the demand for the muds that are based on synthetic because of environmental regulations that are imposed by the governments from various countries. The key market players are investing a handsome amount in these novel initiatives. These synthetic muds have been developed to reduce the impact of the environment of the offshore drilling operation. Thus, based on these environmental factors, the drilling fluids market is likely to grow at a rapid pace.
As per the research report by Transparency Market Research, the drilling fluids market is estimated to expand at a CAGR of 5.9% and reach the valuation of US$ 12 Bn. during the forecast period from 2018 to 2026.
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Increasing Use of Water-based Muds Projected to Fuel Growth Opportunities in Drilling Fluids Market
Strict regulations have been implemented around Emission Control Areas across the world. This has further increased the investment by key market players in the muds that are based on water for the drilling operations. In addition to this, stringent regulations related to oil spillage and carbon emissions have also stimulated the investments to develop muds that are water-based. Further, the governments from different countries across the world are also providing funds and support to develop and adopt the latest novel technology in the market for operational tasks.
The increasing investments to explore and produce offshore oil and gas have been propelling the adoption of drilling fluids across the world. Further, growing upstream activities in the oil & gas industry have been predicted to bolster the production of crude oil. These activities are expected to propel growth opportunities in the drilling fluids market.
Novel approvals from different governments across the world for the drilling operations have been anticipated to fuel the demand opportunities in the drilling fluids market. Further, rising operations at onshore and offshore locations are also likely to boost demand avenues in the market.
The global drilling fluids market has been highly competitive in nature. Some of the key players dealing in the market include Halliburton, Schlumberger Limited, Newpark Resources, and Akzo Nobel N.V.
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