The Global Drilling Chemicals Market Growth Accelerated By Increased Drilling Activities

 

Drilling chemicals help improve drilling efficiency and reduce non-productive time in oil and gas drilling operations. Drilling chemicals such as drilling muds, cementing chemicals, drill fluid additives, lubricants, and shale inhibitors are used in drilling, cementing, well completion, production optimization, and stimulation processes. Factors such as rising demand for energy, increasing investments in offshore exploration, and declining costs of drilling are driving the adoption of drilling chemicals.

The global drilling chemicals market is estimated to be valued at US$ 13370.38 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increased drilling activities have accelerated the demand for drilling chemicals over the recent years. The shale gas revolution has increased drilling of both onshore and offshore wells globally. The need to reduce drilling time and costs is prompting oil and gas companies to increasingly use technologically advanced drilling chemicals. Drilling mud chemicals help drill through hard rock formations and lubricate and cool the drill bit. Adoption of high performance drilling chemicals has allowed complex drilling operations in deepwater, gassy, and high pressure conditions. It is expected that continuous innovation in drilling technologies along with increasing drilling projects worldwide will drive the drilling chemicals market during the forecast period.

Segment Analysis
The global drilling chemicals market is dominated by oil based drilling chemicals sub segment. Oil based drilling chemicals accounts for over 60% share of the global market. These are specifically designed for use in oil and gas applications as they provide great chemical and thermal stability at high temperatures. Their other advantages include high lubricity, density control and shale inhibition properties.

Key Takeaways
The Global Drilling Chemicals Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to reach a value of US$ 13370.38 Mn by 2023.

Regional analysis
North America region currently holds the largest share in the global drilling chemicals market. This is primarily due to increasing drilling activities in the United States owing to discovery of new shale plays. The market in North America is anticipated to grow at a faster pace during the forecast period supported by rising crude oil production and exploration of unconventional reserves in the region. Asia Pacific region is projected to emerge as the fastest growing regional market for drilling chemicals. Rapid industrialization and urbanization coupled with increasing oil and gas exploration projects in countries such as China and India are expected to fuel the demand for drilling chemicals in Asia Pacific.

Key players
Key players operating in the drilling chemicals market are ADM, PT Darya-Varia Laboratoria Tbk, Citra Nusa Insan Cemerlang PT, Sido Muncul PT, The Tempo Group, Bayer AG, BASF SE, Pfizer Inc.

For More Insights, Read: https://www.newsstatix.com/drilling-chemicals-market-size-share-and-growth-forecast-2023-2030/