New York, Aug. 20, 2020 (GLOBE NEWSWIRE) — The Global Drilling Fluid Additives market is expected to reach USD 1.97 Billion by 2027, according to a new report by Reports and Data. Drilling Fluid additives is witnessing an increase in demand attributed to the growing emphasis on the developments of new oilfields wells and restoration of closed wells, which may be considered a better alternative in an environment of dipping oil price and profit. To uphold the rate of oil production but with less expenditure, cost reduction and growing efficacy are the top priority of the operators. According to a report by the UK Oil & Gas Authority (OGA), there have been 7,000 wells drilled on the UKCS (the UK continental shelf), out of which some 2,700 (around 32.0% of which are subsea wells) are considered active, and 600 of those were closed. Besides, by well intervention operations, a further 22 million barrels of oil equivalent was produced in 2017. Nevertheless, in 2017, the subsea well intervention was accomplished on only 14.0%, whereas on platform wells, it was 54.0%.
Surging demand for energy across the globe is driving the growth of the market. According to the forecasts of the US Energy Information Administration (EIA), the energy consumption across the globe is expected to rise by about 50.0% between the year 2018 and 2050. A significant proportion of this rise is consumption is from countries, which are not a member OECD (Organization for Economic Cooperation and Development), and is emphasized in areas where robust economic growth is fuelling the demand, specifically in the Asia Pacific region.
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COVID-19 Impact Analysis
The spread of COVID-19 across the globe has forced several nations to impose a lockdown, which in turn has resulted in a decline in demand for oil from the end-users, thus further bringing down the oil price. To combat the situation, the leading oil & gas producing firms reduced their production by 1.5 Million barrel following the guidelines of OPEC (Organization of the Petroleum Exporting Countries).
The reduction in the production of oil means less exploration and drilling activities by the oil & gas industry, which eventually have a negative impact on the Drilling Fluid additives market.
Further key findings from the report suggest
- By type, oil-based drilling fluid additives held a substantial drilling fluid additives market size in 2019. Drilling fluids make use of oil as the continuous phase, which offers benefits such as lower friction of wells and is often used in long-reach wells where friction is considered a crucial factor.
- By distribution channel, offline held a larger Drilling Fluid additives market size in 2019. The Drilling Fluid additives industry is very offline-intensive and witnesses transparency. The offline channel necessitates the requirement of substantial investment of time by the buyer and high selling costs, along with considerable knowledge of the market on the seller side.
- By application, flocculants are likely to grow at a rate of 2.5% in the forecast period in the Drilling Fluid additives market. These find applications to increase the viscosity for better drilling of holes, cleaning, and better bentonite yield, among others. Brine, gypsum, hydrated lime, soda ash, and sodium tetraphosphate, among others, may be used to aid suspended colloidal particles to group together, thus enabling them to settle out.
- North America dominated the Drilling Fluid additives market in 2019 and is likely to grow at a rate of 1.9% in the forecast period. The market dominance of the region is due to factors including the continuing shale gas revolution. An increasing number of low-pressure oil wells, as well as the growing demand for energy, is fuelling the market growth in the region.
- In June 2018, Baker Hughes declared the receiving of an integrated well services contract for backing up a large proportion of drilling and construction activities of Equinor in the Norwegian sector of the North Sea. The partnership intends to enhance operational efficiencies considerably and decrease well costs over the life of the project.
- Key participants include Akzo Nobel, BAFF SE, Chevron Phillips, Innospec Inc., Dow Chemical, Tetra Technologies, Baroid Industrial Drilling Products, Omnova Solutions Inc., Lubrizol Corporation Ltd., and Croda International PLC, among others.
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For the purpose of this report, Reports and Data has segmented the Global Drilling Fluid Additives market on the basis of type, distribution channel, application, and region:
Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Corrosion Inhibitors
- Surface Modifiers
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/drilling-fluids-additives-market
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- Rest of Middle East and Africa
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