LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global oilfield drilling fluids market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global oilfield drilling fluids market will grow at a CAGR of over 6% during the forecast period. The increasing demand for energy is a major factor driving the market’s growth.
The growing demand for energy has resulted in large onshore and offshore exploration activities, which drive the global oilfield process chemicals market. Crude oil and natural gas play a vital role in the global energy supply chain. Crude oil forms the largest source of energy around the world accounting for around 35% of the global energy demand. The increasing oil demand is leading to an increase in exploration and extraction activities that fuels the demand for oilfield drilling fluids.
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In this report, Technavio highlights the growing demand for WBFs as one of the key emerging trends driving the global oilfield drilling fluids market:
Growing demand for WBFs
The oil and gas industry is continuously forcing the oilfield process chemical manufacturers to develop innovative products, which meet a wide range of challenges in terms of quality, reliability, deliverability, and environmental compliance along with the required performance standards. To rise to this challenge, players in the market are regularly engaged in R&D to introduce novel product varieties with high efficiency and compliance to environmental standards. Players are concentrating on providing high-performance products to the oil and gas market.
Nanotechnology is expected to make a considerable impact on the development of environment-friendly and biodegradable drilling fluids. Among the drilling fluids, WBFs are gaining increasing popularity due to their low toxicity and cost-effectiveness when compared with other drilling chemicals. SBFs such as linear alpha olefins and internal olefins are developed to address the ecological apprehensions pertaining to diesel oil-based muds. WBFs are getting more attention because they can be used in extreme drilling conditions in which OBFs are the preferred choice.
“Drillers will prefer higher value additives, which are multifunctional and can work in unfavorable environments because the well complexity increases with the adoption of unconventional drilling methods such as horizontal drilling. Therefore, the development of more environment-friendly drilling fluids offers promising growth opportunities for the global market,” says a senior analyst at Technavio for research on specialty chemicals.
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Global oilfield drilling fluids market segmentation
This market research report segments the global oilfield drilling fluids market based on product type (WBF, OBF, and SBF), application (onshore and offshore), and key regions (the Americas, APAC, and EMEA).
The onshore segment held the largest market share in 2017, accounting for around 62% of the market. The market share for this application is expected to decrease slightly during the forecast period. However, this application segment will dominate the market through the forecast period.
The Americas led the global oilfield drilling fluids market with a share of nearly 70% in 2017. This is primarily because of the many oilfields and shale resources in the region and investments in the oil and gas industry. EMEA holds the second position in the global market due to the increasing exploration activities in the region.
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