DUBLIN--(BUSINESS WIRE)--The "Fluid Loss Additives Market by Type (Synthetically Modified Natural (PAC, CMC), Synthetic (Acrylic Sulphonated Polymers), Natural (Starch, Lignin, Bentonite)), Application (Drilling Fluid, Cement Slurry) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Fluid Loss Additives Market is Estimated to Grow from USD 315 Million in 2019 to USD 376 Million By 2024, at a CAGR of 3.6%
Increasing crude oil production and shale gas exploration are expected to drive the fluid loss additives market.
The fluid loss additives market is driven mainly by increasing crude oil production. The rising global demand for crude oil is a major factor contributing to the increasing crude oil production. As the fluid loss additives play a key role in drilling and cementing of well, the rising crude oil production is expected to boost the demand for fluid loss additives during the forecast period. Additionally, the increasing shale gas exploration in the US is driving the fluid loss additives market in North America.
Synthetically modified natural additives expected to be the fastest growing segment of the fluid loss additives market, in terms of value, between 2019 and 2024
The synthetically modified natural segment is expected to witness the highest growth in terms of value during the forecast period. These are the natural additives which are modified using various chemical reactions. Due to these chemical modifications, they perform excellently at the high temperature and pressure during oil well drilling and cementing operations in the oil & gas industry. The low cost of these additives is also a driving factor for synthetically modified natural fluid loss additives market.
The drilling fluid application segment is estimated to account for the largest share of the overall fluid loss additives market, in terms of value, between 2019 and 2024.
Drilling fluids is the largest application of fluid loss additives due to its extensive usage across the globe. Drilling fluid is a key component of well drilling. During well drilling the chances of loss of filtrate is very high, which may result in the complete failure of the drilling process. Hence, fluid loss additives are mainly used to avoid loss of filtrate during drilling operations under extreme temperature & pressure. The rising drilling activities across the globe is a major factor that is fueling the growth of the fluid loss additives market in drilling fluid application.
Increasing shale gas exploration in the US to drive the demand for fluid loss additives in North America.
The North America fluid loss additives market is estimated to witness considerable growth during the forecast period. The increasing consumption of well stimulation chemicals has a significant impact on the growth of shale oil & gas developments in North America. This rising activity in shale oil & gas reserves has also resulted in the consumption of higher volumes of fluid loss additives.
Current advances in horizontal drilling, hydraulic fracturing, availability of water for fracturing, and mineral rights licensing are some of the factors contributing to the rapid development of crude oil reserves in the North American region, especially in the US. These factors are expected to propel the consumption of fluid loss additives in the US during the forecast period
- Schlumberger Limited
- BASF SE
- Newpark Resources Inc.
- Kemira OYJ
- Global Drilling Fluids and Chemicals Limited
- Tytan Organics Pvt. Ltd.
Other Key Players
- The Dow Chemical Company
- Omnova Solutions
- Aubin Group
- Chevron Phillips Chemical Company
- Universal Drilling Fluids
- Sekisui Specialty Chemicals America
- Tianjin Kelioil Engineering Material and Technology Co., Ltd.
- Elkem Asa
- Alwintec (Alwaad International Company)
- Dosas (Dutch Oilfield Supply and Services)
For more information about this report visit https://www.researchandmarkets.com/r/gyvpaa