Drilling chemicals are used in metal
and mineral extraction, oil and gas exploration, coal seam gas drilling, and
for borewell drilling. Drilling chemicals can be broadly classified into
offshore and onshore chemicals depending on the applications of these
chemicals. The main functions of these chemicals include maintaining the
pressure, cooling and lubrication of the drilling equipment, removing cuttings
from bore wells, and to support and stabilize the borewell area.
Consumption of drilling chemicals is
primarily driven by the expenditure in energy and mineral exploration. The
global market for drilling chemicals is witnessing significant growth in the
past few years. Increasing demand for base metals, precious metals, oil, and
natural gas is driving the growth of the drilling chemicals’ market. This is
largely driven by urbanization and industrialization in developing
countries.
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Among all the regions Northern
America dominates the market followed by Latin America, Africa, and the Middle
East. Development of shale in Canada and the U.S. is driving the market for
drilling chemicals, particularly in hydraulic and horizontal drilling. The
development of onshore wells will fuel the drilling chemical market more than
offshore wells since the cost of offshore wells is considerably higher than
onshore ones. Decreasing reserves in shallow and onshore waters and the
development in drilling technologies are driving the activities in deepwater
offshore regions. This is mostly witnessed by Brazil, West Africa, U.S., and
the Gulf of Mexico. Brazil is the fastest growing market due to considerable
oil gains and increased offshore activity. Drilling chemicals have a direct
impact on the environment and hence product manufacturers have to follow strict
regulatory procedures to address safety, the environment, and health
concerns.
Government bodies are involved in
product development life cycle to minimize health and environment hazards.
Companies producing ‘zero-waste’ chemicals are gaining competitive
advantage.
Some of the leading participants in
the industry are Global Fluids & Chemical Co., United Mud Chem, Academichem
(Beijing) Co. Ltd., Baker Hughes, Halliburton, Newpark Drilling Fluids LLC,
Champion Technologies, and M-I SWACO.
This research report analyzes this
market depending on its market segments, major geographies, and current market
trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive
analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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developments in technology, Porter’s five force model analysis and detailed
profiles of top industry players. The report also includes a review of micro
and macro factors essential for the existing market players and new entrants
along with detailed value chain analysis.
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