Drilling Fluids Market Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031
Drilling Fluids Market Outlook 2031
- The global drilling fluids market was valued at US$ 8.2 Bn in 2021
- It is projected to grow at a CAGR of 5.9% from 2022 to 2031
- The global drilling fluids market is expected to surpass value of US$ 14.5 Bn by the end of 2031
Overview of Drilling Fluids Market
Drilling fluid, also called drilling mud, aids in the process of drilling a borehole into the earth. Boreholes are drilled for oil & gas extraction, core sampling, and other purposes. Drilling fluids serve many functions such as controlling formation pressures, removing cuttings from the wellbore, sealing permeable formations encountered while drilling, cooling, lubricating the bit, transmitting hydraulic energy to downhole bit and tools, and maintaining wellbore stability & well control.
The global drilling fluids market is projected to grow at a decent pace from 2022 to 2031, due to the rise in investment for the exploration and production of offshore oil & gas. Growth in shale oil & gas exploration has encouraged many countries around the world to exploit their own unconventional gas resources. Apart from innovations in drilling fluids, companies are manufacturing robust drill pipes. Drill pipe is an important tool for drilling in oil fields. Drill pipes are subjected to various types of loads and are operated under different environmental conditions.
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