Drilling chemicals are essential chemicals used during drilling operations to enhance drilling efficiency and wellbore stability. Drilling fluids prevent the walls of boreholes from caving in and cementing helps isolate formation layers. Increasing shale exploration and production activities are driving the demand for drilling chemicals. Drilling chemicals help remove drill cuttings, cool and lubricate drill bits, control pressure, and enhance drilling speed.
The global Drilling Chemicals Market is estimated to be valued at Us$ 15402.68 Mn in 2023 and is expected to exhibit a CAGR Of 7.8% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising shale exploration and production activities have significantly accelerated the demand for drilling chemicals over the past decade. Shale formations are composed of very fine-grained and delicate rocks which require specialized drilling chemicals to ensure wellbore stability during drilling operations. Drilling chemicals designed specifically for shale formations aid in lubricating drill bits, removing drill cuttings, and forming a filter cake to prevent shale from sloughing or caving in. The increasing focus on shale gas and tight oil exploration globally is expected to drive the demand for drilling chemicals tailored for shale drilling over the forecast period.
Segment Analysis
The global drilling chemicals market is dominated by oil-based drilling fluid sub-segment owing to its extensive usage in deep and ultra-deepwater drilling activities. Oil-based drilling fluids offer better lubrication and borehole stability at higher temperatures as compared to other fluids. Therefore, this sub-segment accounts for around 55-60% of the overall drilling chemicals market share.
Key Takeaways
The Global Drilling Chemicals Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global Drilling Chemicals Market is estimated to be valued at US$ 15402.68 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.
Regional analysis
North America led by the US accounts for the largest share in the drilling chemicals market currently. This is attributable to the ongoing shale gas and tight oil activities across the US. Europe and Asia Pacific are also lucrative markets with significant growth expected across China, India and other Southeast Asian countries.
Key players
Key players operating in the drilling chemicals market are Cerner Corporation, Elekta, Accuray, RaySearch Laboratories, Flatiron Health, Koninklijke Philips N.V., McKesson Corporation, Epic Systems Corporation, CureMD Healthcare, Varian Medical Systems, Inc. Accuray and Elekta are amongst the prominent players owing to their diversified product portfolio for radiation therapy and oncology practices.
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