The drilling fluids market is estimated to be valued at US$ 8.03 billion in 2022 and is expected to exhibit a CAGR of 5% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Drilling fluids, also known as drilling mud, are crucial in drilling operations as they help in maintaining wellbore stability, cooling the drill bit, and carrying drill cuttings to the surface. These fluids also play a vital role in preventing blowouts and reducing friction during drilling. With the increasing exploration activities for oil and gas, the demand for drilling fluids is expected to surge significantly. Additionally, the rising energy demand globally is further driving the market growth. The drilling fluids market offers various products such as water-based fluids, oil-based fluids, and synthetic-based fluids, catering to different drilling requirements.
Market size related content:
The global drilling fluids market is expected to witness high growth, exhibiting a CAGR of 5% over the forecast period (2023-2030), due to the increasing oil and gas exploration activities worldwide. The market size for 2022 was valued at US$ 8.03 billion.
Regional analysis related content:
North America is expected to be the fastest-growing and dominating region in the drilling fluids market, owing to the presence of major oil and gas reserves, particularly in the United States and Canada. The region's focus on shale gas exploration and production further contributes to its market dominance.
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