Market Size – USD 1.64 Billion in 2019, Market Growth – CAGR of 2.3%, Market Trends – Rise in oil & gas production worldwide
The global Drilling Fluids Additives Market is expected to reach USD 1.97 Billion by 2027, according to a new report by Reports and Data. Drilling Fluids Additives is witnessing an increase in demand attributed to the growing emphasis on the developments of new oilfields wells and restoration of closed wells, which may be considered a better alternative in an environment of dipping oil price and profit. To uphold the rate of oil production but with less expenditure, cost reduction and growing efficacy are the top priority of the operators. According to report by the UK Oil & Gas Authority (OGA), there have been 7,000 wells drilled on the UKCS (the UK continental shelf), out of which some 2,700 (around 32.0% of which are subsea wells) are considered active, and 600 of those were closed. Besides, by well intervention operations, a further 22 million barrels of oil equivalent was produced in 2017. Nevertheless, in 2017, the subsea well intervention was accomplished on only 14.0%, whereas on platform wells, it was 54.0%.
Surging demand for energy across the globe is driving the growth of the market. According to the forecasts of the US Energy Information Administration (EIA), the energy consumption across the globe is expected to rise by about 50.0% between the year 2018 and 2050. A significant proportion of this rise is consumption is from countries, which are not a member OECD (Organization for Economic Cooperation and Development), and is emphasized in areas where robust economic growth is fuelling the demand, specifically in the Asia Pacific region.
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COVID-19 Impact
The spread of COVID-19 across the globe has forced several nations to impose a lockdown, which in turn has resulted in a decline in demand for oil from the end-users, thus further bringing down the oil price. To combat the situation, the leading oil & gas producing firms reduced their production by 1.5 Million barrel following the guidelines of OPEC (Organization of the Petroleum Exporting Countries).
The reduction in the production of oil means less exploration and drilling activities by the oil & gas industry, which eventually have a negative impact on the Drilling Fluids Additives market.
Key participants include Akzo Nobel, BAFF SE, Chevron Phillips, Innospec Inc., Dow Chemical, Tetra Technologies, Baroid Industrial Drilling Products, Omnova Solutions Inc., Lubrizol Corporation Ltd., and Croda International PLC, among others.
For the purpose of this report, Reports and Data have segmented the global Drilling Fluids Additives market on the basis of type, distribution channel, application, and region:
Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
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Further key findings from the report suggest
Table of content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Drilling Fluid Additive Segmentation & Impact Analysis
4.1. Drilling Fluid Additive Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growing demand for energy across the globe
Continued….
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