Published by TMR Research Insights
Posted on August 31, 2021
The drilling fluids market is expected to witness an innovative time period ahead. Drilling fluids are largely dependent on the Oil & Gas industry for growth. The growing demand for oil in Asia Pacific and recent disturbances in the Middle East, and rising Plugging and Abandonment (P &A) costs are expected to drive significant opportunities for innovation in the near future.
According to a 2018 report by Oil & Gas Authority in UK, well abandonment activity has increased four-fold since 2016. This has resulted in massive P &A costs to the industry. In 2016, nearly 402 million pounds were spent on the abandonment of 76 wells. Moreover, 33 million barrels a day more can help the UK meet its energy needs which is not being fulfilled. This is a tremendous opportunity on the horizon for players in the drilling fluids market.
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Increasing Oil Exploration Activity to Drive Growth
Rising oil prices, and constant drive to reduce reliance on oil imports are expected to drive growth of the drilling fluids market. Many emerging countries like India are undertaking increased oil and gas exploration activity to meet demand. India, the third largest importer of oil has announced a decision to undertake exploration of 200,000 sq.km. Earlier, the area was set to 700,000 sq.km. However, declining oil output in the country and projected demand for oil which is expected to triple by 2035 is expected to drive considerable oil and gas exploration activity. Moreover, the country has taken several key initiatives like opening up of 100% FDI in oil exploration activity. The growing demand for oil in major economies like the US, China, and India are expected to drive significant growth for the drilling fluids market in the near future.
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Water-Based Fluids Promise Robust Opportunity for Growth
Drilling fluids also known as mud can be toxic in varying degrees. It can also be difficult to dispose of in sustainable manner. Moreover, in emerging countries, wells are often unregulated which limits experimentation and innovation conversely.
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Additionally, water based drilling fluids have already proven effective in replacing the toxicity of conventional chemicals. Even toxic-based water chemicals like hydrochloric acid can be become more soluble when mixed with other water based drilling fluids. Additionally, fluids like bentonite and barite have been used in the mining industry effectively earlier.
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There are many other water-based fluids like soda ash, anhydrous lime, and caustic which have quickly gained popularity in end-applications. The growing regulations in emerging nations, and growing demand for water-based fluids are expected to drive growth of the drilling fluids market in the near future.
Chemicals & Materials Industry battles Tangible Impact of Economic and Cultural changes, Stay Updated on the Latest Trends in Chemicals & Materials Market @ https://www.transparencymarketresearch.com/chemical-market-reports-2.html
About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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Transparency Market Research
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Albany NY – 12207
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The drilling fluids market is expected to witness an innovative time period ahead. Drilling fluids are largely dependent on the Oil & Gas industry for growth. The growing demand for oil in Asia Pacific and recent disturbances in the Middle East, and rising Plugging and Abandonment (P &A) costs are expected to drive significant opportunities for innovation in the near future.
According to a 2018 report by Oil & Gas Authority in UK, well abandonment activity has increased four-fold since 2016. This has resulted in massive P &A costs to the industry. In 2016, nearly 402 million pounds were spent on the abandonment of 76 wells. Moreover, 33 million barrels a day more can help the UK meet its energy needs which is not being fulfilled. This is a tremendous opportunity on the horizon for players in the drilling fluids market.
Get Sample of the Report @
Increasing Oil Exploration Activity to Drive Growth
Rising oil prices, and constant drive to reduce reliance on oil imports are expected to drive growth of the drilling fluids market. Many emerging countries like India are undertaking increased oil and gas exploration activity to meet demand. India, the third largest importer of oil has announced a decision to undertake exploration of 200,000 sq.km. Earlier, the area was set to 700,000 sq.km. However, declining oil output in the country and projected demand for oil which is expected to triple by 2035 is expected to drive considerable oil and gas exploration activity. Moreover, the country has taken several key initiatives like opening up of 100% FDI in oil exploration activity. The growing demand for oil in major economies like the US, China, and India are expected to drive significant growth for the drilling fluids market in the near future.
Request for Covid-19 Impact Analysis on drilling fluids market :
Water-Based Fluids Promise Robust Opportunity for Growth
Drilling fluids also known as mud can be toxic in varying degrees. It can also be difficult to dispose of in sustainable manner. Moreover, in emerging countries, wells are often unregulated which limits experimentation and innovation conversely.
Buy our Premium Research Report on drilling fluids market@
https://www.transparencymarketresearch.com/checkout.php?rep_id=1292<ype=S
Additionally, water based drilling fluids have already proven effective in replacing the toxicity of conventional chemicals. Even toxic-based water chemicals like hydrochloric acid can be become more soluble when mixed with other water based drilling fluids. Additionally, fluids like bentonite and barite have been used in the mining industry effectively earlier.
More Trending Reports by Transparency Market Research –
There are many other water-based fluids like soda ash, anhydrous lime, and caustic which have quickly gained popularity in end-applications. The growing regulations in emerging nations, and growing demand for water-based fluids are expected to drive growth of the drilling fluids market in the near future.
Chemicals & Materials Industry battles Tangible Impact of Economic and Cultural changes, Stay Updated on the Latest Trends in Chemicals & Materials Market @ https://www.transparencymarketresearch.com/chemical-market-reports-2.html
About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Follow Us: Twitter | LinkedIn
Blog: https://tmrblog.com
