Drilling fluid is any fluid that circulated in the borehole to help in carrying out a cost-effective and efficient drilling operation resulting in stable and gauged borehole to targeted depth with minimum possible damage to prospective formations.
Drilling fluid, also called drilling mud is used to aid the drilling of boreholes into the earth. Often used while drilling oil and natural gas wells and on exploration drilling rigs, drilling fluids are also used for much simpler boreholes, such as water wells. One of the functions of drilling mud is to carry cuttings out of the hole.
The main functions of drilling fluids include providing hydrostatic pressure to prevent formation fluids from entering into the well bore, keeping the drill bit cool and clean during drilling, carrying out drill cuttings, and suspending the drill cuttings while drilling is paused and when the drilling assembly is brought in and out of the hole. The drilling fluid used for a particular job is selected to avoid formation damage and to limit corrosion.
According to the new market research report “Drilling Fluids - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”, published by QYResearch, the global Drilling Fluids market size is projected to reach USD 12.35 billion by 2029, at a CAGR of 2.3% during the forecast period.
- Global Drilling Fluids MarketSize(US$ Million), 2018-2029
Source: QYResearch, "Drilling Fluids - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
- Global Drilling Fluids Top14Players Ranking and Market Share (Ranking is based on the revenue of 2022, continually updated)
Source: QYResearch, "Drilling Fluids - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
The global key manufacturers of Drilling Fluids include Schlumberger, Halliburton, Baker Hughes, Newpark Resources, Tetra Technologies, CES Energy Solutions, NOV Inc., Scomi Group Bhd, Secure Energy Services, Weatherford International, etc.
In 2022, the global top five players had a share approximately 72.0% in terms of revenue.
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