Drilling
chemicals are majorly used in processes such as oil & gas
exploration, metal & mineral extraction, coal seam gas drilling,
and for bore well drilling. Drilling chemicals are useful in terms of
cooling and lubrication of the drilling equipment, maintaining the
pressure, removing cuttings from bore wells, and providing support
and stabilizing the bore well area. Drilling chemicals are
widely used to aid drilling boreholes into the earth’s crust. The
rising number of deep water discoveries, especially in the Pacific
regions as well as the Persian Gulf is expected to surge growth of
the market.
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Increasing
usage of drilling chemicals is majorly attributed to major
investments in energy & mineral exploration. Increasing demand
for base metals, precious metals, oil, and natural gas is in turn
resulting into rapid growth of the global drilling chemicals market
in the recent past. This is primarily the resultant of rising rate of
urbanization and industrialization in emerging economies. Growing
concerns for spill containment, holding solid wastes and bore holes
is also expected to augment growth of the market over the forecast
period (2016–2024). Also, factors such as increasing offshore
drilling activities across various regions, shale boom in few
regions, and increasing exploration activities to discover untapped
oil & gas reserves are also expected to be potential drivers of
the market.
However,
the global drilling chemicals market is affected by few restraints.
One of the major restraints is the impact of drilling chemicals on
the environment. The U.S. Environmental Protection Agency (EPA) puts
a limit on the use of oil-based chemicals in offshore drilling
processes, owing to its high level of aromatic substitutes in them
which can be a major threat to marine organisms. Drilling chemicals
can cause various environmental hazards during its usage and disposal
which can have a direct detrimental impact on the flora and fauna and
humans.
Drilling
Chemicals Market Taxonomy
By
Product Type
Global
market can be segmented on the basis of type of drilling chemicals
into the following:
-
Potassium Chloride
-
Bentonite
-
Barite
By
Application
On
the basis of application, the global market can be segmented into:
-
Offshore Drilling
-
Onshore Drilling
Onshore
drilling is considered as the largest application which has a direct
impact on the growth of the drilling chemicals market. Severe
environmental conditions such as desert topography, extreme high and
low temperatures, and dry environment necessitate deployment of
various types of drilling chemicals either as a cooling agent or as a
lubricant for the oil field drilling processes. Offshore drilling
process is expected to be the fastest growing application market for
drilling chemicals in the near future. Increasing expenditure in
existing offshore wells in deep waters especially in the Gulf of
Mexico, Persian Gulf , North Sea, and the South China Sea is expected
escalate growth of the market globally.
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Drilling
Chemicals Market Outlook- Asia Pacific is expected to be the Most
Lucrative Region for the Key Players
Regional
segmentation for the global drilling chemicals market includes North
America, Europe, Asia Pacific, Latin America, Middle East, and
Africa. North America holds a dominant position in the global
drilling chemicals industry, owing to increasing oil and natural gas
production in the region along with potential developments in
oilfield in countries such as U.S. and Canada. Asia Pacific is
expected to be the fastest growing market, owing to the increasing
demand for drilling chemicals in countries such as China and India.
According to data released by the Department of Industrial Policy and
Promotion (DIPP), the petroleum and natural gas sector in India
attracted FDI valued at US$ 6.8 billion between April 2000 and
December 2016. Demand for drilling chemicals in certain countries
such as UK and Netherland are significantly high owing to new
oilfield exploration activities.
Major
companies operating in the global drilling chemicals market include
Anchor Drilling Fluids Inc., Tetra Technologies Inc., Canadian Energy
Services Inc., Global Fluids & Chemical Co., Baker Hughes,
Newpark Drilling Fluids LLC., M-I SWACO, and Halliburton.
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