Analysis of the Global Drilling Chemicals Market in terms of Market Dynamics in Historic and Forecast Period
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.
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.
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.
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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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