PUBLISHER: Grand View Research | PRODUCT CODE: 1609639
PUBLISHER: Grand View Research | PRODUCT CODE: 1609639
The global drilling fluids market size is estimated to reach USD 11,274.8 million by 2030, registering a CAGR of 4.4% from 2025 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by the increasing demand in the energy industry. The high demand for crude oil by various industries, such as transportation and energy, has been ramping up oil & gas production globally. Growing concerns about crumbling boreholes, handling solid waste, and spill containment are anticipated to increase drilling fluid demand significantly during the forecast period. The oil and gas industry, and particularly the industries that are linked with it, has been creating immense opportunities in the market.
Water-based drilling fluid captured the highest market share in 2024 due to the increasing requirement for water-based fluid in horizontal drilling like wells. Water-based is considered to be less harmful to the environment than other oils, which is expected to drive demand in the forecast period. Water-based oils are used in 75% of drilling wells globally. The types of fluids used in this are freshwater, brine, saturated, or formate brine, which are less toxic, resulting in creating a huge potential for the industry in the coming years.Product manufacturers have been taking several strategic initiatives, such as new product development, partnerships, M&A, collaborations, agreements, and joint ventures.
These strategies have been adopted to increase market penetration and create enough opportunities for technology implementation for different end-use applications in the region.The major challenge for the product is its adverse effect on the environment due to its toxicity. Water-based oil is still less impactful to the environment in comparison with oil-based fluids. The degree of impact also depends on the type of oil used in the existing environmental conditions. This environmental impact has brought certain restrictions on its use in various parts of the world.