GCC Drilling Fluids Market Overview: 2023-28
Base Year: 2022
Historical Years: 2018-21
Forecast Years: 2023-28
The GCC Drilling Fluids Market is projected to grow at a CAGR of around 5.9% during the forecast period, i.e., 2023-28. The market growth is attributed to a substantial increase in oil & gas exploration activities at various onshore and offshore location, which have certainly driven the need advanced Drilling Fluids for enhanced oil production. As the GCC region is a hub of oil and gas reserves globally, the requirement for oil and gas exploration is always present in the region. Additionally, as a number of new projects for oil and gas exploration activities have been announced in the regional countries such as Qatar, and Saudi Arabia, etc., the demand for Drilling Fluids would remain substantial in GCC.
Markntel Advisor’s GCC Drilling Fluids Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, GCC Drilling Fluids Market drivers, barriers, GCC Drilling Fluids Market Trends, and Key Players in GCC Drilling Fluids Market.
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GCC Drilling Fluids Market Dynamics: 2023-28
Expansion of the Allied Industries Driving Demand for Drilling Fluids in GCC Region-The rising demand for crude oil globally and the surging exploration activities of oil and gas industry in the GCC countries like Saudi Arabia, Kuwait, etc., are driving the demand for Drilling Fluids in the market. Additionally, rising onshore boring operations and expansion of offshore oil & gas fields by the countries such as Kuwait, Saudi Arabia, etc., are anticipated to further drive the demand for Drilling Fluids in the region. For instance, in 2021, Saudi Arabia’s Aramco announced the start of the development of the vast Jafurah unconventional gas field, the largest non-associated gas field in the Kingdom of Saudi Arabia. The plant is expected to initiate its production operations by 2025.
Moreover, the rising construction and mining activities in the GCC region require drilling machines to develop the projects, which certainly boosts the need for Drilling Fluids in the regional market. For instance,
In 2023 Oman invested USD 300 million in a copper mining project.
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GCC Drilling Fluids Market (2023-28): Segmentation Outlook
The market report has segmented the market into the following categories:
· By Application
o Offshore- Market Size & Forecast 2018-2028, USD Million
o Onshore- Market Size & Forecast 2018-2028, USD Million
According to report, The extensive availability of crude oil & gas reserves in offshore areas of the GCC region, is a prominent factor leading to an augmented use of Drilling Fluids in offshore operations.
· By Fluid System
o Water-based- Market Size & Forecast 2018-2028, USD Million
o Oil-based- Market Size & Forecast 2018-2028, USD Million
o Synthetic-based- Market Size & Forecast 2018-2028, USD Million
o Others (Air, foam, etc.)- Market Size & Forecast 2018-2028, USD Million
According to report, High thermal instability of oil-based drilling fluids is a key factors driving the revenue growth of the market from this segment in GCC.
· By Well Type
o Conventional Well- Market Size & Forecast 2018-2028, USD Million
o High Pressure and High Temperature (HPHT)- Market Size & Forecast 2018-2028, USD Million
· By Country
o The UAE
o Saudi Arabia
o Bahrain
o Oman
o Qatar
o Kuwait
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Top Companies Operating in the GCC Drilling Fluids Market:
- NewPark Resources Inc.
- Drill Chem Drilling Fluid Factory
- Scomi Group Bhd
- RTE Group
- Gumpro Drilling Fluid
- Baker Hughes
- Petrochem Performance Chemical ltd. LLC
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