Saudi Arabia Drilling Fluids Market

Saudi Arabia Drilling Fluids Market is forecast to add a whopping incremental revenue of USD 658 million between 2022 to 2030.

Introduction of the Saudi Arabia Drilling Fluids Market Report

Drilling Fluid is a heavy, viscous fluid mixture whose major function is to transmit cuttings out of the holes, lubricate and cool the drill bit. The drilling fluids also provide hydrostatic pressure to prevent formation fluids from entering the wellbore, avoid formation damage and limit corrosion. Drilling fluids are highly treated chemically to provide the required fluid properties and characteristics. As the rig is drilled, contaminating materials can substantially alter the properties of the fluid downhole. The contamination could be from a fluid influx (oil, gas, or saltwater from the formation flowing into the wellbore) or from the solids in the formation rock itself (clays, salts, coals, sulfur, carbonates)

To have an edge over the competition by knowing the market dynamics and current trends of “Saudi Arabia Drilling Fluids Market”, request for Sample Report here

Key Drivers and Emerging Trends

Drilling Fluid is used for drilling oil and gas extraction, mobile drilling rigs and simpler boreholes, such as water wells and others. Significant rise in the drilling activities owing to rising demand for oil and gas globally will augment the market demand for drilling fluids in the country. Saudi Arabia possesses around 17% of the world’s proven petroleum reserves. The oil and gas sector accounts for about 50% of gross domestic product and about 70% of export earnings. Hence, growing oil and gas industry in the country will drive the demand for water based and oil-based drilling fluids in the coming years. Furthermore, favorable government initiatives such as the Saudi Arabia Vision 2030 will further create new market opportunities in oil and gas industry. One of the major aim of Saudi Arabia Vision 2030 is to increase the localization of oil and gas sectors from 40% to 75%.

Furthermore, rising number of onshore and offshore drilling activities and rising number of rigs will elevate the market growth in the coming years. Owing to the Covid-19, the market witnessed significant dip due to closure of several rigs, however, the market is witness strong growth in the next couple of years as situation continues to ease down in the country.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Product Type – Segment Analysis

Based on product type, water-based drilling fluids continues to dominate the Saudi Arabia Drilling fluids market. Water-base fluids, also known as aqueous drilling fluids, are the most common and the most varied of the drilling fluid types. They range in composition from simple blends of water and clay to complex inhibitive, or clay stabilizing, drilling fluid systems that include many components. Major drivers for using water-based drilling fluids over oil-based drilling fluids are their cost-effectiveness and greater environmental acceptability.

Application – Segment Analysis

Based on application, the onshore segment occupied the largest market share in the Saudi Arabia drilling fluids market. Ghawar is the world’s biggest conventional onshore oil field both by reserves and daily output. It produces between 50% to 70% of the total Saudi production and 6.4% of the world’s total production. Saudi Arabia’s other major onshore fields is the Khurais field. The onshore oil field’s production capacity was increased by 300,000 barrels per day (bpd) to 1.5 Million barrels per day (Mbpd), as part of the $3 Billion Khurais Arabian Light Crude Increment Program. Hence, increasing oil production will further augment the market demand for drilling fluids.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Segments covered in the Report:

The Saudi Arabia Drilling fluids market has been segmented on the basis of Application and Product. Based on the Application, the market has been segmented into Onshore and Offshore. By Product, the market is segmented into Water-Based Fluids (WBF), Oil-based fluids (OBF), Synthetic-Based Fluids (SBF) and Others.

For detailed scope of the “Saudi Arabia Drilling Fluids Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is Saudi Arabia Drilling Fluids market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Saudi Arabia Drilling Fluids market? What will be the impact of drivers and restraints in the future?
  • Which product type segment generated maximum revenues in 2022 and identify the most promising application during the forecast period?
  • What industry segment in leading in Saudi Arabia Drilling Fluids market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Saudi Arabia Drilling Fluids Market by Application

• • Onshore​
  • Offshore​

Saudi Arabia Drilling Fluids Market by Product 

• • Water-Based Fluids (WBF)​
  • Oil-based fluids (OBF)​
  • Synthetic-Based Fluids (SBF)​
  • Others​