The Middle East And Africa (MEA) drilling fluids market was valued at US$2.097 billion in 2021.
Drilling fluids are used in the drilling industry to provide stability to the borehole, prevent formation damage, and maintain a consistent pH level in the drilling mud. These have a high tolerance for high temperatures and are therefore used in drilling operations where high temperatures are encountered. Growing productivity in the mining and oil & gas sector in the Middle East and Africa region is expected to drive the market demand for drilling fluids thereby boosting the regional market growth.
Rising oil and gas production will accelerate the MEA drilling fluids market growth.
The increasing demand for oil & gas across the globe has resulted in increased exploration and production activities in the Middle East and Africa region. Drilling fluids are used extensively in oil & gas exploration and production due to their superior performance in preventing formation damage and providing borehole stability during drilling operations. The growth of on-shore and off-shore oil extraction drilling activities in the Middle East and Africa region is expected to increase the demand for such fluids. According to the International Energy Agency (IEA) report in 2022, Middle East oil production increased by 2% from 2020 to an average of 24.625 MMbpd in 2021.
Growing mining activity and favorable government initiatives are expected to augment the MEA drilling fluids market growth.
The mining industry in the Middle East and Africa region relies on drilling fluids to extract minerals and ores from underground deposits. The ability of such fluids to prevent formation damage makes drilling more efficient. The increase in the demand for minerals has provided a major boost to mining activities in the Middle East and Africa, which has positively impacted the market demand for drilling fluids in the region. According to the Minerals Council of South Africa in 2021, the mining sector contributed 8.2% to the Gross Domestic Product (GDP), attracted over R575 billion in export earnings, and contributed R608 billion in total mineral sales. Furthermore, as per the “Exploration Strategy of South Africa” report issued by the Department of Mineral Resource and Energy in April 2022, it was stated that the South African government, the industry, academia, and other relevant social partners will put efforts to secure a minimum of 5% share in global mining exploration expenditure and increase mining contribution to the economy of South Africa in the next five years.
Company Products
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2021 | US$2.097 billion |
| Growth Rate | CAGR during the forecast period |
| Base Year | 2021 |
| Forecast Period | 2023 – 2028 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered | Fluid Type, Application, End-User, and Country |
| Regions Covered | Saudi Arabia, UAE, South Africa, Others |
| Companies Covered | African Drilling Fluids, AL MIHRAB, Blackstorm Energy LLC, Drilling Fluid Factory, GL Chemical FZE, Global Drilling Fluids & Chemicals Limited, Gumpro Drilling Fluids Pvt Ltd., MI Gulf Services, Petroblend, SINOMUD |
| Customization Scope | Free report customization with purchase |
Market Segmentation: