The North America drilling fluids market was valued at US$2.43 billion in 2021.
Drilling fluids are designed to perform various functions, including stabilizing the borehole, cooling and lubricating the drill bit, and controlling the pressure. The main types of drilling fluids include water- and oil-based, used in the oil & gas and mining sectors to facilitate the drilling process. The North American region has vast oil & gas reserves and a diverse mining industry in which drilling fluids are essential to ensure efficient and safe drilling operations. The growing production and consumption of oil & gas in the region is expected to propel the market growth.
Rising oil and gas production will accelerate the growth of the drilling fluids market in North America.
North America is one of the largest producers of oil and gas, and to meet this demand, investments in drilling activities have increased over the years. Drilling fluids are critical in the oil and gas industry as they help maintain the borehole's stability, control pressure, cool and lubricate the drill bit, and carry drill cuttings to the surface. The efficient and safe drilling of oil and gas wells relies heavily on effective drilling fluids. The rising production of oil & gas in North America will boost the demand for drilling fluids. In 2022, the US Energy Information Administration projected that crude oil production in the USA would rise to 11.79 million barrels per day (bpd) in 2022 and 12.63 million bpd in 2023 from 11.25 million bpd in 2021. According to EIA, in 2022, with a 7% increase from 2021, the United States exports of petroleum products reached a new high. This shows that drilling fluids have great demand in North America.
Growing mining activity is expected to boost the North American drilling fluids market growth.
The North American region has many minerals, including gold, iron ore, and copper. The increasing demand for these minerals from various end-users is driving the growth of the mining industry in the region. Mining activities require drilling fluids as they help reduce the friction and heat generated during the drilling process, preventing damage to the drill bit. The increase in mining activities in North America is projected to boost the demand for drilling fluid in the region. According to the United States Geological Survey (USGS) report in 2020, approximately 86.3 billion minerals were produced by U.S. mines in 2019, more than 2 billion greater than the finalized output figures for 2018. According to American Mine Services, in 2020, the mined resources, including gold, copper, iron ore, and others, led to an estimated $82.3 billion in value for the mining sector in the US.
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$2.43 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 |
USA, Canada, Mexico |
| Companies Covered | AES Drilling Fluids, American Gilsonite Company, Baker Hughes Company, CES Energy Solution, Global Drilling Fluids & Chemicals Limited, Halliburton, National Energy Service Reunited Corp, Newpark Resource Inc., Tetra Technologies Inc., Weatherford International |
| Customization Scope | Free report customization with purchase |
Market Segmentation: