GCC Drilling Fluids Market Overview and Insights:
According to Markntel Advisors Report, GCC Drilling Fluids Market is projected to grow at a CAGR of around 5.9% during the forecast period, ie, 2023-28.
GCC Drilling Fluids Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
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Industry Growth Driver:
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.
What is Included in GCC Drilling Fluids Market Segmentation?
The report has segmented the market into the following categories:
By Fluid System
- Water-based- Market Size & Forecast 2018-2028, USD Million
- Oil-based- Market Size & Forecast 2018-2028, USD Million
- Synthetic-based- Market Size & Forecast 2018-2028, USD Million
- Others (Air, foam, etc.)- Market Size & Forecast 2018-2028, USD Million
High thermal instability of oil-based drilling fluids is a key factors driving the revenue growth of the market from this segment in GCC. Additionally, some oil & gas formations in the GCC region contain reactive shales or clay-rich formations that can swell and destabilize when exposed to water-based fluids. Owing to this, oil exploration companies increasingly use oil-based Drilling Fluids to minimize the interaction with these formations and reduce the risk of wellbore instability.
By Application
- Offshore- Market Size & Forecast 2018-2028, USD Million
- Onshore- Market Size & Forecast 2018-2028, USD Million
By Well Type
- Conventional Well- Market Size & Forecast 2018-2028, USD Million
- High Pressure and High Temperature (HPHT)- Market Size & Forecast 2018-2028, USD Million
By Competition
- Market Share of Top Companies
By Country
- The UAE
- Saudi Arabia
- Bahrain
- Oman
- Qatar
- Kuwait
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Who are the Key Players Operating in the GCC Drilling Fluids Industry?
The top companies of the GCC Drilling Fluids market ruling the industry are:
- 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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FAQs (Frequently Ask Questions)
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- Which geographical area dominates the GCC Drilling Fluids industry?
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