Drilling fluids are classified on the basis of their composition and their use s water based fluids, oil based fluids, and synthetic fluids, etc. They are used extensively in the oil and gas industry and for drilling of water wells. China has the largest market in the Asia-Pacific region due to a large number of wells. North America accounted for the largest share In the global drilling market and Is expected to grow at a much higher rate. One of the major factors driving the market for drilling fluids Includes the development of shale gas which promotes the use of horizontal drilling and hydraulic fracturing.
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Development of offshore fields is also helping the manufacturers to enervate higher revenues since the cost of oilfield chemicals for offshore fields Is much higher than the cost for onshore fields. Water based fluids will continue to dominate the market owing to their low cost compared to other types of drilling fluids. Moreover, they are easy to use and cause less environmental impact. Increase in global oil and gas prices will create the need for more drilling activities across the globe, which In turn Is expected to drive the demand over the next five to six years.