Drilling Fluid Market to Expand At 5.9% CAGR from 2018 - 2026
The global drilling fluids market was valued at US$ 6660.5 Mn in 2017 and is anticipated to expand at a CAGR of around 5.9% from 2018 to 2026 according to a new report titled ‘Drilling Fluids Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ by Transparency Market Research (TMR) . Rise in crude oil prices has encouraged oilfield operators to drill wells in offshore and onshore areas. This augments the need for drilling fluids. Drilling Fluids are Essential for Drilling Operations Drilling fluids play a crucial role in oil and gas exploration activities. These fluids are a mixture of water, oil, clay, and several chemicals. Drilling fluids are also known as drilling muds. These fluids perform numerous functions such as cooling the drill bit and lubricate its teeth, carrying the drill cutting to the surface, and reducing the drill pipe stuck problems. The mud maintains hydrostatic pressure to prevent the formation of fluids f...