English Extended Distribution PR-Wirein Press Release Reportedtimes Research Newswire

Fluid Loss Additives Market Estimated to Grow at a CAGR of 3.5% During the Forecast Period 2022-2027

The Fluid Loss Additives Market size is expected to reach US$465.3 million by 2027 after growing at a CAGR of around 3.5% from 2022 to 2027. The fluid loss additive is a chemical that helps to control the fluid loss with filtration and retains various features of cement slurry such as compressive strength, viscosity, density, and thickening time. The aqueous-based liquid polymer is mixed with water before the preparation of cement slurry and used in drilling fluid operations, hydraulic fracturing fluids, and others. The fluid loss additive industry is expected to achieve high growth with the increasing crude oil production and shale oil and gas exploration projects. The fluid loss additive market is experiencing a major drive owing to high demand in crude oil, which is rising the growth in major onshore as well as offshore drilling operations. Furthermore, high demand in the petroleum sector and drilling operations across the world is leading to major growth opportunities for the fluid loss additive market.

Fluid Loss Additives Market Segment Analysis – By Type

By type, the synthetically modified natural additive segment has the largest share of more than 30% in 2021 and is expected to dominate the fluid loss additives market in the coming years. The synthetically modified natural additives are high in demand due to their excellent performance in extreme conditions, high pressure, and temperature. These are the natural additives that are modified using chemical reactions, thereby offering excellent performance in high temperatures and pressure in the good drilling and cementing functions in the petroleum oil sector. Furthermore, the low cost associated with this fluid loss additive is leading to high usage of the synthetically modified natural additives in the oil drilling sector. Moreover, Seadrill Ltd gets into a drilling agreement with Walter Oil & Gas in 2020, which included the positioning of the semi-submersible rig, adding up to USD 17 million to the backlog revenue. Thus, the growth for the synthetically modified natural additive segment is increasing with major use in the drilling operations and oil production during the forecast period.

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Fluid Loss Additives Market Segment Analysis – By Application

By application, the drilling fluids segment is expected to have a growing share of over 35% in 2021 and is expected to boost the fluid loss additives industry in the coming years. The drilling fluid applications are rising owing to the growing shale gas and shale oil productions. The fluid loss additives are used to prevent the loss of filtrate in good drilling. The drilling fluids are used in the cementing and drilling of the oil well and offer a cost-effective and efficient drilling function, thereby allowing target depth and low damage. Furthermore, the exploration and production activities are allowing high extensive activities for non-oil origins such as shale gas, coal-bed methane, and others. According to China National Petroleum Corporation (CNPC), the natural gas produced in China was up by around 130.5 billion cubic meters in 2020, showing an increase of 36% from the year 2015. The requirement of advanced technology in E&P activities such as hydraulic fracturing is fulfilled by various formulated drilling fluids that help maintain the wellbore stability, pump pressure, and avoidance of friction and corrosion. The acrylamide terpolymers have the heterocyclic ring and are beneficial in shear degradation and viscosity. Furthermore, rising oil production and exploration projects are boosting the use of drilling fluids, thereby creating growth in the fluid loss additives market in the coming years.

Fluid Loss Additives Market Segment Analysis- By End-Use Industry

By end-use industry, the petroleum drilling industry segment has the largest share of more than 30% in 2021 and is expected to grow the fluid loss additives market size in the forecast period. The growing consumption of petroleum-based products is influencing the growth scope for the fluid loss additives industry. The rising upstream activities in the oil and gas sector, majorly exploration and production are creating a drive in the fluid loss additives market. The fluid loss additives have major applications in the petroleum drilling sector. The fluids in the petroleum sector are expensive and extensive losses can create major issues, including resource scarcity, thereby boosting the fluid oil additives consumption. However, the growing shale gas and shale oil developments are leading to an increase in global petroleum drilling activities and oil production. According to data from Energy Information Administration, the offshore production for dry natural gas in 2020 was around 1 trillion cubic feet, with 71% production contributed by the Gulf of Mexico. Furthermore, crude oil production stood at 32.2 million metric tons for the year 2020 in India as per India Brand Equity Foundation. The high demand for crude oil in various sectors such as transportation, aerospace, and others is contributing to increased drilling and exploration activities across the world. This will offer a major growth opportunity in the fluid loss additives market in the forecast period.

Fluid Loss Additives Market Segment Analysis – By Geography

By geographical analysis, North America held the largest share of more than 37% in the fluid loss additives market for the year 2021 and will dominate the market during the forecast period. The rising development in shale oil and gas projects in this region is influencing major growth in this region. The United States is the largest natural gas-producing nation and has made various investments and contributions in drilling technology such as hydraulic fracturing, horizontal drilling, and others. This has led to high consumption of fluid loss additives in the drilling fluids. According to the United States Energy Information Administration (EIA), the production of crude oil increased from 10809 barrels per day in September 2021 to 11473 barrels per day in October 2021. The rising consumption of crude oil and natural gas in major areas such as Canada and the United States is creating a high demand for fluid loss additives in the North American region. Furthermore, with the rise in shale gas exploration projects and drilling operations, the fluid loss additives market share in North America is expected to increase during the forecast period.

Fluid Loss Additives Market Drivers

Increasing exploration and production activities

The high energy demand and increasing consumption of petroleum products is boosting the demand for oil production. The upstream sector is experiencing major opportunities, such as rising exploration and production projects and extraction. According to Energy Information Administration (EIA), the global consumption of liquid fuels and petroleum was averaged at 96 million barrels per day in 2021. To fulfill the consumption demand, various E&P projects are developed. Moreover, the government of India is supporting 100% foreign direct investments in the exploration and production segment. The shale gas exploration is adding to the increasing demand for fluid loss additives in well drilling operations. With the increasing exploration and production activities, to fulfill energy demand, the application and growth for fluid loss additives in oil wells and drilling will rise.

Growth in well drilling activities will drive the fluid loss additives market

The demand recovery for the oil and gas sector has boosted the growth opportunities for drilling activities. The onshore drilling activities have increased, with new technologies such as fracking and horizontal drilling in major nations such as the United States, China, and others. Good drilling uses drilling fluids with high densities to support pressure formation. Moreover, countries such as the Middle-East segment, Africa, and others are experiencing major growth in crude productions and oil and gas reserves. The high demand for oil extractions and natural gas is increasing the oil and gas well drilling activities across the world. With the growth in drilling projects, the fluids loss additives market is experiencing a major drive, owing to its use in drilling for fluid loss prevention and corrosion prevention.

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Fluid Loss Additives Market Challenges

Harmful environmental impacts of fluid loss additives and drilling

The increasing demand for crude oil has led to high drilling operations. However, there are various environmental risks associated with such projects and the use of fluid additives that are toxic to the environment. The fluid loss additives create severe environmental damage, whether it be land or sea. Furthermore, high drilling cost is associated with drilling fluids. Various biodegradability issues have occurred as the majority of fluid loss additives fall under non-biodegradable materials. These additives include polyamide, potassium sulfate, potassium chloride, and others. The United States Environmental Protection Agency specifies Oil Pollution Act and other oil spills prevention regulations. Furthermore, the adoption of renewable sources may also hinder the growth of oil drilling sectors, thereby creating a major challenge for drilling fluids and the overall fluid loss additive industry.

Fluid Loss Additives Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies that are adopted by the dominant players in the fluid loss additives market. The major fluid loss additives top 10 companies include:

  • BASF SE
  • Newpark Resource Inc.
  • Halliburton
  • Global Drilling Fluid and Chemicals Limited
  • Tytan Organics
  • Nouryon
  • Solvay
  • Schlumberger Limited
  • Clariant
  • Kemira OYJ

Recent Developments

  • In February 2022, Kemria launches biomass balanced poly acrylamide polymer. The polymer is water solube and is ideal for water-intensive industries, paper, and energy industries.
  • In October 2019, the Drilling Fluids Technologies (DFT) acquired the Aphron Invasion Control System (AphronICS) micro-bubble drilling fluid system. This acquisition will offer rheology engineered for the minimal fluid loss and borehole stability.
  • In January 2019, Nouryon expanded the activity by signing an agreement with the SulNOx Group, a leading specialist in additives and emulsifications for hydrocarbon fuels. The agreement aimed to offer help to the customers in formulating the fuels.

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Key Takeaways

  • The rise in drilling fluid application is creating a major drive in the fluid Loss additives market owing to a rise in drilling activities and usage in bore wells, oilfields, and others.
  • The North American region is expecting major growth in the fluid loss additive industry is owing to the rise in shale oil and shale gas exploration activities, along with high crude oil generation in this region.
  • The growth in oil exploration and production projects is influencing a major drive in the fluid loss additives industry. Along with that, high investment and development in the oil and gas sector are anticipated to offer major growth prospects in the market.

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Tags:
PR-Wirein, Reportedtimes, Extended Distribution, Research Newswire, English

Contact Information:

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677

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