Global Fluid Loss Additives Market To Be Driven By Increasing Production Of Crude Oil And The Exploration Of Shale Gas In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Fluid Loss Additives Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global fluid loss additives market, assessing the market based on its segments like type, application, and regional market among others.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): 313.50 million USD
- Forecast CAGR (2023-2028): 4.5%
The increasing production of crude oil and shale gas exploration are responsible for driving the global fluid loss additives market. While North America dominates the business, Asia Pacific is quickly becoming a key player. The United States is the world’s largest producer of crude oil, and increased shale gas development in the region is boosting the fluid loss additives sector in North America.
Exploration for sources other than oil, such as shale gas, coal bed methane, and unconventional resources, has become possible because of technological advancements. Multistage hydraulic fracturing of horizontal wells is one of the advanced technologies required for these activities. Various designed drilling fluids are used to keep the wellbore stable, pump pressure, minimise friction and corrosion, and remove and convey cuttings.
Industry Definition and Major Segments
Fluid loss additives, also termed as fluid loss control additives or filtrate reduction agents, are chemical additives that are used to regulate the flow of fluids through a permeable zone produced in drilling and well-operating systems. Due to the loss of fluids, undesirable changes in set time, viscosity, mud displacement, and ultimate compressive strength occur. Furthermore, the loss of fluids during the petroleum production process results in a financial loss.
The need for fluid loss additives in the oil and gas sector is projected to rise as a result of these causes. Fluid loss additives assist operators in preserving essential properties of cement slurries such as viscosity, thickening time, density, and compressive strength development. Fluid loss additives are also utilised to minimise fluid loss through filtering in the formation. A chemical additive is a substance that is added to a product to change its characteristics.
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On the basis of Type, fluid loss additives market is segmented into:
- Synthetically Modified Natural Additives
- Synthetic Additives
- Natural Additives
Based on the Application, fluid loss additives market is divided into:
- Drilling Fluid
- Cement Slurry
The major regional markets of fluid loss additives market are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The growing demand for drilling fluids and cement slurry is driving the worldwide fluid loss additives market. The sector benefits even more from rising crude oil production. Another reason driving demand for the commodity is technical advancements that allow for the discovery of various sources, such as coal bed methane or shale gas. The rich development prospects given by nations like India, China, the United States, and Germany are boosting the industry’s expansion. Due to strong demand, the synthetically modified natural additives market is projected to develop at a quicker rate. Because of growing shale gas exploration and significant expenditures on unconventional drilling technology in the United States, North America leads the industry.
Key Market Players
The major players in the market are Halliburton, Nouryon, Newpark Resources Inc. (NYSE: NR), Kemira Oyj (HEL: KEMIRA), Clariant (SWX: CLN), Solvay, Tytan Organics Pvt. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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