Dublin, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The "Drilling Polymers Market Size, Share & Trends Analysis Report By Technique (DTH Drills, Diamond Drilling, Top Hammer Drilling), By End-Use (Oil & Gas, Mining, Construction), By Type, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering. The global drilling polymers market size is expected to reach USD 2,705.4 million by 2030, registering a CAGR of 3.5%
The industry growth is majorly driven by the increasing demand from end-use industries, such as mining, construction, oil & gas, and geothermal. Drilling polymers are chemical additives that are mixed with water or oil to improve the efficiency and effectiveness of drilling operations in the oil and gas industry. Rock Well Drilling
These polymers are added to the drilling fluid to enhance its viscosity, stability, and carrying capacity, which helps reduce friction between the drill bit & the borehole, increase penetration rates, and protect the equipment from wear & damage.
These are available in a range of types and formulations to meet specific requirements and are used extensively in various phases of drilling, completion, workover, and production of oil and gas wells. One of the key benefits of using the product is its ability to reduce viscosity and improve the flow rate of the drilling fluid.
This makes it easier for the fluids to penetrate rock formations, reducing the amount of time and energy required to drill through them. In addition, the product can help minimize the formation of scale and slime in the wellbore, reducing the risk of formation damage and improving overall well performance. The diamond drilling technique segment dominated the global market with a revenue share of over 22% in 2022. This is attributed to the fact that diamond bits are capable of efficiently drilling through hard and abrasive materials, including rock formations, without losing their sharpness or integrity. This makes them ideal for exploratory, geotechnical engineering, and mineral exploration applications.
Asia Pacific dominated the global industry with a revenue share of around 39% in 2022. This growth is due to the growing mining and construction activities in the region. For instance, according to the India Brand Equity Foundation, the mineral demand in India is anticipated to increase by 3% and steel by 10% in 2023 due to the government's focus on infrastructural development and the overall economic growth of the country. Drilling Polymers Market Report Highlights
The global market is estimated to advance with a CAGR of 3.5% from 2023 to 2030 due to the increasing oil & gas exploration and metal & mineral mining activities across the globe
The polyacrylamide type segment dominated the market with a revenue share of over 69% in 2022. This growth is attributed to its ability to improve the viscosity and stability of the drilling fluid, enhance its carrying capacity, and reduce friction between the drill bit and the borehole
Polyacrylamide is a water-soluble polymer that readily binds with water molecules, forming a gel-like substance that can effectively carry drill cuttings to the surface and minimize damage to the drilling equipment
In addition, it is adaptable to different types of drilling operations and reservoir conditions, making it a versatile and commonly used polymer
The oil & gas end-use segment dominated the industry in 2022 with a revenue share of 35.9%. This growth is due to the high demand for oil & gas owing to rapid industrialization and urbanization, which resulted in a rise in drilling activities in the oil & gas industry
Company Profiles (Business Overview, Financial Performance, Product Benchmarking)
Global Drilling Fluids and Chemicals Limited
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2030
Key Topics Covered: Chapter 1 Methodology and Scope Chapter 2 Executive Summary 2.1 Market Snapshot 2.2 Segment Snapshot 2.3 Competitive Landscape Snapshot Chapter 3 Drilling Polymers Market Variables, Trends & Scope 3.1 Market Lineage Outlook 3.1.1 Parent Market Outlook 3.2 Industry Value Chain Analysis 3.2.1 Raw Material Analysis 3.2.2 Technology Trends Analysis 3.2.3 Sales Channel Analysis 3.3 Regulatory Framework 3.4 Market Dynamics 3.4.1 Market Driver Analysis 3.4.2 Market Restraint Analysis 3.4.3 Market Challenge Analysis 3.4.4 Market Opportunity Analysis 3.5 Price Trend Analysis, 2018 - 2030 3.6 Business Environment Analysis 3.6.1 Industry Analysis - Porter 3.6.2 Pestel Analysis Chapter 4 Drilling Polymers Market: Type Estimates & Trend Analysis 4.1 Type Movement Analysis & Market Share, 2022 & 2030 4.1.1 Polyacrylamide 4.1.1.1 Drilling Polymers Market Estimates & Forecast And Trend Analysis, By Polyacrylamide, 2018 - 2030 (Kilo Tons) (USD Million) 4.1.2 Others Chapter 5 Drilling Polymers Market: Technique Estimates & Trend Analysis 5.1 Technique Movement Analysis & Market Share, 2022 & 2030 5.1.1 Down The Hole Drills (DTH)/ Rotary Air Blast Drilling (RAB) 5.1.2 Diamond Drilling 5.1.3 Top Hammer Drilling 5.1.4 Reverse Circulation Drilling 5.1.5 Other Techniques Chapter 6 Drilling Polymers Market: End - Use Estimates & Trend Analysis 6.1 End - Use Movement Analysis & Market Share, 2022 & 2030 6.1.1 Mining 6.1.1.1 Drilling Polymers Market Estimates & Forecast And Trend Analysis, By Mining, 2018 - 2030 (Kilo Tons) (USD Million) 6.1.2 Oil & Gas 6.1.3 Construction Chapter 7 Drilling Polymers Market: Regional Estimates & Trend Analysis 7.1 Drilling Polymers Market: Regional Outlook Chapter 8 Drilling Polymers Market - Competitive Landscape 8.1 Company Categorization 8.2 Financial Performance 8.3 Product Benchmarking 8.4 Company Heat Map Analysis 8.5 List Of Key End - Users 8.6 Strategy Mapping 8.6.1 Expansion 8.6.2 Mergers & Acquisitions 8.6.3 Partnership 8.6.4 Research & Development
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