The fluid additives market was worth USD 305 million in 2022 and is estimated to rise at a CAGR of 6.4% over the foreseen period to reach USD 355 million by 2028.
The global fluid additives market is estimated to rise at a CAGR of around 3.2% throughout the foreseen period. The increase in oil & gas drilling activities around the world promotes growth in the fluid additives business. Drilling operations are growingly getting deeper, chemically harsher, hotter, and more costly. As a result, operators require effective and proven technology to work in such strict mud systems. The loss of liquid to reservoir formation carries a high risk of permeability damage. To solve these problems, fluid loss control additives are used. Fluid additives are mainly employed to maintain a stable fluid volume within a slurry of cement to make sure that the performance properties of the slurry remain within a reasonable range. Different kinds of additives are present in the market for controlling fluid loss. In recent times, the American Petroleum Institute studied graphene oxide as an additive, and it performed well as a filtration additive in water-based drilling fluids at low concentrations. Due to environmental demands in the oil and gas market to avoid the destruction of coastal habitats and marine resources, environment-friendly fluid additives have become a basic need.
Fluid Additives Market Trends:
The fluid loss additives market is expected to grow during the forecast period owing to the improvement in the quality of fluid loss additives associated with the increase in crude oil production. The increasing exploration for shale gas has fueled the growth of the fluid loss additives market. Gasoline is the leading application of fluid additives in terms of market share. Gasoline engine fuels and technologies are constantly evolving and presenting new challenges. Growth in the consumption of gasoline additives largely reflects engine design requirements and the evolution of refinery operations. In addition, the cost of additives is less than 0.3% of the average retail price of gasoline. The growing popularity of new fuel delivery systems such as the Gasoline Direct Injection (GDI) system is likely to increase the demand for fuel additives. Port injection fuel delivery systems were the norm. However, new gasoline direct injection or GDI technology is becoming standard equipment in many new cars, especially high-performance vehicles. In this innovative fuel delivery system, the injector is positioned in the combustion chamber, which improves combustion for better performance, better gas mileage, and lower emissions. Deposits in GDI systems are extremely difficult to remove and require more fluid additives. The market penetration of gasoline direct injection (GDI) engines is increasing rapidly, which is essential to driving the market demand for gasoline fluid additives significantly.
Recent Developments in the Fluid Additives Market:
Drivers and Restraints in the Fluid Additives Market
Environmental safety concerns and pertaining rules are contributing to the rise in the call from the oil & gas drilling business. The petroleum market is encouraging research on drilling fluids and additives, like non-toxic viscosity reducers and fluid loss additives. These factors are estimated to fuel call and drive the global fluid additives market over the forecast period. Furthermore, surging oil & gas drilling activities, supported by the rising call for end-products and increasing investments in the oil & gas projects, are also slated to push the call for fluid additives over the foreseen period. Increasing exploration of shale gas and production of crude oil are the major factors that are boosting the expansion of the global fluid additives market.
Growth and development of technology have allowed more exploration activities to be carried out for non-oil sources like coal-bed methane, shale gas, and different untraditional resources. These exploration and production activities need developed technologies like multi-stage hydraulic fracturing of horizontal wells. These tasks are accomplished with the help of various formulated drilling fluids which assist in the maintenance of pump pressure, and wellbore stability, avoiding corrosion and friction and eliminating & transport cuttings.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2021– 2026 |
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Base Year |
2021 |
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Forecast Period |
2022 - 2027 |
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CAGR |
6.4% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
Halliburton (US), Schlumberger Limited (US), Newpark Resources Inc. (US), Solvay (Belgium), BASF SE (Germany), Clariant (Switzerland), Global Drilling Fluid and Chemicals Limited (India), Tytan Organics (India), Nouryon (US), Kemira OYJ, Schlumberger Limited Chevron Phillips, DoW Chemical, Innospec Inc., Tetra Technologies. |
Fluid Additives Market-By Type:
Synthetically modified natural additives
Synthetic additives
Natural additives
Synthetically altered natural additives sector of the global market for fluid additives is estimated to showcase the highest development on the basis of value and quality. The global demand for synthetically altered natural additives is very high, which will fuel its expansion in the coming years.
Throughout the foreseen period, the drilling fluid sector is estimated to lead the market for fluid additives. These fluid additives are considered as a significant element employed during good drilling to avoid loss of filtrate.
The Fluid Additives market Report includes the segmentation of Regions:
North America is expected to account for the largest loss-of-fluid additives market share during the forecast period, in terms of value. Countries in North America, particularly the United States, are one of the largest producers of crude oil and have invested heavily in unconventional drilling technologies such as horizontal drilling and hydraulic fracturing, where additives for fluid loss have an important role to play. Additionally, the increasing exploration for shale gas in the United States is driving the North American fluid waste additives market. The United States is one of the fastest-growing economies and has grown into one of the largest production houses in the world today.
The impact of COVID-19 has affected in such a way that the demand for industrial fluids in almost all of these major industries in the United States has remained stable or decreased due to better fluid management and product usage. The Grand Lockdown recession in 2020 is expected to exacerbate declines in most end-use industries. The country's economic slowdown is expected to affect production, disrupt supply chains and markets, and have a depreciating impact on businesses and financial markets. Another factor that can potentially have a negative impact on industrial productivity in the United States is the ongoing trade war between the United States and China. Unfavorable trade tariffs can reduce exports of goods from the United States, as well as imports of raw materials from China, thereby affecting manufacturing industries. The year 2020 also saw a drastic drop in global liquid prices, which fell almost 30% in April.
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