According to the research report titled ‘Drilling Fluids and Chemicals Market By Product Type; By Additive Type; By Regions, Segments & Forecast, 2018 - 2026‘, available with Market Study Report, global drilling fluids & chemicals market is anticipated to register a y-o-y growth rate of 8% during 2018-2026, subsequently accumulating USD 15.66 billion by the end of the forecast timeframe.
 

As per the findings of the report, increasing complexities in exploration of oil & gas, depletion of easily accessible oil reserves, and increasing lateral length of the wells are the major factors driving global drilling fluids & chemicals market growth.
 

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Moreover, development of chemical formulations that have low environmental impact such as biocides and biodegradable shale inhibitors are  poised to contribute significantly to global drilling fluids & chemicals industry expansion. However, rising concern regarding groundwater pollution and environmental impact are major challenges faced by the companies in this industry.
 

Furthermore, fluctuations in crude oil prices due to multiple economic restrictions have limited the desired profitability, thereby negatively impacting global drilling fluids & chemicals market outlook. Despite that, some of the E&P operators are breaking even, enabling them to explore reserves in cost-efficient ways, hence, benefitting the market expansion.
 

Speaking of the rising prevalence of COVID-19, the demand for drilling fluids has witnessed a sharp decline, but the activities and utilization of these fluids is expected to recover the market gains in coming years. Besides, increase in completion of wells is expected to enhance the growth prospects of global drilling fluids & chemicals industry.
 

Rise of unconventional drilling activities especially in North America is expected to drive the global oil industry, hence creating opportunities for global drilling fluids & chemicals market. Further, fluctuations in demand-supply balance as well as rising drilling activities in non-conventional hydrocarbon reserves are propelling the industry growth.  
 

Key players operating in global drilling fluids & chemicals market are NALCO Ltd., Clariant AG, DuPont, Inc., Croda International Plc, Solvay S.A., Kemira Oyj, Baker Hughes Co., Schlumberger Limited, Halliburton Corporation, Akzo Nobel N.V., BASF SE, Stepan Company, and The Lubrizol Corporation.