DUBLIN , Dec. 20, 2023 /PRNewswire/ — The “Global Drilling Lubricants Market Size, Share & Trends Analysis Report by Technique (Down The Hole Drills/Rotary Air Blast Drilling, Diamond Drilling), End-use (Mining, Oil & Gas), Region, and Segment Forecasts, 2024-2030″ report has been added to ResearchAndMarkets.com’s offering.
The global drilling lubricants market size is expected to reach USD 3.4 billion by 2030, according to the report. The market is expected to expand at a CAGR of 3.8% from 2023 to 2030. The growth is majorly driven by the growing demand for the product from the oil and gas industry across the globe. The product is used to reduce friction between the drill bit and rock formation and to improve the drilling performance by reducing friction, wear, and heat in the oil and gas industry.
The product is critical to the success and safety of drilling operations in several industries including the oil and gas, mining, and construction industry. It is also used in the water well industry to create wells that provide drinking water for communities and agriculture and in the geothermal industry to extract hot water and steam from beneath the earth’s surface to generate electricity. Additionally, environmental industry uses it for site investigation, soil and groundwater sampling, and remediation of contaminated sites while military uses it for a variety of purposes, such as creating underground tunnels and bunkers, and constructing missile silos.
Asia Pacific is expected to expand at the highest CAGR over the forecast period owing to a significant growth in the product demand in recent years, driven by the increasing demand for energy and the growth of drilling activities in the region. Many countries in the Asia Pacific region, including China, India, Indonesia, and Malaysia, have increased their oil and gas exploration activities in recent years. This is predicted to drive the market growth over the forecast period.
Drilling Lubricants Market Report Highlights
- In 2023, the diamond drilling segment emerged as the dominant technique by contributing over 30% of the revenue share. This is attributed to the maximum geological information obtained from the technique
- Oil and gas was the dominant end-use segment accounting for a revenue share of around 36% in 2023 owing to the growing oil and gas industry due to the rising need for fuel across the globe
- The Asia Pacific is projected to dominate the market over the predicted years owing to the expected growth in the number of oil and gas refineries in the region in the coming years
Companies Profiled
- Imdex
- SINO MUD
- Baroid Industrial Drilling Products
- Baker Hughes
- Halliburton
- Chevron
- Schlumberger
- Total
- FUCHS
- Global Drilling Fluids and Chemicals
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 Lubricants Market: Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Global Lubricants Market Outlook
3.2 Industry Value Chain Analysis
3.2.1 Raw Material Trends
3.2.2 Manufacturing/Technology Trends
3.2.3 Sales Channel Analysis
3.3 Price Trend Analysis, 2018 – 2030
3.3.1 Factors Affecting Prices
3.4 Regulatory Framework
3.5 Market Dynamics
3.6 Business Environment Analysis
Chapter 4 Drilling Lubricants Market: Supplier Portfolio Analysis
4.1 List Of Key Raw Material Suppliers
4.2 Raw Material Trends
4.3 Portfolio Analysis/Kraljic Matrix
4.4 Engagement Model
4.5 Negotiation Strategies
4.6 Sourcing Best Practices
Chapter 5 Drilling Lubricants Market: Technique Estimates & Trend Analysis
5.1 Technique Movement Analysis & Market Share, 2023 & 2030
5.1.1 Down The Hole Drills / Rotary Air Blast Drilling
5.1.2 Diamond Drilling
5.1.3 Top Hammer Drilling
5.1.4 Reverse Circulation Drilling
Chapter 6 Drilling Lubricants Market: End-use Estimates & Trend Analysis
6.1 End-use Movement Analysis & Market Share, 2023 & 2030
6.1.1 Mining
6.1.2 Oil & Gas
6.1.3 Construction
Chapter 7 Drilling Lubricants Market: Regional Estimates & Trend Analysis
Chapter 8 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/1vmykj
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SOURCE Research and Markets
