Drilling Lubricants Market Size, Share & Trends Analysis Repot, 2030


 

Drilling Lubricants Market Growth & Trends

The global drilling lubricants market size is expected to reach USD 3.4 billion by 2030, as per the new report by Grand View Research, Inc. 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.

Request a free sample copy or view report summary: https://www.grandviewresearch.com/press-release/global-drilling-lubricants-market

Drilling Lubricants Market Report Highlights

  • In 2022, 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 2022 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

Drilling Lubricants Market Segmentation

Grand View Research has segmented the global drilling lubricants market on the basis of technique, end-use, and region:

Drilling Lubricants Technique Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Down The Hole Drills (DTH)/ Rotary Air Blast Drilling (RAB)
  • Diamond Drilling
  • Top Hammer Drilling
  • Reverse Circulation Drilling
  • Other Techniques

Drilling Lubricants End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Mining
  • Oil & Gas
  • Construction
  • Others

 

Regional Insights

The Asia Pacific was the dominating region and accounted for a revenue share of over 40% in 2022. The growth is attributed to the rapid growth of several end-use industries including oil and gas and construction industry in the region. According to the International Energy Agency, the number of refineries in Asia is expected to increase by 60% by 2050. Additionally, the demand for oil in the region is predicted to rise by 9 million barrels per day by 2040.

According to the Government of Canada, China has around 1,500 major mining operations and produces over USD 400 million per year. The country has around 40,000 mines. 1,254 mining companies have been listed on the national green mine directory as of 2021. China has 163 proven reserves in minerals and has discovered around 173 minerals. The flourishing mining industry in the country is expected to drive the product demand in the country over the predicted years.

Europe accounted for a revenue share of over 18.0% in 2022. The construction industry in Europe is among the largest sectors in the region and accounts for around 9% of the total GDP. The construction industry in the region is also embracing digitalization and innovation to improve efficiency, reduce costs, and minimize environmental impact. This includes the use of Building Information Modelling (BIM), 3D printing, and other digital technologies. This is expected to boost the construction industry thereby having a positive impact on the market in the coming years.

List of Key Players of Drilling Lubricants Market

  • Imdex Limited
  • SINO MUD
  • Baroid Industrial Drilling Products
  • Baker Hughes, Inc.
  • Halliburton, Inc.
  • Chevron Corporation
  • Schlumberger Limited

Browse Full Report: https://www.grandviewresearch.com/press-release/global-drilling-lubricants-market

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