Drilling Polymers Market Size To Reach $2,705.4 Million By 2030

Drilling Polymers Market Growth & Trends

The global drilling polymers market size is expected to reach USD 2,705.4 million by 2030, registering a CAGR of 3.5% over the forecast period, as per the new report by Grand View Research, Inc. 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. 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.

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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

Drilling Polymers Market Segmentation

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

Drilling Polymers Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Polyacrylamide

• Others

Drilling Polymers Technique Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Down The Hole (DTH) Drills/Rotary Air Blast (RAB) Drilling

• Diamond Drilling

• Top Hammer Drilling

• Reverse Circulation Drilling

• Others (Auger Drill, Calyx Drill, Rotary Drill)

Drilling Polymers End-use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Mining

• Oil & Gas

• Construction

• Others (Geothermal, Water Wells, Military Operations, etc.)

Drilling Polymers Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players in Drilling Polymers Market

• SINO MUD

• Baroid Industrial Drilling Products

• Baker Hughes, Inc.

• Halliburton, Inc.

• Chevron Corp.

• Schlumberger Ltd.

• Global Drilling Fluids and Chemicals Ltd.

• Global Envirotech

• Di-Corp