The global weighing agents market is forecast to register significant growth during the forecast period from 2022 to 2032. Escalating demand for energy fuels along with increasing investments in oil and gas exploration activities will continue to trigger the sales of weighing agents in the future.
Weighing agents are finely powered high specific gravity materials used extensively to increase fluid density, control formation pressures, facilitate the pulling of dry pipe and prevent formation caving. They have become essential materials adopted in oil and gas drilling activities.
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Utilizing drilling mud with unique composition and weighing agents has become an integral aspect of drilling operations in deep wells. Drilling mud is usually divided into two parts i.e., water-based mud and oil-based mud. The water-based mud consists of clay, weighing agents and other special chemicals in an aqueous phase.
Addition of weighing agents during oil and gas drilling activities helps to overbalance the fluid pressure which in turn helps in preventing the fluids from exerting the hydrostatic pressure on the exposed oil and gas reserves. Rising adoption of weighing agents for drilling purposes is providing a strong thrust to the growth of weighing agents market.
Various types of weighing agents such as hematite, barite calcium carbonate, Ilmenite etc. are being used in drilling activities. Among these, barite is one of the most commonly used weighing agents owing to its versatile properties such as high specific gravity, strong inertia and superior stability.
Which Factors are Responsible for the Robust Growth of Weighing Agents Market?
Surge in energy demands, innovations in weighing agent materials, and increasing oil and gas drilling activities are some of the major factors driving the global weighing agents market.
During the last few decades there has been a significant increase in the demand for energy resources due to the rapidly growing population, industrialization and rising sales of automotive. According to the U.S. Energy Information Administration (EIA), around 99.0 million b/d of petroleum and liquid fuels was consumed during January 2022 worldwide, an increase of 6.6 million b/d from January 2021. This in turn has prompted countries to facilitate their oil and gas production activities.
Government and other private organizations around the world are investing huge amounts on oil & gas drilling activities. This is generating sales prospects for weighing agents and the trend is likely to continue in the future.
Weighing agents such as barite, hematite and ilmenite are being increasingly added to drilling fluids to produce high-density fluids that can effectively help in drilling deep wells. They help the drilling mud to prevent the undesired influx of formation fluid (known as kick) and maintain sufficient bottomhole pressure (BHP). Rapid rise in onshore and offshore oil and gas projects coupled with increasing demand for shale gas worldwide is anticipated to boost the growth of weighing agents market during the forecast period.
Similarly, rising usage of various weighing agents in a multitude of applications including paints & coatings, pharmaceuticals and construction will further expand the size of weighing agents market in the future.
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What are the Challenges Faced by the Weighing Agents Industry?
Despite rising adoption of weighing agents, there are various factors that are challenging the growth of weighing agents market. Some of these restraining factors are the increasing environmental concerns regarding the disposal of drilling fluids and halt in oil and drilling activities due to geo political conflicts.
What makes North America a Prominent market for Weighing Agents?
Spurred by increasing onshore and offshore oil & gas drilling projects, the North American weighing agents market is poised to grow at a substantial pace during the forecast period.
Rapid industrialization and increasing penetration of automotive have created enormous demand for energy resources like oil and shale gas across countries like United States and Canada. In order to cater to this demand, new oil and gas exploration projections are being launched. This is providing the impetus to the growth of weighing agents market in the region.
Weighing agents like barite and hematite are being increasingly utilized across the majority of North America Countries. For instance, as per the U.S. Geological Survey (USGS), domestic sales of ground barite increased by 6% in 2021 in United States.
Rising fuel demand, expansion of oil and gas industry and growing adoption of certain weighing agents in multiple industries will continue to support the growth of weighing agents market across North America during the forecast period.
How is the Middle East and Africa (MEA) Contributing to Growth of the Weighing Agents Market?
According to Future Market Insights, Middle East and Africa led by Saudi Arabia and UAE, is anticipated to emerge as the most lucrative market for weighing agents due to increasing oil and gas drilling activities. The region is one of the leading exporters of oil and gas resources.
Demand for weighing agents has risen significantly in Saudi Arabia over the last few years. The country is one of the largest exporters of oil and gas resources to the world. As per the Worldometer, Saudi Arabia has proven reserve equivalent to 221.2 times its annual consumption and exports around 59% of its total oil production.
Various weighing agent manufacturers are establishing their bases in MEA region due to attractive market scenario and favorable government support.
Increasing investments in offshore oil and gas drilling projects in MEA regions is anticipated to push the sales of weighing agents during the forecast period.
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Market Competition
Some of the key participants present in the global weighing agents market include Baroid Industrial Drilling Products, Schlumberger Limited, Elkem ASA, Halliburton, Global Drilling Fluids and Chemicals Limited, Baker Hughes, Carmeuse, Imdex Limited, Di-Corp.
These key market players are increasingly focusing on product innovation to increase their sales and expand their business in lucrative markets including Asia and the Middle East. Besides this, they are forming strategic partnerships and collaborations with oil and gas drilling companies.