PUBLISHER: Grand View Research | PRODUCT CODE: 1404760
PUBLISHER: Grand View Research | PRODUCT CODE: 1404760
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.