Market Analysis
The global drilling fluids market is valued at USD 13,454.5 million,
which is projected for the foreseen year 2023 at a registered CAGR of 7.03%.
The drilling fluids are now popular since an increase in oil and gas activities
across the globe. Drilling fluids are reliable and play a vital role in the
exploration process which is created by a mixture of water, oil, clay &
several chemicals to maintain cooling of the drill, lubrication of its teeth,
maintain stability in the drilling operation and reduction of stucking of drill
pipes.
Factors Driving the Global Drilling Fluids Market
The desire to increase energy consumption from various industries such
as power, transportation and manufacturing coupling with increased drilling
activities in hydrocarbon production has ignited the growth of the global
drilling fluids market till 2023. The global drilling fluids market is all set
to achieve unprecedented valuation due to drilling activities on the offshore
reserve along with the exploration of non-conventional shale gas reserves.
These will fuel the demand for drilling fluids in the foreseen years.
The developing global drilling fluids market has also seen an incredible
rise due to less CapEx and increasing investments in onshore activities and a
little collapse in prices if crude oil and gas during 2014-2016. Some of the
leading companies in the market are continuously engaged in designing and
planning for drilling fluids as per increasing demands. This has led the market
garner more and more investments to cover the decline of market share.
In drilling fluid industry, there are various types of drilling fluids
that are utilized in offshore and onshore oil and gas exploration. These are
oil-based fluids, water-based fluids, non-aqueous fluids, synthetic fluids, and
others. Of these, water-based fluids are widely preferred for usage, which
certainly holds the market to grow. Due to minimum toxicity level, these
liquids are extensively utilized for offshore drilling activities. Recently,
the trend has shifted towards the usage of synthetic fluids over oil-based
fluids due to high risk of environmental hazards and affecting flora and fauna
in significant ways.
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Market Segmental Analysis
The global drilling fluid market has segments based on type and
application.
Water-based drilling fluid tops the global drilling fluid market with a
share of 55.90% in 2016 on the market value of USD 4,706.6 Million. This is
projected to grow at the highest CAGR of 7.52% during the forecast period. The
water-based fluid is less expensive, requires less chemical treatment on
disposing of it. The alluring properties such as it being eco-friendly projects
the demand in the market.
Next comes, oil-based fluids that held the second largest market in 2016
with a valuation of USD 2,248.0 Million. This is projected to expand at a CAGR
of 6.66%. Oil based is preferred for creating greater depths while drilling,
thermal stability and reduced corrosion of grilling tools. These factors made the
global drilling fluids market upsurge at a higher level than previous years.
By application, onshore activity accounted the most significant market
share with 69.40% in 2016 and valuation of USD 5,843.2 million. This is
expected to expand at a CAGR of 6.80% during the forecast period. Whereas,
offshore activity has the second largest place by the application in 2016 with
a valuation of USD 2,576.4 Million. This includes deep-water drilling, shale,
and tight oil production and more as seen highly across the globe.
Regional Analysis
Geographically, the global drilling fluid market is segmented in the
region of North America, Europe, Asia-Pacific, Middle East & Africa.
The drilling fluids market is expected to see significant growth in the
North America region, owing to the increasing number of exploration activities
of shale gas. With the help of Government attributes and subsidies for the same
to enhance oil and gas production, India and China are also in the line of
boosting the demand of drilling fluids and the market in Asia-Pacific region.
Scope of the Report
This
study provides an overview of the global drilling fluids market, tracking two
market segments across five geographic regions. The report studies key players,
providing a five-year annual trend analysis that highlights market size, volume
and share for North America, Latin America Europe, Asia-Pacific (APAC) and
Middle East & Africa. The report also provides a forecast, focusing on the
market opportunities for the next six years for each region. The scope of the
study segments the global Drilling Fluids market by its concrete type,
application, end-use and region.
Global
Drilling Fluids Market, By Type
·
Water Based Drilling
Fluid
·
Oil-Based Drilling
Fluid
·
Synthetic Based
Drilling Fluid
Global
Drilling Fluids Market, By Application
·
Onshore
·
Offshore
Key Players
Ø
Schlumberger Limited
Ø
Halliburton Inc
Ø
Baker Hughes Incorporated
Ø
Newpark Resources Inc.
Ø
National Oilwell Varco.
Ø
Scomi Group Bhd
Ø
TETRA Technologies, Inc.
Ø
Canadian Energy Services & Technology Corp.
Ø
GEO Drilling Fluids, Inc.
Ø
Anchor Drilling Fluids USA, Inc.
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