Market Highlights
Drilling
fluid is the mixture of water, oil caly, & various chemicals. Drilling
fluid is also called as drilling mud. Drillling Fluids plays a crucial role in
oil and gas exploration activities. While drilling it perform varioys functions
such as mud cools the drill bit and lubricate its teeth, it carries the drill
cutting to surface and eliminate the drillpipe stuck problem. Mud maintain the
hydrostatic pressure to prevent formation fluids from entering into the well
bore. New oil reserves discoveries across the globe and increasing shale gas
activities in U.S. driving the growth of the market. Recently, US Geological
Survey Agency estimated that, the Bossier and Haynesville Formations, on and
offshore along with the U.S. Gulf Coast contains 4 billion barrels of oil,
304.4 trillion cubic feet of natural gas, and 1.9 billion barrels of natural
gas liquids. Hence, in the coming years, shale gas drilling in the U.S. is
increase significantly, which ultimately increases the demand of drilling
fluids. However, stringent government regulations for drilling operations may
hamper the growth of the market.
Hence,
drilling fluids market is expected to reach a market size of USD 69.9 million
by the end of the forecast period at CAGR of 14.05%.
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.
Market Research
Analysis
Based on type, water based drilling fluid accounted for the largest
market share of 55.90% in 2016, with a market value of USD 4,706.6 Million and
is projected to grow at the highest CAGR of 7.52% during the forecast period.
Water-based fluids (WBF) are the most commonly used drilling fluid systems.
This fluid system is less expensive, requires less chemical treatment before
disposal, and their eco-friendly properties are anticipated to fuel the demand
of water based fluids during the forecast period. Oil based fluid was the
second-largest market in 2016, valued at USD 2,248.0 Million in 2016; it is
projected to grow at a CAGR of 6.66%. In oil based fluids, oil is in continuous
phase. Oil-based muds are better for greater depths or in directional or
horizontal drilling, which place greater stress on the drilling apparatus.
Based on application, onshore accounted for the largest market share of
69.40% in 2016, with a market value of USD 5,843.2 Million and is projected to
grow at a CAGR of 6.80% during the forecast period. Offshore was the
second-largest market in 2016, valued at USD 2,576.4 Million in 2016; it is
projected to grow at the highest CAGR of 7.53%.
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
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