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 surfac0e 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%.
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
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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