Drilling Fluids Market Forecast to 2023:
Market research future published a cooked research report on Global Drilling Fluids Market that contains the information from 2017 to 2023. Global drilling fluids market is expected to grow with the CAGR of approximately 7.03% from 2017 to 2023.
Drilling fluids plays a crucial role in oil and gas exploration activities. Drilling fluids are also called as drilling mud. Mud perform various functions while drilling such as cool the drill bit and lubricate its teeth, carries the drill cutting to surface, maintain the hydrostatic pressure in the borehole and others. Increasing investment in oil exploration activities driving the growth of the market. For example, recently oil giant BP has unveiled its plan to continue investing in new exploration activities in its Gulf of Mexico production platforms, Atlantis, Na Kika, Thunder Horse and Mad Dog. However, high capital cost for drilling may hamper the growth of the market. Recently, offshore oil and gas exploration activities in the Gulf of Mexico region and other regions around the world are increasingly moving towards deepwater ocean regions. The deepwater oil field development generally occurs in the form of high-risk, and long-duration drilling project, which make them highly expensive.
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- Schlumberger Limited
- Halliburton Inc.
- Baker Hughes Incorporated
- Newpark Resources Inc.
- National Oilwell Varco
- Scomi Group Bhd
- TETRA Technologies, Inc.
- Canadian Energy Services & Technology Corp.
- GEO Drilling Fluids, Inc.
- Anchor Drilling Fluids USA, Inc.
This research report provides insights, on various levels of analysis such as industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the Drilling Fluids market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
On the basis of region, Drilling Fluids Market is dominated by North America. North America accounted for the largest market share of 340.78% in 2016, with a market value of USD 2,955.3 Million and is projected to grow at a CAGR of 7.47% during the forecast period. The development in drilling technologies such as horizontal drilling and hydraulic fracturing have unlocked vast hydrocarbon reserves in the region. This has enabled oil and gas companies in the region to innovate to the point, where they can perform the drilling activities profitably. The U.S. accounts for the largest market share in the North American region with advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects.
Middle East & Africa was the second-largest market in 2016, valued at USD 1,886.0 Million in 2016; it is projected to grow at a CAGR of 6.22%. In this region, Saudi Arabia and UAE, are the biggest oil and gas exporters and are planning on further expanding their oil and gas production infrastructure. The region has well established hydrocarbon reserves and more investment is made to explore potential new reserves.
Latin America is projected to grow at the highest CAGR of 8.19%. In Latin America, substantial oil and gas discoveries have taken place in the offshore regions of Rio de Janeiro, Perla Field in Gulf of Venezuela and in the Gulf of Mexico regions.
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