According to a recent market research report published by Transparency Market Research, the global drilling fluid market is estimated to expand at a CAGR of 8% during the period between 2012 and 2018. The report, titled “Drilling Fluids Market - Global Industry Analysis, Size Share, Growth, Trends and Forecast, 2012 - 2018,” projects the global drilling fluid market to reach a valuation of US$12.31 bn by 2018. The overall market was worth US$7.20 bn in 2011.
Browse the full Drilling Fluids (Oil-Based Fluids, Synthetic-Based Fluids and Water-Based Fluids) for Oil and Gas (Offshore & Onshore) Market - Global Industry Analysis, Size Share, Growth, Trends and Forecast, 2012 – 2018 report at http://www.transparencymarketresearch.com/drilling-fluid-market.html
Drilling fluids, also known as drilling mud, are extensively used during drilling oil and natural gas wells. These fluids facilitate the drilling process by controlling pressure, suspending cuttings, providing buoyancy, stabilizing exposed rock, and lubricating and cooling.
Rise in oil drilling activities and focus towards deep sea reserves have propelled the growth of the global drilling fluids market. The increasing exploration of shale gas, coal bed methane, and other unconventional resources, along with the implementation of horizontal drilling, will further augment the growth of the market during the forecast period. However, the growing concerns regarding the environmental impact of drilling fluids, especially oil based fluids, will hamper the market’s growth. The emergence of nanotechnology for developing drilling fluids will open new opportunities for the growth of the market in the near future.
On the basis of product type, the report segments the global drilling fluids market into synthetic based fluids (SBFs), oil based fluids (OBFs), and water based fluids (WBFs). In 2012, water based fluids emerged as the leading product segment with 55% market share. Owing to their minimum toxicity, WBFs are widely used for offshore drilling. During the forecast horizon, the WBF segment is estimated to register a CAGR of 8.5%. While OBFs operate efficiently, they carry the maximum risk of environmental hazards. Hence, the demand for SBFs is expected to surge in the near future. SBFs contain attributes of both WBFs and OBFs.
The report studies the global drilling fluids market across Europe, North America, the Middle East and Africa, and Asia Pacific. In 2012, North America was the leading region in the market and accounted for over 55% of the market. The growing exploration of shale gas across Canada and the U.S. is anticipated to drive the demand from this regional market in the coming years. During the forecast horizon, Central and South America is projected to register the fastest growth in the market at a CAGR of 9.5% due to enhanced drilling activities in offshore of Venezuela and Brazil. In China and India, government support in the form of tax subsidies to E&P companies will encourage oil and gas production, thereby fuelling the demand for drilling fluids.
Describing the competitive hierarchy, the report profiles some of the key players in the global drilling fluids market such as Baker Hughes, Anchor Drilling, Canadian Energy Services, Halliburton, China Oilfield Services Limited, Schlumberger Technology Corporation, Newpark Drilling Fluids, and Weatherford International. The four leading companies held over 65% of the market in 2012.The report provides information about business strategies, financial overview, and company overview of the key players and with the help of SWOT analysis, assesses the future growth opportunities for the players.
Global Drilling Fluids Market has been segmented as:
Drilling Fluids Market: Product Segment Analysis
- Oil Based Fluids (OBFs)
- Synthetic Based Fluids (SBFs)
- Water Based Fluids (WBFs)
Drilling Fluids Market: Application Analysis
- Offshore Oil and Gas
- Onshore Oil and Gas
Drilling Fluids Market: Regional Analysis
- North America
- Middle East and Africa
- Asia Pacific
- Central and South America
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