Pune, India, August , 2018 /MRFR Press Release/- Market Research Future published a cooked research report on “Global Drilling Fluids Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Drilling Fluids also commonly referred to as ‘drilling mud’ - are called as Wonder Fluids owing to their efficacies in various functions of drilling operations, such as, manage the weight of the drill string, help cool and lubricate the drill bit, and carry cuttings to the surface for separation without damaging the formation. The highly engineered Drilling Fluids’ application in Deepwater drilling ensures successful well drilling.
Acknowledging the traction, the market perceives currently, projecting the growing market size, Market Research Future (MRFR), in its recently published study report asserts that the global Drilling Fluids market is expected to reach USD 13,454 Mn. by 2023 registering 7% CAGR during the review period (2017 – 2023).
Additional factors defining the market landscape include resurged O&G sector and the recent discoveries of oil reserves in some regions that have triggered the growth in the drilling projects. Also, factors such as the high demand for crude oil, and rising Deepwater production activities are impacting the market growth positively. Furthermore, a renewed interest in shale gas extraction is expected to provide impetus to the market growth during the assessment period.
Global Drilling Fluids Market - Segmentation
The MRFR analysis is segmented into three key dynamics for enhanced understanding.
By Types : Comprises - Water-Based, Oil-Based, Synthetic-Based, fluids.
By Applications : Onshore and Offshore.
By Regions : North America, Europe, APAC, and the Rest-of-the-world(RoW).
The Water Based drilling fluid Segment by Types, acquired 55.90% and a market value of USD 4,706.6 Mn, in 2016. The segment is further projected to register 7.52% CAGR during the review period.
The Oil based fluid accounted for the second-largest segment in 2016, valuing at USD 2,248 Mn. in 2016. The segment is projected to register 6.66% CAGR between 2017 -2013.
The onshore segment accounted for the largest as in 69.40% of the market share in 2016 with a market value of USD 5,843.2 Mn. The segment is projected to post 6.80% CAGR during the forecast period.
Global Drilling Fluids Market - Regional Analysis
Globally, North America accounted for the dominating market for the drilling fluids, acquiring the largest as in 35% of the total market share in 2016, and a market value of USD 2,955.3 Mn. The region is further expected to grow at 7.47% CAGR during the forecast period.
The Middle East & Africa accounted for the second-largest market in 2016, valuing at 1,886 Mn. USD. The region is projected to grow with 6.22% CAGR during the assessment period.
Saudi Arabia and UAE, are the biggest oil and gas exporters in the middle east and are planning to expand their oil and gas production infrastructure further. Besides the well-established hydrocarbon reserves in the region along with the substantial investments made to explore potential new reserves will commutatively drive the market growth.
The Latin America market, on the other hand, is expected to register the highest as in 8.19% CAGR from 2017-2023. In Latin America, substantial oil and gas discoveries have taken place in the offshore regions of Rio de Janeiro, Perla Field in the Gulf of Venezuela and the Gulf of Mexico regions.
Drilling Fluids Market - Competitive Landscape
The competitive market of Drilling Fluids appears to be well-established and consolidated as far as eyes can see with handful players operating in the market. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market.
Prominent players at the forefront of the market competition are Halliburton Inc. (US), Schlumberger Limited (France), Baker Hughes Incorporated (US), National Oilwell Varco. (US), and Newpark Resources Inc. (US). Profiling them in its analysis MRFR finds out the strategies helping them to sustain their positions in the market.
Industry/ Innovation/ Related News:
August 02, 2018 – American Mud Works Partners Ltd. (US), a leading company involved in servicing the oil and gas industry with a drilling mud production plant announced the opening of its new facility in Monroe County, Ohio, US. The new facility marks the company’s presence in Eastern Ohio.
July 20, 2018 – Uzma Bhd (Malaysia), a leading global O&G service company, providing a range of services to the upstream sector across the exploration announced its appointment as one of Petronas’ panel of contractors and receiving of a contract for the supply drilling fluids to petroleum arrangement contractors (PACs).
It is an umbrella contract with the five years’ tenure, and its execution depends on the work orders to be issued to the company (Uzma) at the discretion of PACs.