Global Drilling Fluids Market Size & Top Key Player 2018 | Industry Report by Research Analyst
Global Drilling Fluids Market is expected to reach a market size of USD 13,454.5 million by the end of the forecast period.
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Market research future published a cooked research report on Global Drilling Fluids Market that contains the information from 2018 to 2023. Global drilling fluids market is expected to grow with the CAGR of approximately 7.03% from 2018 to 2023.
Key Players: -
The key players of global drilling fluids market are Schlumberger Limited (France), Halliburton Inc. (U.S.), Baker Hughes Incorporated (U.S.), Newpark Resources Inc. (U.S.), National Oilwell Varco. (USA), Scomi Group Bhd (Malaysia), TETRA Technologies, Inc. (U.S.), Canadian Energy Services & Technology Corp. (Canada), GEO Drilling Fluids, Inc. (U.S.) and Anchor Drilling Fluids USA, Inc. (U.S.) among others.
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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%.
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North America region dominates the global Drilling Fluids market
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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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.
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