Market Research Reports : Transparency
Market Research published new market report "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,"
the global market for drilling fluids was valued at USD 7.20 billion in 2011
and is expected to reach USD 12.31 billion by 2018, growing at a CAGR of 8%
from 2012 to 2018.
Browse Report With TOC At : http://www.transparencymarketresearch.com/drilling-fluid-market.html
Depleting onshore
reserves have prompted the industry to shift focus towards developing deep sea
reserves, which increases the overall cost of wells and in turn generates more
revenue for drilling fluid manufacturers. This trend is expected to drive the
global demand for drilling fluids over the forecast period. Increasing exploration
of shale gas, coal bed methane (CBM) and other unconventional resources
promotes the use of horizontal drilling, which is also expected to boost market
revenue for drilling fluids. However, growing environmental concerns regarding
the use and disposal of drilling fluids coupled with geopolitical issues in key
oil producers in the Middle East is expected to hinder the market growth over
the forecast period.
The successful
implementation of nanotechnology in various industries has prompted industry participants
to apply nanotechnology in the oil and gas industry. Major companies such as
MI-SWACO (a Schlumberger company), Newpark Drilling Fluids, and Halliburton
among others, have been investing heavilyin developing drilling fluids using
nanotechnology.
WBFs (Water Based
Fluids) emerged as the leading drilling fluid product consumed
worldwide and
accounted for more than 55% of the total market in 2012. WBFs are considered to
have minimum toxicity among drilling fluids and are extensively used for offshore
drilling. Along with being the largest product segment, WBFs are also expected
to be the fastest growing segment, at an estimated CAGR of 8.5% from 2012 to
2018. OBFs (Oil Based Fluids) on the other hand operate efficiently but carry
the maximum risk of causing environmental hazards owing to which the industry
is shifting focus towards SBFs (Synthetic-
Based Fluids) which has both OBF and
WBF like attributes.
Onshore oil and
gas consumed most of the drilling fluids and accounted for over 70% of the
total market in 2012. The increasing onshore drilling activities in the Middle
East, North America and Asia Pacific are expected to boost the demand for
drilling fluids in onshore reserves. Growing investments in the "Golden
Triangle" (Gulf of Mexico, offshore Brazil and offshore West Africa) on
account of the presence of extensive natural resources is expected to drive the
market for drilling fluids required in offshore oil and gas exploration and
production.
North America
continues to be the leading market for drilling fluids and accounted for over
55% of the global market in 2012. Growing exploration of shale gas in U.S. and
Canada is expected to drive the market for drilling fluids over the forecast
period. Central and South America is expected to be the fastest growing market
for drilling fluids at a CAGR of 9.5% from 2012 to 2018. Enhanced drilling
activity in offshore Brazil and Venezuela is anticipated to drive the market
for drilling fluids in the region. Governmental support in the form of tax
holidays and subsidies to E&P companies in order to encourage oil and gas
production in India and China is expected to boost the drilling fluids market
in Asia Pacific.
The global market
for drilling fluids is highly concentrated as the top four companies together accounted
for over 65% of the total market in 2012. Some of the major companies operating
in the global market include Anchor Drilling, Baker Hughes, Canadian Energy
Services, China Oilfield Services Limited, Halliburton, Newpark Drilling
Fluids, Schlumberger and Weatherford
International among others.
This report
segments the global drilling fluids market as follows:
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
- Europe
- Middle East and Africa
- Asia Pacific
- Central and South America
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