Global market of drilling fluid is expected to reach the market value of around USD 9 billion by 2023 and is expected to grow at a CAGR of more than 5% during the period 2017 - 2023. The report comprises the actual historical market size for the period 2013 – 2015 and forecast for the period 2017 – 2023. Drilling mud, also known as drilling fluid, is a major component in drilling activities in bore wells, oil and gas extraction, and mineral extraction. These drilling fluids are used to cool drilling bits, grease up, evacuate cuttings, and regulate the formation force and preserve the stability of well. The drilling fluids are primarily of four types, namely, synthetic, oil-based, water-based and pneumatic fluids. —
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Offshore Drilling Fluid Segment Expected To Witness Fastest Growth
In 2016, onshore drilling fluids are the largest segment in the total drilling fluid market. The growth of unconventional hydrocarbon reserves is expected to bolster the progression of drilling fluid throughout the forecast period. Whereas, offshore drilling fluid segment is estimated to be the fastest growing market over the forecast period. The upsurge in offshore exploration activities is expected to result in the growing consumption of drilling fluids in upcoming years. Moreover, offshore drilling fluids are majorly used as shale inhibitors, weighting operators, filtration reducers, breakers, emulsifiers, corrosion inhibitors, biocides and defoamers with specific additives.
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Insights on Market Segments
The drilling fluid market is segmented based on type, location and geography. Based on type, it is classified into water-based fluid, non-aqueous fluid, pneumatic fluid, others. Furthermore, non-aqueous fluid type is sub-segmented into oil-based fluid and synthetic-based fluid. On the basis of location, the market is divided into onshore and offshore. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and Rest of the World (RoW). Furthermore, North America is segmented into U.S., Canada, and Mexico. Also, Europe is bifurcated into major countries such as Norway, U.K., Russia, Denmark and Rest of Europe. Asia-Pacific is sub-classified into China, Indonesia, Australia, Malaysia, India and Rest of Asia-Pacific. Middle East and Africa (MEA) is further segmented into Kuwait, Iran, Nigeria, Algeria, South Arabia, and Rest of MEA. Rest of the World (RoW) is sub-classified into Brazil, Venezuela, Argentina and Rest of rest of the world.
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Progression of Unconventional Hydrocarbon Reservoirs
On the basis of geography, North America is the leading region for drilling fluid owing to the rise in drilling activities in Gulf of Mexico. The favorable prices of oil and gas have improved the funding in shale gas exploration. A substantial amount of trade is generated from the progression of unconventional hydrocarbon reservoirs. The second largest growth in drilling fluid market was witnessed by Middle East and Africa region in 2016. The Middle East and Africa region has maximum number of oil producing countries; however the geopolitical concerns in the region hinders the drilling activities, as a result of which, the drilling fluid market is quite unstable. Energy security controls the Asia-Pacific drilling fluid market. The development of marginal fields and deep offshore oil and gas exploration is estimated to propel the growth of drilling fluid in upcoming years.
The major companies profiled in the report include Schlumberger, Chevron Phillips Chemical Company PLC, Halliburton Technology Center, Tetra Technologies, Inc., Baker Hughes, GE Company, Lubrizol, Scomi Group Bhd, Global Drilling Fluids and Chemicals Limited, and Anchor Drilling Fluid among others.
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