Drilling Fluids Market is Projected to Grow in Petrochemicals Industry: Hexa Research

Growing crude oil and natural gas demand resulted in extensive drilling activities. "Drilling fluids market" has been witnessing strong growth over the past few years on account of increasing demand for oil drilling activities.

In addition, depletion in onshore reserves resulted in key market players to shift their focus towards deep sea reserves which generates more revenue. This shift in focus towards deep sea reserves is expected to boost drilling fluids market demand over the forecast period. Moreover, increasing shale gas, coal bed methane and other unconventional resources exploration is the key factor to fuel drilling fluids market over the next five years. However, growing environmental concerns coupled with stringent regulations regarding the usage of disposable drilling fluids is anticipated to hamper the market growth in Middle East over the forecast period. EPA limits the usage of OBFs in offshore drilling activities owing to high toxicity and which causes serious threat to marine life directly.

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Product insights
Water based, synthetic based and oil based drilling fluids are the major types of drilling fluids. Water based drilling fluids (WBFs) market was the largest product type consumed across the world in 2013. Water based drilling fluids is expected to remain as the dominating product segment and witness the fastest growth over the next five years on account of its low toxicity compared to other drilling fluids. WBFs are mainly used in offshore drilling activities. Increasing offshore drilling activities is the key factor to drive WBFs market. Oil based drilling fluids (OBFs) are the second major market followed by synthetic based drilling fluids. OBFs have been witnessing sluggish growth over the past few years owing to risk of environmental hazards coupled with it. Industries have been shifting their focus toward synthetic based drilling fluids. This trend is expected to drive SBFs market at a good pace over next five years.

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Application Insights
Major applications of drilling fluids market include Onshore and offshore oil & gas activities. Onshore oil & gas emerged as a leading application segment for drilling fluids market in 2013. Growth of onshore oil & gas activities is the key factor to drive the market. However, Offshore oil & gas is expected to witness fastest growth over the next five years on account of increasing investment in U.S.A, Gulf of Mexico, offshore Brazil and offshore west Africa.

Regional Insights
North America was the largest market for drilling fluids in 2013. North America is expected to remain as the dominating market over the next five years on account of boom in shale gas demand recently. Rapid growth in end-use application segment in this region is expected to fuel the market growth over the foreseeable period. Regions such as Central and South America, Brazil and Venezuela are expected to witness fastest growth in drilling fluids market owing to increasing drilling activities in these regions. In addition, Asia as one of the deep sea drilling regions is the most attracting region for industry participants to invest. This factor is anticipated to open new opportunities for the market players in near future.

Competitive Insights
Drilling fluids market is highly concentrated with top four players dominating the global market over the past few years. Schlumberger Limited, Baker Hughes, Halliburton and Newpark Resources Inc. are the top players of this market contributing more than 70% of the global market share over the past few years. Entry for new participants to enter the market is highly difficult. Some other players of the market include Tetra Tech, Inc., Canadian Energy Services & Technology Corp., Weatherford International, China Oilfield Services and Anchor Drilling Fluids, Inc. among many others.

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