As indicated by Acumen Research and Consulting, the global drilling fluids market size is evaluated to grow at CAGR around 6% over the estimate time frame. increasing investments in synthetic based muds, increasing demand for crude oil and natural gas in various energy concentrated industries, growth in the usage of water based muds, growing participation to maintain the demand for energy, increasing focus on developing new nanotechnology based solutions and rising concern about various environmental impact are some of the main factors that are boosting the drilling fluids market growth across the globe. Drilling fluids are a combination of oil, water, clay and various chemicals. Drilling fluids are also called as drilling muds. Drilling fluids acts as a vital element in oil and gas exploration procedures. North America market is likely to grow at noteworthy CAGR due to the increasing offshore drilling procedures and growth in the potential of unused oil and gas reserves. Products advancements and innovations in the region are also projected to spur the growth of the regional market.
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Water-Based Drilling Fluids Segment is also anticipated to Witness a High Demand over the Forecast Period
On the basis of product, the drilling fluids market is segmented into oil-based fluids (OBF), water-based fluids (WBF) and synthetics-based fluids (SBF). Water-based fluids segment is expected to dominate the global drilling fluids market over the forecast period owing to the various advantages offered by water based drilling fluids. Growing environmental concerns due to the dangerous effects related with using oil based fluids are resulting in increasing penetration of water-based drilling fluids. Multiple governments have implemented environmental regulations on the use of oil based muds, because these muds are harmful while drilling, thereby increasing the usage of water based muds. A water based mud includes fresh water, brine, seawater, formate brine or saturated brine. A water based mud contains commercial attapulgite or bentonite. These muds are less expensive than oil-based muds and commonly used. Water-based mud helps to prevent fluids formation from inflowing into the wellbore as it maintains hydrostatic pressure. Additionally, various advantages in drilling technology is further boosting the demand for water based mud, thereby propelling the segmental growth. On the other hand, on the basis of application, onshore segment is also anticipated to grow at highest CAGR during the forecast period owing to the growing number of oil drilling procedures in order to cater ever increasing energy demands.
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North America to Continue to Dominate the Global Drilling Fluids Market during the Forecast Period
Geographically, the global drilling fluids market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is expected to have highest market share in the global drilling fluids market. North America is expected to grow at substantial CAGR over the forecast period owing to increasing offshore drilling procedures and growth in the potential of unused oil and gas reserves. Growing offshore activities in the region is anticipated to further boost the regional growth throughout the forecast period. High investment from multinational oil and gas companies in the region is also expected to spur the regional market growth in coming future. Asia Pacific is anticipated to grow at highest growth rate during the forecast period due to the increasing government support for production and investigation companies in order to improve production of oil and gas in the developing countries such as India and China. Middle East is also expected to witness considerable growth during the forecast period due to various technological developments in offshore procedures and growing usage of water based drilling muds. Furthermore, growing ongoing rig operations in the Middle East and Africa is also propelling the growth of the regional drilling fluids market.
Schlumberger Limited, Halliburton Inc., Canadian Energy Services & Technology Corp. And TETRA Technologies are Likely to Continue to Lead the Global Drilling fluids Market
The drilling fluids market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Schlumberger Limited, Halliburton Inc., Newpark Resources Inc., Scomi Group Bhd, IncNational Oilwell Varco., Canadian Energy Services & Technology Corp., TETRA Technologies, Baker Hughes Incorporated, Anchor Drilling Fluids USA, Inc. and GEO Drilling Fluids Inc.
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