Drilling Fluids Market Market Size & Share, 2018 | Industry Report by Research Analyst

Drilling Fluids Market Research Report- Forecast to 2023

Drilling Fluids Market Market Size & Share, 2018 | Industry Report by Research Analyst

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Copyright Š 2018 Market Research Future.

Drilling Fluids Market Research Report- Forecast to 2023

1 Summary Drilling fluids plays a crucial role in oil and gas exploration activities. Drilling fluids are also called as drilling mud. Mud perform various functions while drilling such as cool the drill bit and lubricate its teeth, carries the drill cutting to surface, maintain the hydrostatic pressure in the borehole and others. Increasing investment in oil exploration activities driving the growth of the market. For example, recently oil giant BP has unveiled its plan to continue investing in new exploration activities in its Gulf of Mexico production platforms, Atlantis, Na Kika, Thunder Horse and Mad Dog. However, high capital cost for drilling may hamper the growth of the market. Recently, offshore oil and gas exploration activities in the Gulf of Mexico region and other regions around the world are increasingly moving towards deepwater ocean regions. The deepwater oil field development generally occurs in the form of high-risk, and long-duration drilling project, which make them highly expensive.

Key Players: The key players of global drillingF 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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Copyright Š 2018 Market Research Future.

Drilling Fluids Market Research Report- Forecast to 2023

2 Segmentation: Global Drilling Fluids Market

Market Research Analysis Based on type, water based drilling fluid accounted for the largest market share of 55.90% in 2016, with a market value of USD 4,706.6 Million and is projected to grow at the highest CAGR of 7.52% during the forecast period. Water-based fluids (WBF) are the most commonly used drilling fluid systems. This fluid system is less expensive, requires less chemical treatment before disposal, and their eco-friendly properties are anticipated to fuel the demand of water based fluids during the forecast period. Oil based fluid was the second-largest market in 2016, valued at USD 2,248.0 Million in 2016; it is projected to grow at a CAGR of 6.66%. In oil based fluids, oil is in continuous phase. Oil-based muds are better for greater depths or in directional or horizontal drilling, which place greater stress on the drilling apparatus.

Based on application, onshore accounted for the largest market share of 69.40% in 2016, with a market value of USD 5,843.2 Million and is projected to grow at a CAGR of 6.80% during the forecast period.

Offshore was the second-largest market in 2016, valued at USD 2,576.4 Million in 2016; it is projected to grow at the highest CAGR of 7.53%.

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Copyright Š 2018 Market Research Future.

Drilling Fluids Market Research Report- Forecast to 2023

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Copyright Š 2018 Market Research Future.