Drilling Fluids Market Analysis by Product (OBF, SBF, WBF) by Application (Offshore, Onshore) and Segment Forecasts to 2020: Radiant Insights
The global market for drilling fluids is expected to reach USD 14.92 billion by 2020. Increasing drilling activities mainly in South America and Asia Pacific is expected to drive the market for drilling fluids. Grand View Research also observes that depleting natural has been prompting industry players to shift their focus towards exploring and developing unconventional gas reserves which promotes the use of horizontal drilling and is expected to translate into enhanced fluid demand. To Download Sample Copy of This Report, Visit here: http://www.radiantinsights.com/research/drilling-fluids-market-analysis-by-product-obfsbf-wbf-by-application-offshore-onshore-and-segment-forecasts-to-2020 Water based fluids (WBF) were the most consumed drilling fluids around the world and accounted for 56% of the total market revenue in 2013. WBFs are also expected to be the fastest growing drilling fluid products, at an estimated CAGR of 8.8% from 2014 to 2020. WBFs were followed by oil-based fluids (OBF) which accounted for just over 30% of the total market for the same year. However, the growing environmental concerns regarding the use of OBFs in drilling activities is expected to hamper its market growth over the forecast period. Further key findings from the study suggest:
The global market for drilling fluids was estimated to be USD 8.16 billion in 2013, and is expected to grow at a CAGR of 8.2% from 2014 to 2020. North America continued its dominance in the global market and accounted for 55.5% of total market revenue in 2013. However, increasing drilling activities in Latin America and Asia Pacific is expected to boost the demand for drilling fluids in these two regions over the next six years. The demand for drilling fluids in Central and South America is expected to grow at an estimated CAGR of 10.3% from 2014 to 2020. Drilling fluids are majorly used for onshore oil & gas drilling owing to large number of onshore oil and gas reserves around the world. Onshore oil & gas accounted for 71.6% of total market revenue in 2013. Increasing deep sea drilling activities in Gulf of Mexico, Brazil offshore and West Africa is expected to boost the demand for drilling fluids in offshore applications. The global market for drilling fluids is highly concentrated as top four companies including Schlumberger, Halliburton, Baker Hughes and Newpark accounted for over 70% of the total market in 2013. Weatherford International, Tetra Tech, Canadian Energy