DUBLIN, Dec. 28, 2017 /PRNewswire/ --
The "Drilling Fluids Market Analysis by Product (Oil-Based Fluids (OBF), Synthetics-Based Fluids (SBF), Water-Based Fluids (WBF)), by Application and Segment Forecasts, 2014 - 2025" report has been added to Research and Markets' offering.
The global drilling fluids market is expected to reach USD 10.01 billion by 2025. Increasing upstream spending to sustain oil production targets is anticipated to drive oil & gas industry drilling activities over the forecast period. Technological advancements to modify the fluid rheology for efficient extraction in different formations have created lucrative avenues for industry participants.
Increased maintenance costs and environmental risks associated with offshore locations, have urged companies to deploy drill mud for cost-efficient E&P activities. Growing demand for increasing production rates, efficiency and mitigating gas related capital expenditures is expected to drive drilling fluids demand in offshore activity, over the long term. Growing number of ongoing projects in the Middle East and Africa including, Maydan Mahzam and Bul Hanine fields are projected to drive product demand over the next nine years.
WBF emerged as a leading drilling fluid product segment covering 50.4% market revenue share in 2016. The OBF segment is expected to lose share over the forecast period and account for 26% of the total industry value by 2025
Further key findings from the report suggest:
- The global drilling fluids market is estimated to grow at a CAGR of 3.7% from 2017 to 2025
- The onshore application segment is anticipated to reach 5.9 billion by 2025 over the upcoming years
- Offshore drilling activities is projected to emerge as the fastest segment at a CAGR of 4.1% from 2017 to 2025
- North America was the leading regional segment accounting for over 25% in 2016 and is expected to witness a similar trend over the forecast period
- Asia Pacific is anticipated to emerge as the fastest consumer at a CAGR of 4.6% from 2017 to 2025
- Russia onshore drilling fluids industry in 2016 was valued at USD 627.5 million and is projected to grow at a CAGR of 2.8% from 207 to 2025
- Demand for WBF product in the Venezuela was valued at USD 113.94 million in 2016 and is expected to grow at a CAGR of 4.1% from 2017 to 2025
- Drilling fluids market share in Kuwait is expected to grow at a CAGR of 4.7% over the forecast period and to reach USD 203.5 million by 2025
- Offshore drill mud industry in Nigeria was valued at USD 53 million in 2016 and is anticipated to be the fastest application over the upcoming years.
- Baker Hughes, Inc.
- Halliburton, Inc.
- Weatherford International
- Schlumberger Limited
- Newpark Resources, Inc.
- Anchor Drilling Fluids USA, LLC
- TETRA Technologies, Inc.
- Petrochem Performance Chemicals Ltd. LLC
- Canadian Energy Services & Technology Corporation
- International Drilling Fluids and Engineering Services (IDEC) Ltd
- China Oilfield Services Limited
- Flotek Industries, Inc.
- Global Drilling Fluids and Chemicals Limited
- National Oilwell Varco (NOV)
- Scomi Group Bhd
- Catalyst LLC
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Drilling Fluids Market Variables, Trends, and Scope
Chapter 4 Drilling Fluids Market: Product Outlook
Chapter 5 Drilling Fluids Market: Application Outlook
Chapter 6 Drilling Fluids Market: Regional Outlook
Chapter 7 Competitive Landscape
Chapter 8 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/v5c38g/drilling_fluids
Laura Wood, Senior Manager
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SOURCE Research and Markets