Drilling Fluids Market Share, Industry Size , Growth Strategies Adopted By Major Players | Worldwide Leading International Manufacturers & Regional Outlook from 2018 To 2023

Market Overview:-

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 throughout the world are progressively moving towards deepwater ocean regions. The deepwater oil field development usually occurs in the form of high-risk, and long-duration drilling project, which make them highly expensive.

Drilling fluid is also called as drilling mud. Drilling fluids plays a crucial role in oil and gas exploration activities. While drilling it perform various functions such as mud cools the drill bit and lubricate its teeth, it carries the drill cutting to surface and eliminate the drill pipe stuck problem. Mud maintain the hydrostatic pressure to prevent formation fluids from entering into the well bore.

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Scope of the Report:-

This study provides an overview of the global drilling fluids market, tracking two market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Latin America Europe, Asia-Pacific (APAC) and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global Drilling Fluids market by its concrete type, application, end-use and region.

Global Drilling Fluids Market, By Type

• Water Based Drilling Fluid
• Oil-Based Drilling Fluid
• Synthetic Based Drilling Fluid

Global Drilling Fluids Market, By Application

• Onshore
• Offshore

Industry Top key Players:- 

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 other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Drilling Fluids Market.

Industry News:-

In January 2016, Scomi Energy Services Bhd has secured a USD 41.6 million contract from Total E&P Indonésie. Under this contract, the company offered drilling fluids and completions services for a period of one year.

In July 2015, Baker Hughes has picked up the USD 190 million onshore contract for integrated drilling services on the massive Johan Sverdrup field offshore Norway. The contract covers cementing and pumping, completion, drilling and completion fluids, offshore cuttings handling, and integrated drilling services, will be valid for six years with a four-year extension option for the entire field life.

In December 2014, Statoil ASA awarded an integrated drilling and well services contract for the Mariner heavy oil field in the UK North Sea to Schlumberger Oilfield UK Plc. It is a 4-year contract that began in January 2015 and has options for additional 4-year periods.

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Market Research Analysis;-

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%.

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.