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Drilling Fluids Market | CAGR of 7.03% Estimated during 2018-2023 | Key Players Profiles and Application, Forecast

Global Drilling Fluids Market Information Report, By Type (Water Based Fluid, Oil-Based Fluid, and Synthetic Based Fluid), By Application (Onshore and Offshore) and By Region - Global Forecast To 2023
Published 16 February 2018
Market Highlights
Drilling Fluids also commonly referred as ‘ drilling mud’ - are considered as Wonder Fluids attributing to the efficacy these fluids demonstrate in numerous functions of drilling operations  for instance to help cool and lubricate the drill bit, manage the weight of the drill string, and carry cuttings to the surfacefor separationwithout damaging the formation. The highly engineered Drilling Fluids’ application in deep water drilling ensures successfulwell drilling.
 
Acknowledging the kind of traction the market is garnering currently demonstrating the growth prospects worldwide, Market Research Future has recently published a study report, which indicates that the global Drilling Fluids Market is estimated to ascend to USD 13,454 Million by 2023 registering a CAGR of 7.03% during the forecast period (2017 – 2023).

Request a Sample Copy @ https://www.marketresearchfuture.com/sample_request/4329
 
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%.
 
Drilling Fluids Market   - Competitive Analysis
The well-established market of Drilling Fluids appears to be competitive yet consolidated as far as eyes can see. Although a handful, the players operating in the market are accomplished and matured. These Well established players incorporate acquisition, collaboration, partnership, expansion; product & technology launch in order to gain competitive advantage in this market.
 
Industry/ Innovation/ Related News:
January 02, 2018 – Halliburton released the Marine Sentry 3000, a rotating control device that provides a pressure control solution by creating a seal around the drillstring and tool joints for safer containment of fluids during conventional or controlled pressure drilling.
 
December 15, 2017 – Chevron Corp (US) a multinational energy corporation has formed partnership (preliminary agreement) with oil services firm Schlumberger NV (US) the world's largest oilfield services company to drill six wells in a Brazilian offshore field, in a bid to lift its output in the South American country after a 2011 oil spill there cut production.Six wells would be drilled in the Frade field in Brazil’s offshore Campos basin, and work should begin in early 2019. Drilling for the contract, worth about $20 million would be spread over 18 to 24 months.
December 01, 2017 –Calfrac awarded with ‘Excellence in well completions’ for its CalVisc system that was developed as an alternative to traditional cross-linked fluid systems and offers proppant placement technology equivalent to cross-linked fluid systems. The CalVisc system increases proppant pack conductivity compared to guar-based fluid systems while generating significant viscosity at low shear rates.

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Key Players
The key players of global drilling 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.
 
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
 
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
 
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