Drilling Fluids Market to Grow at CAGR 8% till 2021
Increasing demand from onshore
explorations, especially in North America and Asia-Pacific to drive global
drilling fluids market through 2021
According to
a TechSci Research report “Global
Drilling Fluids Market By Type, By
Application, By Region, Competition Forecast & Opportunities, 2011 - 2021”, the global
market for drilling fluids is forecast to grow at a CAGR of over 8% during
2016-2021, on account of forecasted rebound in oil & gas prices, and
drilling activities across the globe, especially in North America and
Asia-Pacific. Rising demand for drilling fluids in North America and
Asia-Pacific can be attributed to restart of fracturing jobs and growth
in exploration of unconventional shale gas/oil reserves in the
United States and China.
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Onshore
explorations are projected to dominate global drilling fluids market through
2021, due to less capex and increasing investments in cost effective onshore
drilling activities. Additionally, slump in crude oil & gas prices during 2014-2016
is anticipated to reduce investments in offshore explorations. Thus,
in
2015, offshore investments garnered a share of only 20% in global upstream
spending. Further, this capital expenditure is projected to decline by 20-25%
in 2016, on account of reduction in exploration budgets by international oil
companies. Few of the leading companies operating in global drilling fluids
market include Schlumberger, Halliburton, Baker Hughes, Newpark Resources, Inc.
and many others engaged in designing mud engineering plans for supplying
drilling fluids/additives.
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‘’Various major drilling fluid
suppliers have established dedicated laboratories to test and validate quality
of drilling fluids and increase focus on developing new, environment friendly
and efficient drilling fluids. R&D facilities also emphasize on developing
down-hole drilling fluids hydraulics simulators for developing fluids systems
for challenging conditions. One such development is the use of nanotechnology
in drilling fluid production. Nanoparticles are capable of enhancing the stability
of drilling fluids at high pressure and temperature conditions. Additionally, nanomaterials
based drilling muds are capable of decreasing the sticking tendency of mud
cakes by forming a thin film covering over the drill pipe. Such new product
developments are forecast to boost growth in the global drilling fluids market
in the ensuing years” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global
Drilling Fluids Market By Type, By Application, By Region, Competition Forecast
& Opportunities, 2011 - 2021” has evaluated the future growth potential of the global
drilling fluids market and provided statistics and information on market
structure, industry behavior and trends. The report includes market projections
and demand forecasting. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment evaluation.
Besides, the report also identifies and analyzes emerging trends along with
essential drivers, challenges and opportunities available in the global drilling
fluids market.
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