Drilling fluids also known as drilling mud play a crucial role in the drilling process for oil and gas extraction, mineral extraction and bore wells. These fluids are used to remove cuttings and rock fragments, lubricate and cool drilling bits, control formation pressure and maintain stability of the well.
Albany, NY -- (SBWIRE) -- 07/05/2016 -- The implementation of nanotechnology in the exploration of oil and gas has spurred the growth of the drilling fluids market, with major companies investing huge amounts in developing the technology. The report on the global drilling fluids market is a blueprint for companies in this industry to improve their businesses.
The research report provides a plethora of precise, detailed, and insightful information on the global drilling fluids market. Right from the market's emergence, types and applications of drilling fluids, trends and developments in the industry over the years, and factors that are driving the drilling fluids market, to historic and current statistics, future growth, estimated figures, and opportunities for expansion – the market report is everything that market leaders need to establish and further their businesses.
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In order to help clients understand the structure and various nuances of the global drilling fluids industry, the report segments the market on the basis of certain parameters. The three major types of drilling fluids, as identified by the report, are synthetic-based drilling fluids, oil-based drilling fluids, and water-based drilling fluids. The key application areas where drilling fluids are used are onshore and offshore exploration of oil and gas. Geographically, there are five regions that fall under the global drilling fluids market: North America, Europe, Asia-Pacific, Middle East and Africa, and South and Central America.
Overview of the drilling fluids market
The research report states that the global market for drilling fluids was worth US$7.20 billion in the year 2011, and is projected to be worth an estimated US$12.31 billion by 2018, growing at a CAGR of 8% during the forecast period.
Growing need to develop unconventional resources of energy and increasing awareness regarding the benefits of shale gas have resulted in growing exploration activities in Canada and the U.S. Consequently, North America dominated the global drilling fluids market in 2012, accounting for more than 55% of the overall industry. South and Central America have been using advanced technology and methods such as horizontal drilling to keep up with increased drilling activities in regions such as Venezuela and Brazil, thereby making it the fastest-growing region of the global drilling fluids market. The Asia-Pacific drilling fluids market has received tremendous support from the government in terms of tax holidays and subsidies. As a result, this region is expected to witness significant growth in the coming years.
On the flip side, environmental concerns about the usage and disposal of drilling fluids and certain geopolitical issues are expected to restrain the growth of the drilling fluids market.
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Companies mentioned in the research report
The global drilling fluids market is oligopolistic in nature and highly concentrated, with the four leading companies dominating the competitive scene. Together they accounted for more than 65% of the total drilling fluids market in 2012. The players mentioned and evaluated in the drilling fluids market report are Newpark Resources Inc., National Oilwell Varco, Schlumberger Technology Corporation, Canadian Energy Services &Technology Corp., Anchor Drilling Fluids USA Inc., Halliburton Company, Weatherford International, Baker Hughes Incorporated, and China Oilfield Services Limited.
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