Latin America Drilling Fluids Market (By Product Segment - Water-based, Oil-based and Synthetic Drilling Fluids): Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
Albany, NY -- (SBWIRE) -- 03/27/2015 -- Many of the Latin American countries are bestowed with largest oil reserves in the world owing to which, the drilling activities in the region has being rising tremendously over the past few years. Drilling fluids are utilized in the process of drilling to extract oil and gas from their reserves effectively. Drilling fluids are utilized to drill the oil and gas wells smoothly and get rid of the drill cuttings form boreholes which are developed in the process. The rising drilling activity in the offshore region of Latin America is boosting the demand of drilling fluids market. Moreover, the government is introducing supportive schemes for the drilling activities and adding up to the demand of the industry. The drilling fluids market of Latin America is expected to touch US$1161.1 million by 2019 which was worth US$608.7 million in 2013 and is believed to grow with a substantial 9.63% CAGR between the years 2014 and 2020.
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Shale Gas Deposits Is Fueling the Drilling Fluids Market in Latin America
The country-wise segmentation of the Latin American drilling fluids market includes Brazil, Argentina, Venezuela, and Rest of Latin America. Among all the countries, Venezuela stands in the top ten countries for oil production around the globe. Argentina and Venezuela are also ranked among the top countries in oil and gas exporting activities owing to extensive onshore drilling and the discovery of multiple shale gas deposits. Brazil, West Africa, and the Gulf of Mexico have formed a golden triangle which comprises deep and ultra-deep deposits. This is attracting the drilling fluids market players as the deep water reserves require an additional quantity of drilling fluids for the right mix.
Increasing exploration of shale gas, CBM and other unconventional resources, increased drilling activities in offshore areas of Latin America, and growing focus on developing deep-sea reserves and implementing horizontal drilling are believed to be the market drivers for the drilling fluids market in Latin America. On the other hand, political instability, government regulations, and growing environmental concerns regarding use and disposal of drilling fluids are hampering the growth of drilling fluids market in Latin America.
On the basis of technology, the Latin American drilling fluids market is classified into two sections: dispersed systems and non-dispersed systems. In the year 2013, the dispersed systems segment held the maximum share of the market in terms of revenue.
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Water-Based Drilling Fluids to Boost the Drilling Market Owing To Its Eco-Friendly Nature
The drilling fluids market of Latin America has been segmented on the basis of the products they provide, which include synthetic-based fluids oil-based fluids, and water-based fluids. Taking all the three products into comparison, water-based fluids are used mostly due to its low price, less chemical treatment before disposal, and their eco-friendly nature. Water-based drilling fluids waste can be disposed into the seawater and save on the logistics cost as well. However, oil-based and synthetic-based fluid wastes cannot be disposed in the seawater before treatment as per government regulations as these fluids pose an adverse effect on aquatic life. These types of fluids are taken back to the facility and treated. They are later disposed with proper safely measures.
The key players of the Latin American drilling fluids market are Schlumberger Limited, Weatherford International Limited, Baker Hughes Incorporated, and Halliburton Company. These key players of Latin America region accounted for more than 60 % of the total market share of the drilling fluids industry. Some of the other players in the drilling fluids market of Latin America are Newpark Resources, Inc., Unique Drilling Fluids, Inc., Imdex Limited (AMC Oil & Gas).
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