Drilling fluids play an important role in the drilling process for bore wells, mineral extraction and oil and gas extraction. During drilling, drilling fluids are pumped down the drill stem and forced out through jets in the bit. The drilling fluid returns to the surface through the space between the borehole wall and the drill stem.
Albany, NY -- (SBWIRE) -- 11/27/2016 -- Rising investments in offshore and onshore drilling activities is a key factor that is expected to stimulate the North America drilling fluids market in the near future. The market research report provides in-depth and high-level analysis of the regional market, focusing on the major product and application segments of drilling fluids. It provides sharp insights on the various forces that drive the market and those that restrict its growth.
The major revenue generating segments with respect to product, application and geography, are accentuated, providing current, historic, and forecast statistics for the same. The report is designed to guide market players and help them make strategic business decisions based on the information provided.
With the help of Porter's five forces analysis, the report offers a comprehensive assessment of the competitive landscape, identifying key vendors and their strengths and weaknesses. Their individual industry share, progress over the years, financial overview, profitable areas of operation, and future plans are discussed in the research report.
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Overview of the North America drilling fluids market
On the basis of application, the North American market for drilling fluids can be divided into offshore oil and gas, and onshore oil and gas. The main products analyzed in the report include synthetic-based fluids (SBFs), oil-based fluids (OBFs), and water-based fluids (WBFs). The three prime regions covered are the U.S., Mexico, and Canada.
The North American drilling fluids industry was estimated to be worth $4,336.8 million in the year 2012, and is forecast to be worth $7,203.6 million in 2019, growing at a CAGR of 7.5% during that period. Owing to rising demand for drilling fluids, the U.S. accounted for 80% of the industry share in 2012, making it the largest regional segment in the overall North American market. Onshore applications gained precedence over offshore ones in 2012 and are expected to register a 7.9% CAGR in terms of revenue.
There has been a growing demand for crude oil and natural gas in North America, and focus has shifted towards developing deep sea reserves and horizontal drilling. These factors have boosted the North America drilling fluids market. Moreover, increasing need to develop unconventional resources such as coal bed methane and shale gas has also bolstered the growth.
Key challenges faced by the industry include growing concern regarding environmental protection and the disposal and contamination of drilling fluids.
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Companies mentioned in the research report
The leading industry players in the North America drilling fluids market include Halliburton Company, Schlumberger Technology Corporation, Newpark Resources Inc., Baker Hughes Incorporated, Canadian Energy Services & Technology Corp., Weatherford International Ltd., Anchor Drilling Fluids USA Inc., China Oilfield Services Limited, and National Oilwell Varco.
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