As per the findings of a research report by Grand View
Research, Inc.; the global drilling
fluids market is anticipated to attain a valuation of USD 10.01 billion
by 2025. The market is anticipated to witness a CAGR of 3.7% over the forecast
period (from 2017 to 2025). High demand for natural gas and crude oil from
energy-intensive sectors such as manufacturing and transportation has forced
production and exploration companies to invest more in offshore and onshore
drilling. This factor is anticipated to boost the expansion of the global
market. In addition, technological developments to modify the fluid rheology
for effective extraction in various formations have also created numerous
growth opportunities for major players operating in the market.
Furthermore, many manufacturing companies have shifted
their focus on developing new, innovative solutions that are based on
nanotechnology in order to tackle technological and environmental challenges.
This is also likely to boost the global market growth in near future. The
global drilling fluids market is categorized as per product type, application,
and region. On the basis of product type, the market is fragmented into water-based,
oil-based, synthetic-based, and others. On the basis of application, the market
is segregated as offshore oil and gas and onshore oil and gas. On the basis of
geographies, the market is divided into Europe, North America, Asia Pacific, Middle
East and Africa (MEA), and Central and South America.
Browse full research report on Drilling Fluids Market:
https://www.grandviewresearch.com/industry-analysis/drilling-fluids-market-analysis
The North America region led the global market and accounted
for around 25% of the overall share. The region is likely to maintain its
dominance and is expected to reach USD 2.5 billion by 2025. Various factors
such as increased offshore drilling activities, shale boom, and rise in find
untapped gas and oil reserves in the region are predicted to be the key factors
driving the growth. Presence of large reserves of unconventional hydrocarbons
in the form of tight oil and oil sands, and shale gas may further propel the
market. Investments from multinational gas and oil majors like Husky Energy,
Shell, and Imperial Oil are also anticipated to boost drilling activities in
the region. This, in turn, is expected to augment the drilling fluids market in
the North America region over the next few years.
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by Grand View Research: https://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
The Asia Pacific region is expected to come up as the
largest consumer with at a healthy CAGR of 4.6% during the forecast years. The
onshore drilling fluids market in Russia was estimated at USD 627.5 million and
is anticipated to expand further at a growth rate of 2.8% over the forecast
period. The Middle East regional market is estimated to experience a stagnant
growth rate of 3.8% from 2017 to 2025. Various advancements in offshore
activities like contract signature along with growing oil production in
different regions such as Qatar and Iran are predicted to propel offshore
E&P in this region. Other factors such as selling off existing rig
operations and revival of vacant oil wells in the Persian Gulf are also
projected to spur offshore gas and oil production in the region. All these
factors are predicted to contribute toward the overall growth of the Middle
East regional market.
Some of the leading companies in the global drilling
fluids market are Newpark Resources, Inc.; Weatherford International; Baker
Hughes; Schlumberger Ltd.; and National Oilwell Varco. Most market players are
adopting mergers and acquisitions (M&A) as one of the key business strategies
to expand their businesses on a global level. For instance, Newpark Resources,
Inc. recently acquired the Well Service Group, Inc. (WSG) and its affiliate,
Utility Access Solutions, Inc. WSG was also a strategic logistics and service
partner of Newpark’s Mats and Integrated Services segment. According to
Newpark, this acquisition is a critical and major step in the long-term mats
strategy.
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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