Global Drilling Fluids Market is expected to reach USD 10.01 billion by 2025, according to a new report by Grand View Research, Inc. Increasing upstream spending to sustain oil production targets is anticipated to drive oil & gas industry drilling activities over the forecast period. Technological advancements to modify the fluid rheology for efficient extraction in different formations have created lucrative avenues for industry participants.
Increased maintenance costs and environmental risks associated with offshore locations, have urged companies to deploy drill mud for cost-efficient E&P activities. Growing demand for increasing production rates, efficiency and mitigating gas related capital expenditures is expected to drive drilling fluids demand in offshore activity, over the long term. Growing number of ongoing projects in the Middle East and Africa including, Maydan Mahzam and Bul Hanine fields are projected to drive product demand over the next nine years.
WBF emerged as a leading drilling fluid product segment covering 50.4% market revenue share in 2016. The OBF segment is expected to lose share over the forecast period and account for 26% of the total industry value by 2025
Full Research Report on Global Drilling Fluids Market Analysis:
http://www.grandviewresearch.com/industry-analysis/drilling-fluids-market-analysis
http://www.grandviewresearch.com/industry-analysis/drilling-fluids-market-analysis
Further key findings from the report suggest:
- The global drilling fluids market is estimated to grow at a CAGR of 3.7% from 2017 to 2025
- The onshore application segment is anticipated to reach 5.9 billion by 2025 over the upcoming years
- Offshore drilling activities is projected to emerge as the fastest segment at a CAGR of 4.1% from 2017 to 2025
- North America was the leading regional segment accounting for over 25% in 2016 and is expected to witness a similar trend over the forecast period
- Asia Pacific is anticipated to emerge as the fastest consumer at a CAGR of 4.6% from 2017 to 2025
- Russia onshore drilling fluids industry in 2016 was valued at USD 627.5 million and is projected to grow at a CAGR of 2.8% from 207 to 2025
- Demand for WBF product in the Venezuela was valued at USD 113.94 million in 2016 and is expected to grow at a CAGR of 4.1% from 2017 to 2025
- Drilling fluids market share in Kuwait is expected to grow at a CAGR of 4.7% over the forecast period and to reach USD 203.5 million by 2025
- Offshore drill mud industry in Nigeria was valued at USD 53 million in 2016 and is anticipated to be the fastest application over the upcoming years
- Major players include Newpark Resources, Halliburton, Weatherford International, Baker Hughes, National Oilwell Varco and Schlumberger
View more reports of this category by Grand View Research at:
http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand View Research has segmented the Global Drilling Fluids Market on the basis of product, application and region:
Drilling Fluids Product Outlook (Revenue, USD Million, 2014 - 2025)
- Oil based fluids
- Water based fluids
- Synthetic based fluids
- Others
Drilling Fluids Application Outlook (Revenue, USD Million, 2014 - 2025)
- Onshore oil & gas
- Offshore oil & gas
Drilling Fluids Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S
- Canada
- Mexico
- Europe
- UK
- Russia
- Norway
- Azerbaijan
- Kazakhstan
- Asia Pacific
- China
- India
- Indonesia
- Malaysia
- Pakistan
- Myanmar
- Singapore
- Australia
- Vietnam
- Thailand
- Middle East
- Saudi Arabia
- UAE
- Qatar
- Kuwait
- Iran
- Iraq
- Africa
- Algeria
- Libya
- Nigeria
- Gabon
- Zaire
- Central & South America
- Brazil
- Argentina
- Venezuela
- Columbia
- Peru
View Press Release Of This Report by Grand View Research: http://www.grandviewresearch.com/press-release/global-drilling-fluids-market
About Grand View ResearchGrand 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 visit: www.grandviewresearch.com
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