Increasing investment in U.S. Gulf of Mexico, offshore West Africa and Brazil is expected to drive the demand for drilling fluids over the forecast period.
San Francisco, California (PRWEB) April 29, 2014
The global market for drilling fluids is expected to reach USD 14.92 billion by 2020, according to a new study by Grand View Research, Inc. Increasing drilling activities mainly in South America and Asia Pacific is expected to drive the market for drilling fluids. Grand View Research also observes that depleting natural has been prompting industry players to shift their focus towards exploring and developing unconventional gas reserves which promotes the use of horizontal drilling and is expected to translate into enhanced fluid demand.
Water based fluids (WBF) were the most consumed drilling fluids around the world and accounted for 56% of the total market revenue in 2013. WBFs are also expected to be the fastest growing drilling fluid products, at an estimated CAGR of 8.8% from 2014 to 2020. WBFs were followed by oil-based fluids (OBF) which accounted for just over 30% of the total market for the same year. However, the growing environmental concerns regarding the use of OBFs in drilling activities is expected to hamper its market growth over the forecast period.
The report “Drilling Fluids Market Analysis By Product (OBF, SBF, WBF), By Application (Offshore, Onshore) And Segment Forecasts To 2020” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/drilling-fluids-market-analysis.
Inquire before buying @ http://www.grandviewresearch.com/inquiry/347.
Further key findings from the study suggest:
- The global market for drilling fluids was estimated to be USD 8.16 billion in 2013, and is expected to grow at a CAGR of 8.2% from 2014 to 2020.
- North America continued its dominance in the global market and accounted for 55.5% of total market revenue in 2013. However, increasing drilling activities in Latin America and Asia Pacific is expected to boost the demand for drilling fluids in these two regions over the next six years. The demand for drilling fluids in Central and South America is expected to grow at an estimated CAGR of 10.3% from 2014 to 2020.
- Drilling fluids are majorly used for onshore oil & gas drilling owing to large number of onshore oil and gas reserves around the world. Onshore oil & gas accounted for 71.6% of total market revenue in 2013. Increasing deep sea drilling activities in Gulf of Mexico, Brazil offshore and West Africa is expected to boost the demand for drilling fluids in offshore applications.
- The global market for drilling fluids is highly concentrated as top four companies including Schlumberger, Halliburton, Baker Hughes and Newpark accounted for over 70% of the total market in 2013. Weatherford International, Tetra Tech, Canadian Energy Services, China Oilfield and Anchor Drilling were amongst other significant market participants.
Request Free Sample of This Report @ http://www.grandviewresearch.com/industry-analysis/drilling-fluids-market-analysis/request.
For the purpose of this study, Grand View Research has segmented the global drilling fluids market on the basis of product, application and region:
- Global Drilling Fluids Product Outlook (Revenue, USD Million, 2012 - 2020)
• Oil-Based Fluids (OBF)
• Water-Based Fluids (WBF)
• Synthetics-Based Fluids (SBF)
- Global Drilling Fluids Application Outlook (Revenue, USD Million, 2012 - 2020)
- Drilling Fluids Regional Outlook (Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific
• Middle East & Africa
• Central & South America
Browse All Petrochemicals Market Reports @ http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Latest Reports Published By Grand View Research:
Soy & Dairy Protein Ingredients Market Analysis By Product (Isolates, Concentrates, Hydrolysates, Casein) And Segment Forecasts To 2020 (http://www.grandviewresearch.com/industry-analysis/Protein-Ingredients-Industry) global protein ingredient market revenues are expected to reach USD 28.90 billion by 2020, growing at a CAGR of 6.5% from 2014 to 2020. Increasing market acceptance, especially in functional foods and dietary supplements is expected to drive protein ingredient demand over the next six years. Additionally, consumer attitude towards these products has undergone a transition over the last five years; this trend is expected to remain strong in the near future as consumers look for healthier and sustainable options.
Animal Feed Additives Market Analysis By Product (Antibiotics, Vitamins, Amino Acids, Acidifiers, Feed Enzymes and Antioxidants), By Livestock (Pork, Sea Food, Poultry and Cattle) And Segment Forecasts To 2020 (http://www.grandviewresearch.com/industry-analysis/animal-feed-additives-market) global market for animal feed additives is expected to reach USD 19.54 billion by 2020, according to a new study by Grand View Research, Inc. Growing protein demand, especially in Asia Pacific and Latin America, is expected to be a key driver for additive demand over the next six years. In addition, various disease outbreaks in livestock animals such as swine flu and foot & mouth diseases in the past decade have led to increased regulations on meat quality and safety which further has prompted the use of feed additives.
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, 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 energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/
Corporate Sales Specialist, USA
Grand View Research, Inc
Toll Free: 1-888-202-9519