There are different stakeholders related to this market including oilfield service companies, E&P companies, drilling tools and equipment manufacturers, oil & gas field operators, etc.
(PRWEB) May 22, 2014
The oil and gas drilling process generates two primary types of waste, namely drill cuttings and used drilling fluids. Most of the waste associated with oil and gas drilling activities can cause significant hazards to the environment. Hence, these need to be effectively treated and disposed off in order to minimize the impact to the environment. Drilling and completion fluids are one of the most essential requirements for any drilling activity, whether carried onshore or offshore. The main purpose in using drilling and completion fluids is to provide lubrication, decrease the friction, cool the wellborne, and remove rock cuttings. http://www.micromarketmonitor.com/market-report/drilling-fluid-completion-fluid-reports-8062354106.html
Latin America is one of the fastest-growing markets for drilling and completion fluids as drilling activities continue to increase. Latin American countries such as Venezuela and Brazil are part of the Golden Triangle, where offshore drilling activities are growing very fast. The high amounts of proven reserves in these countries have attracted huge investments. The drilling and completion fluid market in LATAM was valued at $935 million in 2013; by 2018, the market is expected to reach $1.4 billion, at a CAGR of 9.2%.
Africa is becoming one of the biggest drilling and completion fluids market with a very high growth rate in drilling and completion activities. The high growth in drilling activities will ensure that the market for drilling and completion fluids in Africa will show a rising trend. The market was valued at $730 million in 2013, and is expected to reach $1.1 billion at a CAGR of 8.9% by 2018.
North America dominates the total drilling waste services industry, and has a market value of $2,031 million in 2012. The increasing shale activity and an upswing in the Gulf of Mexico region will improve the growth of the waste services industry. The drilling waste management market in North America was valued at $2,261 million in 2013, and is expected to reach $3,615 million at a CAGR of 9.8% by 2018. http://www.micromarketmonitor.com/market/north-america-waste-management-in-drilling-4388561035.html
Europe is the most advanced market in effectively treating and disposing drilling waste. The discharge of any drilling waste is effectively banned in almost all countries within Europe. On account of this, drilling waste management in the region is likely to expect a strong growth at a CAGR of 10.7% to reach $1,571 million by 2018. http://www.micromarketmonitor.com/market/europe-waste-management-in-drilling-8697170849.html
The South and Central American drilling waste management market was valued at $343.4 million in 2012. The key oil producing countries within the region, namely Brazil and Venezuela, have implemented effective waste management practices to treat and dispose drilling waste. Increasing offshore activities in the region are a driving factor for the drilling waste services industry. By 2018, the industry is expected to reach $737.0 million, up from $412 million in 2013, at a CAGR of 12.4%. http://www.micromarketmonitor.com/market/south-central-america-waste-management-in-drilling-8179978938.html
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