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.
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U.S. drilling fluids market revenue by product, 2014 - 2025 (USD Million)
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.
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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Global drilling fluids market share by application, 2016 (%)
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.
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