Drilling Fluids Global Market Size, Share, Analysis of Growth Strategies Adopted by Major Players, Study with focus on Company Profile | Industry Development Analysis, End Users and Regional Outlook To 2023

Market Overview:-

Drilling fluids play a vital role in oil and gas exploration activities. It is the mixture of water, oil, clay, & several chemicals. It is also called drilling mud. While drilling, it performs numerous functions like cooling the drill bit and lubricate its teeth, it carries the drill cutting to surface and reduces the drill pipe stuck problem. Mud maintains hydrostatic pressure to prevent formation fluids from entering into the wellbore.

Growing investment in oil exploration activities drives the growth of the market. For instance, oil giant BP has disclosed its plan to continue spending in new exploration activities in its Gulf of Mexico production platforms, Atlantis, Na Kika, Thunder Horse and Mad Dog. However, high capital cost for drilling may hamper the growth of the market. Recently, offshore oil and gas exploration activities in the Gulf of Mexico region and other regions throughout the world are progressively moving towards deepwater ocean regions. The deepwater oil field development usually occurs in the form of high-risk, and long-duration drilling project, which make them highly expensive.

Get Sample Report @ https://www.marketresearchfuture.com/sample_request/4329

Competitive Landscape

In global drilling fluids market, the key players adopted numerous strategies to retain and expand their market share. The important strategies followed by maximum companies within the global drilling fluids market were new contracts followed by the expansion.

Indusrty Top Key Players:-

The key players of global drilling fluids market are Schlumberger Limited (France), Halliburton Inc. (U.S.), Baker Hughes Incorporated (U.S.), Newpark Resources Inc. (U.S.), and National Oilwell Varco. (USA). Scomi Group Bhd (Malaysia), TETRA Technologies, Inc. (U.S.), Canadian Energy Services & Technology Corp. (Canada), GEO Drilling Fluids, Inc. (U.S.) and Anchor Drilling Fluids USA, Inc. (U.S.) are among others.

Industry News

Baker Hughes Inc., one of the largest oilfield service companies, has won the USD 190 million onshore contract for integrated drilling services on the massive Johan Sverdrup field offshore Norway. The contract includes cementing and pumping, completion, offshore cuttings handling, drilling and completion fluids, and integrated drilling services, and will be valid for six years with a four-year extension option for the entire field life.

Halliburton Inc. one of the major oilfield service company, has opened its new Indonesian headquarters in Jakarta. This facility serves as Halliburton’s headquarters for all of its business lines in Indonesia, which provides services to support customers’ activities in the country.

Global drilling fluids market, is thus, expected to reach a market size of USD 13,454.5 million by the end of the forecast period at CAGR of 7.03%.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/drilling-fluids-market-4329


Market Segmentations:-

Based on application, onshore accounted for the biggest market share of 69.40% in 2016, with a market value of USD 5,843.2 million; projected to expand at a CAGR of 6.80% during the forecast period. Offshore was the second largest application in 2016, valued at USD 2,576.4 Million. Offshore drilling commonly takes place in ocean waters. Offshore segment is estimated to be the fastest growing application, mainly due to growing deepwater drilling activities in U.S. and Gulf of Mexico, shale and tight oil production in Canada and the discovery of ultra-deepwater drilling reserves in North Sea, and other regions of the globe.

Regional Analysis:-

On the basis of region, North America accounted for the largest market share of 35.10% in 2016, with a market value of USD 2,955.3 million; projected to expand at a CAGR of 7.47% during the forecast period. Improvement in drilling technologies such as horizontal drilling and hydraulic fracturing have unlocked vast hydrocarbon reserves in the region. This has allowed oil and gas companies in the region to innovate to the point, where they can carry on the drilling activities, profitably. U.S. accounts for the largest market share in the North American region.

Enquiry For This Report @ https://www.marketresearchfuture.com/enquiry/4329

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Contact

Market Research Future

Phone No : +1 646 845 9312

Email: sales@marketresearchfuture.com

This release was published on openPR.