Press release
Drilling Fluids Industry to 2020 – Market Outlook, Industry Trends: Grand View Research, Inc.
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.
Browse full research report on Global Drilling Fluids Market: http://www.grandviewresearch.com/industry-analysis/drilling-fluids-market-analysis
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.
Read detailed report or request for sample of this research 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)
• Onshore
• Offshore
• Drilling Fluids Regional Outlook (Revenue, USD Million, 2012 - 2020)
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Central & South America
Grand 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.
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Web: www.grandviewresearch.com
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