The Middle East drilling fluid market is projected to reach USD 2.3 billion by 2022. It was worth about USD 1.4 billion in 2014. Environmental concerns regarding solid waste disposal, spill containment, and borehole collapses will drive market demand. Advanced drilling fluid chemicals for horizontal drilling can create opportunities for the market.
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Exploration and production (E&P) activities in Saudi Arabia, Oman, U.A.E., and Qatar should drive the market over the forecast period (2015 – 2022). The market is estimated to grow at about 5.3% CAGR in the seven years ahead. Drilling fluids control formation pressures, maintain wellbore stability, remove wellbore cuttings, and lubricate & cool drill bits.
Water-based fluids (WBFs), oil-based fluids (OBFs), and synthetic-based fluids (SBFs) are products in the Middle East drilling fluid market. WBFs were the largest product accounting for 46% revenues in 2014. They will gain more preference owing to the harmful effects of OBFs. Improvements in the inhibitive performance of water-based systems can propel the demand for WBFs in the next seven years. OBFs may experience 4% CAGR during the forecast period owing to their lubricity. SBFs will gain significant growth owing to their biodegradability.
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Onshore oil & gas and offshore oil & gas are the market applications. Onshore oil & gas was the largest, accounting for over 70% revenues in 2014. Demand for crude oil & natural gas in the U.A.E. and Saudi Arabia can drive onshore applications in the forthcoming years. Offshore oil & gas would grow substantially due to demand from distant & demanding locations.
Saudi Arabia was the largest Middle East drilling fluid market with more than 35% demand in 2014. Investments by Saudi Aramco, a national petroleum & natural gas firm in Saudi Arabia, for sustaining annual production levels would propel oil & gas demand during the seven years ahead. Neutral regions with Iraq & Kuwait offer future prospects to oil and gas projects. Concerns regarding extreme temperature operations and wellbore stability could drive demand in these regions.
Prominent players of the Middle East drilling fluid market include Baker Hughes, Halliburton Inc., Petrochem Performance Chemicals Ltd. LLC, and Oman Drilling Mud Products Company LLC.
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