Drilling Fluids Market Holds Growth Of $10.01 Billion By 2025: Grand View Research, Inc.

Drilling Fluids Market Holds Growth Of $10.01 Billion By 2025: Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting”
According to report published by Grand View Research, Increasing upstream spending to sustain oil production targets is anticipated to drive oil & gas industry drilling activities over the forecast period. Technological advancements to modify the fluid rheology for efficient extraction in different formations have created lucrative avenues for industry participants.

According to a report, “Drilling Fluids Market Analysis By Product (Oil-Based Fluids (OBF), Synthetics-Based Fluids (SBF), Water-Based Fluids (WBF)), By Application, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., The global drilling fluids market is expected to reach USD 10.01 billion by 2025. The global drilling fluids market is estimated to grow at a CAGR of 3.7% from 2017 to 2025. The onshore application segment is anticipated to reach 5.9 billion by 2025 over the upcoming years.  Increased maintenance costs and environmental risks associated with offshore locations, have urged companies to deploy drill mud for cost-efficient E&P activities. Growing demand for increasing production rates, efficiency and mitigating gas related capital expenditures is expected to drive drilling fluids demand in offshore activity, over the long term. 

 Key Takeaways from the report:

  • Offshore drilling activities is projected to emerge as the fastest segment at a CAGR of 4.1% from 2017 to 2025

  • North America was the leading regional segment accounting for over 25% in 2016 and is expected to witness a similar trend over the forecast period

  • Asia Pacific is anticipated to emerge as the fastest consumer at a CAGR of 4.6% from 2017 to 2025

  • Russia onshore drilling fluids industry in 2016 was valued at USD 627.5 million and is projected to grow at a CAGR of 2.8% from 207 to 2025

  • Demand for WBF product in the Venezuela was valued at USD 113.94 million in 2016 and is expected to grow at a CAGR of 4.1% from 2017 to 2025

  • Drilling fluids market share in Kuwait is expected to grow at a CAGR of 4.7% over the forecast period and to reach USD 203.5 million by 2025

  • Offshore drill mud industry in Nigeria was valued at USD 53 million in 2016 and is anticipated to be the fastest application over the upcoming years

  • Major players include Newpark Resources, Halliburton, Weatherford International, Baker Hughes, National Oilwell Varco and Schlumberger

U.S. drilling fluids market revenue by product, 2014 – 2025 (USD Million)

U.S. drilling fluids market revenue by product, 2014 - 2025 (USD Million)

 

Browse More Reports in Petrochemicals Industry:

Naphtha Market: Increasing global demand for transportation fuel is expected to drive growth. Demand is also being driven by its robust use for hydrocarbon cracking process in the petrochemical industry.

Polymer Modified Bitumen Market: Increase in load bearing capacity and higher resistance to cracking & rutting leads to lower maintenance cost owing to the use of PMB, has resulted in driving growth. Addition of polymers to bitumen decreases the rolling resistance & road/tire noise thereby, improving fuel efficiency.

Global drilling fluids market share by application, 2016 (%)

Global drilling fluids market share by application, 2016 (%)

Growing number of ongoing projects in the Middle East and Africa including, Maydan Mahzam and Bul Hanine fields are projected to drive product demand over the next nine years.

WBF emerged as a leading drilling fluid product segment covering 50.4% market revenue share in 2016. The OBF segment is expected to lose share over the forecast period and account for 26% of the total industry value by 2025.

Grand View Research has segmented the global drilling fluids market on the basis of product, application and region:

Drilling Fluids Product Outlook (Revenue, USD Million, 2014 – 2025)

  • Oil based fluids

  • Water based fluids

  • Synthetic based fluids

  • Others

Drilling Fluids Application Outlook (Revenue, USD Million, 2014 – 2025)

  • Onshore oil & gas

  • Offshore oil & gas

Drilling Fluids Regional Outlook (Revenue, USD Billion, 2014 – 2025)

  • North America

    • U.S

    • Canada

    • Mexico

  • Europe

    • UK

    • Russia

    • Norway

    • Azerbaijan

    • Kazakhstan

  • Asia Pacific

    • China

    • India

    • Indonesia

    • Malaysia

    • Pakistan

    • Myanmar

    • Singapore

    • Australia

    • Vietnam

    • Thailand

  • Middle East

    • Saudi Arabia

    • UAE

    • Qatar

    • Kuwait

    • Iran

    • Iraq

  • Africa

    • Algeria

    • Libya

    • Nigeria

    • Gabon

    • Zaire

  • Central & South America

    • Brazil

    • Argentina

    • Venezuela

    • Columbia

    • Peru

Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.

About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: Switzerland
Website: www.grandviewresearch.com/industry-analysis/drilling-fluids-market-analysis