Drilling Fluids Market to Grow at CAGR 8% Till 2021

TechSci Research Report

NEW YORK, September 26, 2016 /PRNewswire/ --

Increasing demand from onshore explorations, especially in North America and Asia-Pacific to drive global drilling fluids market through 2021 

According to a TechSci Research report "Global Drilling Fluids Market By Type, By Application, By Region, Competition Forecast & Opportunities, 2011 - 2021", the global market for drilling fluids is forecast to grow at a CAGR of over 8% during 2016-2021, on account of forecasted rebound in oil & gas prices, and drilling activities across the globe, especially in North America and Asia-Pacific. Rising demand for drilling fluids in North America and Asia-Pacific can be attributed to restart of fracturing jobs and growth in exploration of unconventional shale gas/oil reserves in the United States and China.

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Onshore explorations are projected to dominate global drilling fluids market through 2021, due to less capex and increasing investments in cost effective onshore drilling activities. Additionally, slump in crude oil & gas prices during 2014-2016 is anticipated to reduce investments in offshore explorations. Thus, in 2015, offshore investments garnered a share of only 20% in global upstream spending. Further, this capital expenditure is projected to decline by 20-25% in 2016, on account of reduction in exploration budgets by international oil companies. Few of the leading companies operating in global drilling fluids market include Schlumberger, Halliburton, Baker Hughes, Newpark Resources, Inc. and many others engaged in designing mud engineering plans for supplying drilling fluids/additives.

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''Various major drilling fluid suppliers have established dedicated laboratories to test and validate quality of drilling fluids and increase focus on developing new, environment friendly and efficient drilling fluids. R&D facilities also emphasize on developing down-hole drilling fluids hydraulics simulators for developing fluids systems for challenging conditions. One such development is the use of nanotechnology in drilling fluid production. Nanoparticles are capable of enhancing the stability of drilling fluids at high pressure and temperature conditions. Additionally, nanomaterials based drilling muds are capable of decreasing the sticking tendency of mud cakes by forming a thin film covering over the drill pipe. Such new product developments are forecast to boost growth in the global drilling fluids market in the ensuing years" said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.