Global Drilling Fluids Market Size:
The Global Drilling Fluids Market is anticipated to reach about US$ XX Mn by 2025, and anticipated to expand at a CAGR over seven years of forecast period 2019-2025 owing to increased application of drilling fluids.
Precision Business Insights (PBI) in its report titled “Global Drilling Fluids Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2018 and Forecast 2019-2025” assesses the market performance over seven years forecast period from 2019 to 2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
The global drilling fluids market size was accounted for US$ XX Mn in 2018 and anticipated to account for US$ XX Mn by 2025. Increased functions of drilling fluids such as lubricating drills teeth, cooling the drill bit, reducing drill will create a demand for the growth of the global drilling fluids market. However increased costs of the drilling fluids will hinder the growth of the global drilling fluids market.
Global drilling fluids market segmented on the basis of type, and by application.
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Water Based Drilling Fluids Segment Expected to Dominate the Market
Based on type, the global drilling fluids market is segmented into water based, oil based and synthetic based. Water based segment is expected to dominate the global drilling fluids market due to its low cost price, eco-friendly properties, and requires less chemical treatment.
Offshore Application Will Dominate the Revenue Share.
Based on application, the market is segmented into onshore and offshore. Offshore application is expected to account for major revenue share in global drilling fluids market due to increased application of offshore drilling in ocean waters. Increasing demand for drilling activities of deep water will boost the growth of the offshore application.
North America, Accounts for Major Revenue Share for Global Drilling Fluids Market
Precision Business Insights (PBI), global drilling fluids market report analyses the market in different regions of North America, Europe, Asia Pacific, Latin America and Middle East and Africa. According to regional analysis, North America accounted for major revenue share due to increased demand of drilling fluids from the growing population. U.S accounted for major revenue share due to improvement in technologies of drilling. Asia Pacific drilling fluids market is expected to account moderate CAGR due to increase in urbanization, population and industrialization. Europe exhibits a significant growth in drilling fluids market due to increased volumes of oil and gas production coupled with rapid growing drilling activities. Latin America shows a significant growth in market owing to increased discoveries of gas and substantial oil. Middle East and Africa drilling fluids market is also expected to rise in the forecast period due to increased production of gas and oil.
Strategic Acquisitions Play Vital Role in Global Drilling Fluids Market
Market strategies such as acquisition play an important role in the development of the market. For instance, in 2013, Newpark Mats and Integrated Services gained a stronger foothold in the UK and Europe with the acquisition of Terrafirma Roadways, a provider of temporary roadway and worksite solutions to utility, construction, and event customers. Located in Oxfordshire, England, Terrafirma had been a strategic partner with Newpark and the exclusive UK Distributor of Newpark’s DURA-BASE® Advanced-Composite Mat System.
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Detailed Segmentation
By Type
o Water Based
o Oil Based
o Synthetic Based
By Application
o Onshore
o Offshore
Geography
o North America
U.S.
Canada
o Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
o Asia-Pacific
China
Japan
India
ASEAN
Rest of Asia Pacific
o Latin America
Brazil
Mexico
Argentina
Chile
Rest of Latin America
o Middle East and Africa
South Africa
Gulf Cooperation Council Countries(GCC)
Rest of MEA
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Major Key Players Dominating the Market:
Key players in the market include 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.)
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