Global Drilling Fluids Market Size & Top Key Player 2018 | Industry Report by Research Analyst

Global Drilling Fluids Market Information Report, By Type, By Application and By Region - Global Forecast to 2023.

Market Scenario

Based on type, water based drilling fluid accounted for the largest market share of 55.90% in 2018, with a market value of USD 4,706.6 Million and is projected to grow at the highest CAGR of 7.52% during the forecast period. Water-based fluids (WBF) are the most commonly used drilling fluid systems. In this system, water is in continuous phase. This fluid system is less expensive, requires less chemical treatment before disposal, and their eco-friendly properties are anticipated to fuel the demand of water based fluids during the forecast period. Oil based fluid was the second-largest market in 2018, valued at USD 2,248.0 Million in 2018; it is projected to grow at a CAGR of 6.66%. In oil based fluids, oil is in continuous phase. Oil can be diesel, mineral oil, or one of the new types of synthetic oils. Oil-based muds are better for greater depths or in directional or horizontal drilling, which place greater stress on the drilling apparatus. Increasing demand for higher thermal stability, and lesser corrosion of drilling tools, OBM is expected to gain significance over the forecast period.

Based on application, onshore accounted for the largest market share of 69.40% in 2018, with a market value of USD 5,843.2 Million and is projected to grow at a CAGR of 6.80% during the forecast period. Onshore drilling activities are defined as the drilling of sites under earth surface that are not over water. Offshore was the second-largest application in 2018, valued at USD 2,576.4 Million in 2018. Offshore drilling usually takes place in ocean waters. Offshore segment is expected to be the fastest growing application in global drilling fluid market mainly due to increasing deep water drilling activities in U.S Gulf of Mexico, shale and tight oil production in Canada and discovery of ultra-deep water drilling reserves in North Sea, South China Sea and other regions of the globe.

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Market Research Analysis

Based on type, water based drilling fluid accounted for the largest market share of 55.90% in 2018, with a market value of USD 4,706.6 Million and is projected to grow at the highest CAGR of 7.52% during the forecast period. Water-based fluids (WBF) are the most commonly used drilling fluid systems. This fluid system is less expensive, requires less chemical treatment before disposal, and their eco-friendly properties are anticipated to fuel the demand of water based fluids during the forecast period. Oil based fluid was the second-largest market in 2018, valued at USD 2,248.0 Million in 2018; it is projected to grow at a CAGR of 6.66%. In oil based fluids, oil is in continuous phase. Oil-based muds are better for greater depths or in directional or horizontal drilling, which place greater stress on the drilling apparatus.

Based on application, onshore accounted for the largest market share of 69.40% in 2018, with a market value of USD 5,843.2 Million and is projected to grow at a CAGR of 6.80% during the forecast period. Offshore was the second-largest market in 2018, valued at USD 2,576.4 Million in 2018; it is projected to grow at the highest CAGR of 7.53%.

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Key Players

The key players of global drillingF fluids market are Schlumberger Limited (France), Halliburton Inc. (U.S.), Baker Hughes Incorporated (U.S.), Newpark Resources Inc. (U.S.), 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.) among others.

Scope of the Report: -

This research report provides insights, on various levels of analysis such as industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the Drilling Fluids market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same

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