According to a new market report published by Credence Research “Global Drilling Fluids Market for Oil & Gas Industry – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the Global Drilling Fluids Market is expected to reach US$ 11.2 Bn by 2023, expanding at a CAGR of 5.1% during the forecast period (2016-2023).
Drilling Fluids refers to the liquid and gaseous fluid or mixtures of fluids and solids used in drilling operations. They are widely used to provide lubrication, cooling to the drill bit, remove cuttings from the well, control formation pressure, seal permeable formations, and maintain wellbore stability in drilling operation for extraction of hydrocarbons from the earth surface. Drilling fluids are also known as drilling mud. Drilling fluids are generally classified as water based, oil based and synthetic fluids.
Browse the full Global Drilling Fluids Market by Product Type, Application and Geography – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/drilling-fluids-market
Drilling fluids market for oil & gas industry is expected to gain significant growth with increasing drilling activities for the production of hydrocarbons. Growing energy demand from various industries such as power, manufacturing and transportation is projected to augment the growth of drilling fluids during the forecast period. Moreover, growing drilling activities on offshore reserve along with growing exploration of non-conventional shale gas reserves is expected to fuel the demand for drilling fluids over the forecast period (2016-2023). However, slowdown oil and gas industry, increasing use of alternative energy sources such as solar, wind along with environmental concerns over usage and disposal of drilling fluids is anticipated to restrain the growth of drilling fluids market during the forecast period (2016-2023).
Global drilling fluids market for oil & gas industry is segmented on the basis of product type, reserve type and geography. By product type, water based fluids segment is projected to be the most dominant and fastest growing segment as water based fluids are cost effective and environmental friendly. Moreover, increasing application of water based fluids in deep water drilling and non-conventional shale gas coupled with increasing production of shale gas and tight oil is projected to fuel the demand of drilling fluids over the forecast period (2016-2023).
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By reserve type, the onshore segment is projected to be the largest segment due to large number of onshore proven reserves across the globe. While, the offshore segment is expected to be the fastest growing segment owing to increasing exploration and production of offshore oil reserves especially in U.S. Gulf of Mexico is anticipated to drive the growth of drilling fluids during the forecast period (2016-2013).
Overall, global drilling fluids market for oil & gas industry is projected to significant growth over the forecast period (2016-2023).
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