Published Date : Dec 27, 2017
ALBANY, New York, December 27, 2017 – The global drilling fluids market has been prophesied in a report added by MarketResearchReports.biz to increase its growth on the back of the shift toward the development of deep sea reserves existing across the globe. Bearing the title “Drilling Fluids (Oil-Based Fluids, Synthetic-Based Fluids and Water-Based Fluids) for Oil and Gas (Offshore & Onshore) Market - Global Industry Analysis, Size Share, Growth, Trends and Forecast, 2012 - 2018,” the report has also foreseen the market to gain growth from the ever-rising drilling activities. According to the research analysts, the future of drilling fluids could be held by the rise of nanotechnology.
Investments in the development of drilling fluids with the help of nanotechnology have been anticipated to continue to grow in the coming years, thus giving a strong impetus to the market. The implementation of horizontal drilling could be a powerful factor augmenting the demand in the market. The rising exploration activities on the part of unconventional resources such as CBM and shale gas could also increase the demand for drilling fluids in the near future. However, geopolitical problems and swelling environmental concerns related to the disposal and application of drilling fluids have been foretold to slow down market growth. Nevertheless, the advent of nanotechnology bringing an evolution in the drilling fluids industry could offer scores of opportunities for market players.
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As per the segmentation study of the report, the world drilling fluids market could see a classification according to region, application, and product. In terms of region, the market could showcase its prominence in Central and South America, Asia Pacific, the Middle East and Africa, Europe, and North America. By application, there could be segments such as onshore oil and gas and offshore oil and gas taking shape in the market. On the basis of product, market players could look to focus on water-based fluids (WBFs), synthetic-based fluids (SBFs), and oil-based fluids (OBFs).
Exploration and production organizations have been compelled to raise their investments in offshore and onshore drilling activities. This could be because of the mounting demand for natural gas and crude oil in a number of energy-intensive sectors including transportation, manufacturing, and power generation. During the course of the forecast period, the growth in the international drilling fluids market has been projected to see a rise due to the Pacific and Persian Gulf regions experiencing an increase in deep water discoveries. Moreover, Europe and North America’s rising participation in the sustenance of energy demand could significantly contribute toward the growth of the market.
The need to overcome environmental and technological challenges has encouraged manufacturing firms to shift their focus to the development of new solutions created with the use of nanotechnology. Additionally, organizations have been developing bio-based drilling fluids derived from vegetable oils with the help of extensive research and development. On account of their lower environmental impacts with regard to discharged mud and cuttings and their cost-effectiveness, WBFs could flaunt a high growth and penetration rate in the foreseeable future. The demand for drilling fluids in the onshore oil and gas application has been envisaged to increase due to rising oil drilling activities conducted for fulfilling swelling energy needs.
In order to fulfill the demand for advanced drilling technology from industrial sectors, vendors could focus on the development of sophisticated technology-based products. The report has profiled top companies such as Baker Hughes Incorporated, Halliburton Company, and Schlumberger Technology Corporation.
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