[79 Pages Premium Report] Drilling Fluids Market (Oil-Based Fluids, Synthetic-Based Fluids and Water-Based Fluids) for Oil and Gas (Offshore and Onshore) Market – Global Industry Analysis, Size Share, Growth, Trends and Forecast, 2012 – 2018 – Drilling…
Market Research Reports : Transparency Market Research published new market report "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 global market for drilling fluids was valued at USD 7.20 billion in 2011 and is expected to reach USD 12.31 billion by 2018, growing at a CAGR of 8% from 2012 to 2018.
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Depleting onshore reserves have prompted the industry to shift focus towards developing deep sea reserves, which increases the overall cost of wells and in turn generates more revenue for drilling fluid manufacturers. This trend is expected to drive the global demand for drilling fluids over the forecast period. Increasing exploration of shale gas, coal bed methane (CBM) and other unconventional resources promotes the use of horizontal drilling, which is also expected to boost market revenue for drilling fluids. However, growing environmental concerns regarding the use and disposal of drilling fluids coupled with geopolitical issues in key oil producers in the Middle East is expected to hinder the market growth over the forecast period.
The successful implementation of nanotechnology in various industries has prompted industry participants to apply nanotechnology in the oil and gas industry. Major companies such as MI-SWACO (a Schlumberger company), Newpark Drilling Fluids, and Halliburton among others, have been investing heavilyin developing drilling fluids using nanotechnology.