- The worldwide offshore drilling fluids market would undergo rapid growth in the upcoming years. This will happen on account of rising investments in Brazil, U.S., offshore West Africa, and Gulf of Mexico. The market is estimated to grow at a CAGR over 8% from 2015 to 2022.
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Oil-based fluids, water-based fluids, and synthetic-based fluids are the various market products. The largest product segment in the last few years was water-based fluids. It would grow at the highest pace over the next seven years. In 2014, this segment contributed over 50% of the global offshore drilling fluids market.
Water-based fluids are predicted to grow most rapidly (with a CAGR over 8%) from 2015 to 2022. This can be ascribed to less threat (from this product) to human health and sea organisms. Strict regulatory norms reducing the consumption of oil-based fuels will boost this segment in the forecast period.
Growing E&P (exploration and production) activities in West Africa, Gulf of Mexico, and Brazil will raise the revenues of the offshore drilling fluids market in the future. Widespread gas and oil (deep sea) explorations are taking place globally. Few of these explorations include offshore Brazil, golden triangle, and U.S. Gulf of Mexico (USGOM).
West Africa contributed over 80% of the worldwide E&P expenditures in 2012. Rising E&P operations in South China Sea are also projected to propel the market ahead. In 2014, North America dominated the offshore drilling fluids market. It contributed over 55% share. This was owing to augmented drilling operations in Central and South America.
North America captured the said share due to rising shale prices in the United States. Brazil, Central & South America, and Venezuela are estimated to witness significant growth in the years ahead. Central & South America will observe a CAGR over 8% from 2015 to 2022.
The offshore drilling fluids market primarily concentrates on players such as Newpark, Halliburton, Baker Hughes, and Schlumberger. In 2014, Newpark contributed over 70% share. The other market participants include Anchor Drilling Fluids (U.S.A.), Tetra Tech, Canadian Energy Services, Weatherford International, and China Oilfield.
The hindrances in the market are ecological concerns regarding dumping and use of drilling fluids and certain geopolitical issues.
Information Source: Grand View Research
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