Transparency Market Research has released a new market report titled "Drilling Fluids Market (By Product Segment - Water-based, Oil-based and Synthetic Drilling Fluids): Latin America Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020." According to the report, the drilling fluids market in Latin America was valued at US$ 608.7 million in 2013 and is anticipate to reach US$ 1161.1 million by 2019, expanding at a CAGR of 9.63% from 2014 to 2020.
The drilling fluids market in Latin America has been analysed based on product segments, namely water-based fluids (WBFs), oil-based fluids (OBFs) and synthetic-based fluids (SBFs). In terms of revenue, WBFs segment dominated the overall market, accounting for more than 58% of the drilling fluids market share in Latin America in 2013. WBFs segment is estimated to be one of the rapidly growing segments during the forecast period due to its eco-friendly nature and cheap price compared to other drilling fluids. WBFs require minimal treatment before discharge; hence, these are used widely as compared to oil and synthetic drilling fluids. In offshore regions, WBFs are dumped into the seawater after attaining a permissible toxic content level as determined by the environmental regulatory bodies. Key technology segments analysed in this study include dispersed systems and non-dispersed systems. These are classified as sub-segments of water-based fluids. In terms of revenue, dispersed systems dominated the market, occupying more than 60% of the market share in 2013.
In terms of revenue, Brazil dominated the drilling fluids market in Latin America, accounting for over 26% of the market share in 2013. High investment in deepwater and ultra deepwater reserves is proving to be a boon for the market in Brazil. Increased exploration activities for other unconventional sources of energy, such as CBM (Coal Bed Methane) and shale gas, are further anticipated to drive the drilling fluids market in Latin America.
The full report can be reached here.
Adapted from a press release by David Bizley
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/03092014/latin-america-drilling-fluids-market-expected-to-reach-usd-1161-million-by-2020/