The North American drilling fluids market was valued at US$ 4336.8 million in 2012 and is expected to reach US$ 7203.6 million in 2019, growing at a CAGR of 7.5% from 2013 to 2019.
Growing demand for natural gas and crude oil in North America is expected to bolster growth drilling fluids market in the region. Furthermore, shift towards exploring and developing deep sea reserves and increasing implementation of horizontal drilling is expected to augment the growth of the North America drilling fluids market. Increasing focus towards developing unconventional resources such as shale oil/gas, coal bed methane and other resources are likely to bolster the overall product demand.
Key challenges faced by the industry include increasing environmental concerns regarding the use of drilling fluids and raising concerns over the disposal of waste drilling fluids and contamination are expected to curb market growth of drilling fluids in North America. However, emergence of nanotechnology for product development is expected to overcome these challenges.
Key applications analysed in this market include onshore oil and gas and offshore oil and gas. Onshore oil and gas held a significant share in the overall market followed by the offshore oil and gas application in 2012. The increasing onshore drilling activities are expected to boost the demand for the market in onshore reserves thereby fuelling the demand for drilling fluids. In terms of revenue, onshore oil and gas application market is likely to grow at a CAGR of 7.9% from 2013 to 2019.
The US dominated North America drilling fluids market in 2012, accounting for more than 80% of the market share in 2012. Rising demand for drilling fluids attributed to overall market growth. Growing exploration of shale gas in the US and Canada is expected to drive the market for drilling fluids over the forecast period from 2013 to 2019.
Key players in the market include Weatherford International, Schlumberger Technology Corporation, Newpark Resources Inc., National Oilwell Varco, Halliburton Company, China Oilfield Services Limited, Canadian Energy Services &Technology Corp, Baker Hughes Incorporated, and Anchor Drilling Fluids USA Inc. Schlumberger Technology Corporation dominated the market owing to the widespread geographic operations and focused R&D activities.
The research from Transparency Market Research analyses and estimates performance and market for drilling fluids in North America, providing detailed trend analysis of the market by geography and comprehensive analysis of companies that are dealing in drilling fluids market.
The report can be accessed on the Transparency Market Research website.
Adapted from press release by Katie Woodward
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/09092014/north-american-drilling-fluids-market-to-2019-1423/