Growth Of Latin America Drilling Fluids Waste Management Market 2020
Latin American countries such as Brazil, Argentina, and Venezuela are home to some of the biggest oil reserves around the globe. Among the three countries, Venezuela stands in the top ten among oil-producing countries in the world by production volume. In the last two decades, Venezuela has been involved in exporting oil to various countries around the world. Recently, exploration expeditions taking place in the nation have resulted in new oil and gas discoveries, owing to which Latin America is enjoying a huge amount of fresh investment.
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The Latin America drilling fluids waste management market is believed to attain a value of US$945.3 million by the end of 2020, showcasing a healthy growth at a 12.6% CAGR between the years 2014 and 2020. The market was worth US$413.4 million in 2013.
Government Regulations to Boost Demand for Drilling Fluids Waste Management
The discovery of shale gas deposits in the aforementioned countries is attracting many MNCs to Latin America. As per the research, Argentina is the only nation to initiate large-scale production of shale gas. The production and exploration activities in Argentina are encouraged by political support with the expectation that the country’s economy can be stimulated by the production process. As a reason, in the near future the government is expected to come up with supporting schemes to fuel the growth of the drilling fluids waste management market.
A major part of the investments is granted to Brazil for exploration and production operations that involve deep and ultra-deep reserves of the nation. These activities are expected to accelerate drilling activities in the next two years. This increase is anticipated to augment the demand for mud drilling technology and equipment, which will invoke concerns about disposal procedures.
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The Latin America drilling fluids waste management market has been segmented on the basis of the services it provides, which are solid control, treatment and disposable, and containment and handling. In 2013, the treatment and disposable segment accounted for the highest share in terms of revenue, recording more than 35% of the total market.
Rising Environmental Concerns Encourage Adoption of Drilling Fluids Waste Management
While drilling fluids waste is disposed, the toxic content present in it affects flora and fauna, which can be avoided by adopting drilling fluids waste management processes. As a result, the many Latin American governments have formulated strict regulations mandating drilling fluids waste management, which is driving the market for the same. Moreover, the rising activities of exploration and production in Latin America have boosted the market growth.
On the other side, the operational challenges attached with the need to cope with the regulations provided by the government are inhibiting the demand from the drilling fluids waste management market.
The Latin America drilling fluids waste management market in is divided into two categories as per its application: offshore and onshore. Activities in offshore areas focus mostly on deep and ultra-deep water areas, which have extreme environmental conditions that can delay drilling activities. However, the offshore segment is believed to grow at a substantial rate in comparison to the onshore segment owing to the rising offshore drilling activities taking place in Brazil. In 2013, the offshore segment dominated the market and recorded over 55% of the total market share.
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Increasing Exploration Increasing Market Competitiveness
The market for drilling fluids waste management in Latin America is becoming competitive thanks to the increased exploration activities taking shape in the region for the discovery of shale gas deposits. Some of the prominent players in the market are Halliburton Company, Baker Hughes Incorporated, Schlumberger Limited, and Weatherford International Limited.
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