North America Drilling Fluids Market – Global Industry Analysis
According to leading market research reports, the North America drilling fluids market was valued at $4,336.8 million in 2012 and is expected to reach $7,203.6 million in 2019. The market is predicted to grow at a CAGR of 7.5% from 2013 to 2019.
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Overview of North America Drilling Fluids Market
Increasing drilling activities mainly in North America, South America and Asia Pacific is steering the market for drilling fluids. Half of the world’s oil and gas reserves are present in the U.S. hence North America is entitled as the largest market for drilling fluids and completion fluids across the globe. As compared to other geographic regions such as Asia or Europe, the U.S. has the maximum number of oil and shale reserves. Also, most of the drilling and completion fluids activities, removal of cuttings from wellbore, counterbalancing the formation processes, maintaining wellbore stability and so on, are on the rise in the offshore areas of Gulf of Mexico. As most of the top drilling and completion fluids manufacturers are based in this region, leading and emerging oil and gas companies are vying for an expansion in their businesses in North America.
North America drilling fluids market is at the forefront when it comes to considering the regulations and policies for the protection of the degradation of the global environment.
Drilling fluids is another term used for drilling mud. They are used to transport rock cuttings to the surface for lubrication and cooling purposes, as well as maintaining the stability of the well. Drilling fluids is the most crucial part in the drilling process for mineral extraction, bore wells, and oil and gas extraction activities.
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Key Factors Driving the Market Growth
The drilling fluids market in North America is expected to witness high growth due to the demand for natural gas and crude oil in this region. The rise in activities pertaining to the implementation of horizontal drilling and economical shift towards exploring and developing deep sea reserves are some of the major factors expected to boost the growth of the North America drilling fluids market. Also, increasing interests towards generating unconventional resources such as, coal bed methane, shale oil/gas, and other resources will bolster the overall product demand.
However, raising environmental concerns over the disposal of waste, contamination, and the use of drilling fluids are expected to slow the market growth of drilling fluids in North America. But, in recent years, extensive research and high investments have been made for developing non-toxic bio degradable drilling and completion fluids. This has caused an emergence of nanotechnology which is expected to overcome all the above mentioned challenges in the growth of the market.
Nanotechnology removes all toxic elements such as lead, cadmium, and mercury providing high heat transfer, better thermal conductivity, and an environmental friendly approach towards the usage of drilling fluids.
Considering the market by product segment analysis, the drilling fluids market is classified as Oil Based Fluids (OBFs), Synthetic Based Fluids (SBFs), and Water Based Fluids (WBFs). The market study on North America Drilling Fluids is also segmented based on the application analysis.
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North America Drilling Fluids Market: Application Analysis
The main key applications analyzed in this market study include onshore oil and gas and offshore oil and gas. Drilling fluids are widely used in oil and gas extraction, water bore wells, or metal and mineral extractions.
In terms of revenue, the onshore oil and gas application market is predicted to grow at a CAGR of 7.9% in the forecast period, 2013 to 2019. This segment held a significant share in the global market in 2012, and activities are expected to drive the demand in onshore reserves all the more.
The offshore oil and gas segment is at a distant second and is likely to grow in activities and applications in the forecast.
Apart from the U.S., (North America) soaring in the drilling fluids market and accounting for more than 80% of the market share, Canada is expected to enter into this competition and increase its value in terms of market share over the forecast period from 2013 to 2019.
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