Albany, New York, Oct. 15, 2014 (GLOBE NEWSWIRE) -- Transparency Market Research, in a recent report, states that the global drilling fluids market was worth US$7.20 billion in the year 2011 and is forecast to be worth US$12.31 billion by the end of 2018. The report, titled 'Drilling Fluids Market (Oil-Based Fluids, Synthetic-Based Fluids and Water-Based Fluids) for Oil and Gas (Offshore & Onshore) - Global Industry Analysis, Size Share, Growth, Trends and Forecast, 2012 - 2018', also determines that the worldwide market for drilling fluids will grow at an 8% CAGR during 2012-2018.
Accounting for more than 55% of the overall market, North America dominated the global drilling fluids industry in 2012 and is expected to continue leading the way during the forecast period. Increased shale gas exploration in Canada and the U.S. is the driving force behind the region's remarkable performance in the drilling fluids market. On the other hand, favorable conditions in Central and South America from 2012 to 2018 are expected to make this segment the fastest-growing regional market for drilling fluids. Experts predict that the Central and South American market will grow at a CAGR of 9.5% during the given period owing to increased drilling activities in offshore Venezuela and Brazil. The Asia-Pacific region has also witnessed tremendous growth in the drilling fluids market. Growing government support in the form of tax holidays and encouragement to gas and oil production in China and India by giving subsidies to exploration and production companies is expected to fuel the growth of the drilling fluids market in Asia-Pacific.
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In terms of applications, onshore oil and gas accounted for more than 70% of the total drilling fluids consumption in 2012. This is mainly due to mounting onshore drilling activity in Asia-Pacific, Middle East, and North America. However, extensive natural reserves in the Golden Triangle - offshore Brazil, Gulf of Mexico, and offshore West Africa - have led to rising investments in the region, thereby expecting to increase the demand for drilling fluids in offshore exploration of oil and gas.
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On the basis of products, the drilling fluids market is divided into water-based drilling fluids, synthetic-based drilling fluids, and oil-based drilling fluids. In terms of consumption, water-based drilling fluids formed the largest segment in 2012, accounting for over 55% of the overall drilling fluids market. Used extensively for offshore drilling, water-based drilling fluids are also expected to be the fastest-growing segment of the overall drilling fluids market, registering a CAGR of 8.5% during the forecast period. In recent years, the industry has witnessed a shift from oil-based drilling fluids to synthetic-based drilling fluids.
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The drilling fluids market report includes an extensive section on the competitive landscape. Major industry players have been profiled and analyzed in great detail and with precision. The participants of the drilling fluids market mentioned in the report are Anchor Drilling Fluids USA Inc., Weatherford International, Baker Hughes Incorporated, China Oilfield Services Limited, Canadian Energy Services &Technology Corp., Halliburton Company, Newpark Resources Inc., National Oilwell Varco, and Schlumberger Technology Corporation.
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