Global offshore drilling fluid market is anticipated to witness rapid growth over the forecast period owing to rising investments in the U.S. Gulf of Mexico, offshore West Africa, and Brazil. The market is expected to grow at an estimated CAGR of over 8.0% from 2015 to 2022.
Full research report on offshore drilling fluid market analysis:
Water-based Fluids (WBF) were the largest product segment and accounted for over 50% of total market revenue in 2014. WBF is anticipated to be the fastest growing product segment at an estimated CAGR of over 8% from 2015 to 2022.
North America dominated the global industry and accounted for over 50% of the total market revenue in 2014 owing to rising shale prices[G1] in this region. Central & South America is anticipated to witness an estimated CAGR of over 8% from 2015 to 2022. This high growth may be attributed to rising drilling activities in this region, particularly in Brazil and Venezuela. Asia Pacific is anticipated to grow at an above average growth rate owing to rising number of offshore discoveries in this region.
Get more information on offshore drilling fluid market or request for TOC of this research report at:
Growing E&P activities in areas such as Gulf of Mexico, offshore Brazil, and West Africa are anticipated to drive the market over the forecast period. These fluids are commonly known as drilling mud. This mud plays a significant role in the drilling process for bore wells, mineral, and oil & gas extraction. Drilling mud is used to carry rock cuttings to the surface, lubricate & cool drill bits, and maintain stability of the well. Major functions include biocides & weighing agents, defoamers, emulsifiers, shale inhibitors, filtration reducers, and corrosion inhibitors.
There have been extensive oil & gas deep sea discoveries globally. Major discoveries including “Golden Triangle” or the U.S. Gulf of Mexico (USGOM), offshore Brazil, and West Africa accounted for over 80% of the total E&P expenditure in 2012. Asia Pacific has been the most attractive investment region and accounted for over 10% of the total E&P expenditure in 2012. Rising E&P activities in South China Sea are anticipated to drive the industry over the next seven years.
View more reports of this category by Grand View Research at:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
Country: United States