Drilling fluid holds importance in geotechnical engineering and especially in the drilling of natural gas and oils. This fluid is used as an aid to the drilling process of boreholes into the earth and also during exploration of drilling rigs. Both drilling along with completion fluids are essential for completing the exploration and drilling activities. Changes in the number of drilling activities performed across the globe influence the global drilling fluids market. These activities depend on the global demand for oil and gas. Considering the increasing demand for natural gas and oil, experts claim that the industry for drilling and completion fluids will maintain steady growth. Continuing demand for these materials will create better business opportunities in the direct as well as related markets.
Drilling Fluids Industry Synopsis
Rising demand for energy and deep and ultra deep water drilling activities are performed to meet the rising demand for energy sources. These activities are considered as the biggest drivers for the global market.
Drilling and completion fluids are largely used as different types of base fluids, which include oil-based, water-based and synthetic-based systems. Use of this base depends on expected performance, cost of the fluids and their impact on the surrounding environment. Basic segmentation in global drilling fluids market is based on the types of their applications, types of base fluids and basic geographical regions where they are demanded the most. Based on demand patterns for different geographies, the market is segmented into Europe, Latin America, North America, Middle East, Asia Pacific and rest of the world. The types of applications include both onshore and offshore activities. As mentioned before, the types of base fluids include oil, water, synthetic and other fluid systems.
Along with growing demand for natural gas and oil, recent developments of both onshore and offshore reservoirs of these products are driving the global market. Several other critical factors contributing to the growth of this market include growth in the global drilling activities, increasing deep drilling on both onshore and offshore sites, recent discovery of shale reserves and new CBMs. Emergence of advanced technologies like nanotechnology have also caused positive influence on the global industry. Based on the market research reports for drilling fluids market, experts claim it grow at an estimated CAGR of over 7% within next four to five years (2013 to 2018). During this timeframe, the drilling and completion fluid market is expected to grow worth $15.2 billion by 2018.