Market Highlights
Drilling fluids plays a crucial role in oil and gas exploration activities. Drilling fluids are also called as drilling mud. Mud perform various functions while drilling such as cool the drill bit and lubricate its teeth, carries the drill cutting to surface, maintain the hydrostatic pressure in the borehole and others. Increasing investment in oil exploration activities driving the growth of the market. For example, recently oil giant BP has unveiled its plan to continue investing in new exploration activities in its Gulf of Mexico production platforms, Atlantis, Na Kika, Thunder Horse and Mad Dog. However, high capital cost for drilling may hamper the growth of the market. Recently, offshore oil and gas exploration activities in the Gulf of Mexico region and other regions around the world are increasingly moving towards deepwater ocean regions. The deepwater oil field development generally occurs in the form of high-risk, and long-duration drilling project, which make them highly expensive.

Market Research Analysis
Based on type, water based drilling fluid accounted for the largest market share of 55.90% in 2016, with a market value of USD 4,706.6 Million and is projected to grow at the highest CAGR of 7.52% during the forecast period. Water-based fluids (WBF) are the most commonly used drilling fluid systems. This fluid system is less expensive, requires less chemical treatment before disposal, and their eco-friendly properties are anticipated to fuel the demand of water based fluids during the forecast period. Oil based fluid was the second-largest market in 2016, valued at USD 2,248.0 Million in 2016; it is projected to grow at a CAGR of 6.66%. In oil based fluids, oil is in continuous phase. Oil-based muds are better for greater depths or in directional or horizontal drilling, which place greater stress on the drilling apparatus.

Based on application, onshore accounted for the largest market share of 69.40% in 2016, with a market value of USD 5,843.2 Million and is projected to grow at a CAGR of 6.80% during the forecast period. Offshore was the second-largest market in 2016, valued at USD 2,576.4 Million in 2016; it is projected to grow at the highest CAGR of 7.53%.

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The Key Players of Global Drillingf Fluids Market are
• Schlumberger Limited (France),
• Halliburton Inc. (U.S.),
• Baker Hughes Incorporated (U.S.),
• Newpark Resources Inc. (U.S.),
• National Oilwell Varco. (USA)
• Scomi Group Bhd (Malaysia),
• TETRA Technologies, Inc. (U.S.),
• Canadian Energy Services & Technology Corp. (Canada),
• GEO Drilling Fluids, Inc. (U.S.)
• Anchor Drilling Fluids USA, Inc. (U.S.)
• others.

North America region dominates the global Drilling Fluids market
On the basis of region, drilling fluids market is dominated by North America. North America accounted for the largest market share of 340.78% in 2016, with a market value of USD 2,955.3 Million and is projected to grow at a CAGR of 7.47% during the forecast period. The development in drilling technologies such as horizontal drilling and hydraulic fracturing have unlocked vast hydrocarbon reserves in the region. This has enabled oil and gas companies in the region to innovate to the point, where they can perform the drilling activities profitably. The U.S. accounts for the largest market share in the North American region with advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects.

Middle East & Africa was the second-largest market in 2016, valued at USD 1,886.0 Million in 2016; it is projected to grow at a CAGR of 6.22%. In this region, Saudi Arabia and UAE, are the biggest oil and gas exporters and are planning on further expanding their oil and gas production infrastructure. The region has well established hydrocarbon reserves and more investment is made to explore potential new reserves.

Latin America is projected to grow at the highest CAGR of 8.19%. In Latin America, substantial oil and gas discoveries have taken place in the offshore regions of Rio de Janeiro, Perla Field in Gulf of Venezuela and in the Gulf of Mexico regions.

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Table of Content
1 Executive Summary
2 Introduction
2.1 Definition 14
2.2 Scope Of The Study 14
2.3 Assumptions 14
2.4 Market Structure 15

3 Research Methodology
3.1 Research Process 16
3.2 Primary Research 17
3.3 Secondary Research 17
3.4 Market Size Estimation 17
3.5 Forecast Model 19

4 Market Dynamics
4.1 Drivers 21
4.1.1 New Oil Reserves Discovery 21
4.1.2 Increasing Investment In Oil Exploration Activities 21
4.1.3 Increasing Shale Gas Activities In U.S. 21
4.2 Restraints 23
4.2.1 High Capital Cost For Drilling 23
4.2.2 Stringent Government Regulations 23
4.3 Opportunities 24
4.3.1 Increased Demand For Oil In Asia-Pacific Region 24
Continue………

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