Drilling fluid or drilling mud are used for the drilling of boreholes in the earth and usually make drilling easy process. They are widely used in oil and wells drilling activities. Synthetic based muds, water based mud and oil based muds are some of the common type of the drilling fluid. There main function is to remove cuttings from wells, maintain wellbore stability, control formation pressures, minimize formation damage etc. Increasing shale gas activities are the major factor fuelling the market growth of this market.
Analysis of Global Drilling Fluids Market report:
Global drilling fluids market is expected to rise to an estimated value of USD 10.83 billion by 2026, registering a substantial CAGR in the forecast period of 2019-2026. Rising environmental concerns and increasing offshore drilling activities are the major factors for the growth of this market.
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· Rising shale gas activities are the major factor driving the growth
· Increasing discovery of oil reserves will also propel the market
· Rising demand for oil worldwide will also contribute as a driver for this market
· Increasing investment in oil exploration activities will boost the growth of the market
· High investment cost for drilling will hamper the growth of the market
· Strict government rules and regulations related to drilling will also restraint the growth of this market
· Volatility in price in of crude oil will also negatively affect the market
Leading Key players profiled in this report are:
Few of the major competitors currently working in the global drilling fluids market are Schlumberger Limited., Halliburton, Baker Hughes a GE company LLC, National Oilwell Varco, Newpark Resources Inc., TETRA Technologies, Inc., Scomi Group Bhd, CES Energy Solutions Corp., GEO Drilling Fluids, Inc., Weatherford, Gumpro Drilling Fluids Pvt. Ltd., Akzo Nobel N.V., Catalyst LLC., oil-drilling-fluids.com, Flotek Industries, Inc., China Oilfield Services Limited, Mazrui International L.L.C.
Global Drilling Fluids Market Segmentation:
· Water-based Muds
· Oil-based Muds
· Synthetic-based Muds
· North America
· South America
Company Share Analysis:
Global drilling fluids market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of l-citrulline market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
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The Global Drilling Fluids Market report provides the global market size of the main players in each region. Moreover, the report provides knowledge of the leading markets players within the Global Drilling Fluids Market. The industry changing factors for the market segments are explored in this report. This analysis report covers the growth factors of the worldwide market based on end-users. Market opportunities and recommendations for new investments are also encompassed in this report.
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