The demand for drilling fluids is directly proportional to the number of drilling activities. One of the major factors which have been boosting the demand for drilling fluids is the increase in drilling activities, globally.
The growing demand for crude oil and natural gas has been prompting exploration and production companies to get involved in extensive drilling activities. The global rig count (including both land and offshore rigs) was 2,304 units in 2009 which saw an upward trend the following year to 2,985. This increase was primarily fueled by stabilization of the global economic condition which saw a downturn in 2009. The global rig count increased further to reach 3,465 units in 2011 and was recorded to be 3,419 units as of May, 2013. Within another 6-7 months, this number is expected to reach a higher level by the end of 2013. With growing number of drilling activities continuously taking place in these accounted land and offshore rigs, the global market for drilling fluids is expected to witness consistent demand over the forecast period.
There have been extensive deep water discoveries of oil and gas around the world. The “Golden Triangle” of deep water namely the U.S. Gulf of Mexico (USGOM), offshore West Africa and offshore Brazil accounted for approximately 85% of the total expenditure in 2012. However, Asia as a deep sea drilling region is one of the most attractive regions for investment and accounted for approximately 10% of the total expenditure in 2012. Hence, the demand for drilling fluids in these regions is expected to grow along with further activities in these regions.
However, one of the major factors inhibiting the global market for drilling fluids is their impact on the environment. EPA limits the use of OBFs in offshore drilling owing to high level of aromatic content in them which poses serious threat to organisms in sea/oceans. Drilling fluids create various environmental hazards during usage and disposal which directly affects flora and fauna and indirectly affects humans. OBFs generally contain diesel oil and mineral oil which when used and disposed off into the environment cause hazards to both land and sea animals.
Our market research study takes a closer look at the drilling fluids industry, providing a holistic perspective on market dynamics, trends, supply and demand. Our report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key products including oil-based fluids, synthetic-based fluids and water based fluids. Additionally, the report also provides perspective on the drilling fluids demand by application, along with yearly forecast up to 2018. The report also provides the same level of information for key regional markets.
The research report analyzes various factors which has been driving and inhibiting the global drilling fluids market in the past. In addition, the research report analyzes the impact of each driver and restraint on the market growth based on which the market is forecasted. The report also showcases the opportunities available in the market which may act as future drivers for the market.
Our market research reports and developed using a 3600 methodology, which provides a balance between published authenticated data and exclusive primary research. We conduct exhaustive primary interviews with key industry participants, in order to enable readers to get a realistic feel of the industry pulse and facilitate decision making. Our unique excel-based reports not only provide key insights on the industry, but also quick and easy data access, with enhanced usability at minimum effort.
Our market research study attempts to provide insights to senior and top-level management, on critical industry questions such as the current and expected drilling fluids revenue, drivers, restraints, opportunities and key trends in the market and how will these trends impact the market in coming years. Demand estimate and forecast for key application segments in the market, broken down by region have been provided in the study. The report also throws light on key industries for growth opportunities for manufacturers, distributors and suppliers and the competitive landscape along with market presence of key participants.