2014-04-04 00:56:03 - Drilling Fluids (Drilling Mud) Market & Completion Fluids Market: Forecast to 2018 - a new market research report on companiesandmarkets.com
The global drilling fluids market and completion fluids industry is suggested to have reached a value of around $10.6 billion in 2013, and is forecast to hit a total of $15.2 billion by the end of 2018. This suggests a CAGR growth rate of CAGR of 7.5% between 2013 and 2018. The critical factors responsible for the growth of the drilling and completion fluids market include growth in drilling activities globally, rise in deep drilling activities onshore and offshore, discoveries of new CBM and shale reserves, and emergence of nanotechnology. The key concerns in the industry pertain to the environmental impacts and damages to eco system due to discharge of highly toxic chemicals.
Drilling fluids and completion fluids are essential tools
for conducting any drilling and exploration activities. They are used to avoid friction, provide lubrication, cool the wellbore, and transport rock cuttings to the surface. Every drilling activity requires drilling and completion fluids and they are used extensively across the globe. Drilling and completion fluids use different types of base fluids such as water-based systems, oil-based systems, synthetic-based systems, and other based systems. The use of drilling fluids and completion fluids base depends on the cost of the fluid, the desired performance, and environmental impact.
North America holds the largest market for drilling fluids and completion fluids due to the presence of half of the world´s oil and gas reserves. U.S. has the maximum number of shale reserves as compared to other regions. The offshore activities in the Gulf of Mexico are on the rise which supports the companies to expand within the region due to which the top drilling and completion fluids manufacturers are based in North America. Additionally, North America is also in the forefront when it comes to laying out policies and regulations for the prevention of the degradation of the environment.
Water-based systems are the single largest drilling fluids and completion fluids base used across the globe and are suitable for all the application areas including onshore and offshore. The water-based fluids are cost effective and eco friendly as compared to non-aqueous based fluids. Research activities have resulted in the finding of a new type of water-based fluids which can be used in challenging high pressure high temperature deep and ultra deep water drilling activities. The discharge policies for water-based fluids are also not very stringent across the world due to the presence of less toxic chemicals. These points including reasonable price, less toxicity, and easy availability make water-based fluids a preferred option over other types of non-aqueous drilling and completion fluids.
Huge investments have been made and extensive research has been carried out in order to develop non-toxic bio degradable drilling and completion fluids. Nanotechnology has been pursued for the designing of environmental friendly drilling fluids and completion fluids. Major companies have invested in developing such fluids. The drilling and completion fluid designed by using nanotechnology removes toxic metals like mercury, cadmium, and lead. The fluids with nanotechnology provide better thermal conductivity and have high heat transfer efficiency.
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