Growth Of North America Drilling Fluids Market 2012 - 2019

According to leading market research reports, the North America drilling fluids market was valued at $4,336.8 million in 2012 and is expected to reach $7,203.6 million in 2019. The market is predicted to grow at a CAGR of 7.5% from 2013 to 2019.

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Overview of North America Drilling Fluids Market

Increasing drilling activities mainly in North America, South America and Asia Pacific is steering the market for drilling fluids. Half of the world’s oil and gas reserves are present in the U.S. hence North America is entitled as the largest market for drilling fluids and completion fluids across the globe. As compared to other geographic regions such as Asia or Europe, the U.S. has the maximum number of oil and shale reserves. Also, most of the drilling and completion fluids activities, removal of cuttings from wellbore, counterbalancing the formation processes, maintaining wellbore stability and so on, are on the rise in the offshore areas of Gulf of Mexico. As most of the top drilling and completion fluids manufacturers are based in this region, leading and emerging oil and gas companies are vying for an expansion in their businesses in North America.

North America drilling fluids market is at the forefront when it comes to considering the regulations and policies for the protection of the degradation of the global environment.

Drilling fluids is another term used for drilling mud. They are used to transport rock cuttings to the surface for lubrication and cooling purposes, as well as maintaining the stability of the well. Drilling fluids is the most crucial part in the drilling process for mineral extraction, bore wells, and oil and gas extraction activities.

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Key Factors Driving the Market Growth

The drilling fluids market in North America is expected to witness high growth due to the demand for natural gas and crude oil in this region. The rise in activities pertaining to the implementation of horizontal drilling and economical shift towards exploring and developing deep sea reserves are some of the major factors expected to boost the growth of the North America drilling fluids market. Also, increasing interests towards generating unconventional resources such as, coal bed methane, shale oil/gas, and other resources will bolster the overall product demand.