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.
