Middle East Drilling Fluid Market Expected to Grow at 5.3% CAGR From 2015 to 2022: Grand View Research, Inc.
(firmenpresse) - SAN FRANCISCO, CA -- (Marketwired) -- 04/06/16 -- size was worth USD 1.45 billion in 2014 and is estimated to reach USD 2.19 billion by 2022. Growing exploration activities coupled with increasing number of E&P companies in Oman, UAE, Saudi Arabia and Qatar which are expected to improve the output of conventional oil & gas fields. Rising concern towards maintenance costs in deep water projects, and dipping downhole losses are expected to propel demand in the region over the next seven years.
Rising production of hydrocarbons due to increasing natural gas and crude oil demand in different industrial divisions including transportation and power is expected to propel growth over the forecast period. Drilling fluid market is expected to witness high demand owing to increasing rate of ultra-deep sea and deep sea explorations principally in the Red Sea and the Persian Gulf.
The requirement of high efficiency in order to extract various forms of hydrocarbons and technological advancements in rheology are expected to open new prospects for the industry players. However, geopolitical disturbance coupled with stringent policies concerning usage and disposal of oil-based fluids majorly in the Red Sea and the Persian Gulf regions is expected to hamper exploration activities over the forecast period.
In 2014, water based fluids contributed to over 46.0% of the overall revenue and emerged as a primary product segment. Rising concern towards biodegradation and toxicity of the products is expected to drive growth in the market over the next seven years.
The synthetic-based mud market is expected to witness high growth over the next seven years owing to properties including the ability to provide thermal stability, maximized rate of penetration, excellent wellbore stability, and lubricity. Cost effectiveness, reduced losses and reduced negative environmental impact of the product is expected to drive demand over the next seven years.
Use of drilling mud including aerated and foam fluids are projected to witness an average growth over the forecast period on account of its ability to remove and clear cutting from holes without any significant fluid loss from fractured rocks.
The Onshore Oil & Gas sector accounted for a significant share of over 70.0% of the overall market in 2014. Increasing need for the product as a lubricant and cooling agent in E&P equipment owing to harsh weather conditions such as extreme temperatures, dry environment, and desert topography is expected to propel demand over the forecast period.
Saudi Arabia emerged as the largest market in Middle East accounting for over 35.0% in 2014. Companies including Saudi Aramco have been investing increasingly in exploration activities owing to growing demand. Low impact of reduced oil prices on production levels of major manufacturers in the region is anticipated to fuel oil & gas market during the forecast period. Iraq and Kuwait are expected to be prospective markets for oil & gas projects.
The increase in working rig counts to meet projects of national interest in countries such as Iran, UAE, and Saudi Arabia are expected to drive demand in the market. Growing concern regarding extreme temperature operating conditions, well blowout and wellbore stability is anticipated to fuel drilling fluid demand from offshore and onshore production sites in the region over the next seven years.
Key companies in the region include Newpark Resources, Baker Hughes, Petrochem Performance Chemicals, Diamoco Group, Schlumberger, Halliburton, Oren Hydrocarbons, Weatherford and Catalyst LLC.
Grand View Research has segmented the Middle East drilling fluid market on the basis of product, application and region:
Oil based fluid
Synthetic drilling fluid
Water based drilling fluid
Others
Onshore oil & gas
Offshore oil & gas
Saudi Arabia
UAE
Qatar
Kuwait
Rest of Middle East
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
,
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
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Datum: 06.04.2016 - 09:00 Uhr
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