SAN FRANCISCO, June 28, 2016 /PRNewswire/ --
The global drilling fluids market is expected to reach USD 12.55 billion by 2024, according to a new report by Grand View Research, Inc. The increasing drilling activities, coupled with shifting industrial players' focus towards exploration and development of unconventional gas reserves employing horizontal drilling techniques, is expected to translate into product demand.
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Escalating environmental concerns regarding harmful effects of using oil-based fluids are leading to increasing adoption of water-based muds. Manufacturing companies are shifting their focus towards developing innovative nanotechnology-based solutions to overcome technological and environmental challenges. Ongoing R&D investments by key industry participants such as Baker Hughes and Halliburton to enhance their product offering are anticipated to steer foam based or non-aqueous drilling fluid demand over the next eight years.
Water-based fluids (WBF) emerged as the leading product segment and accounted for 49.7% of the total revenue in 2015.High demand may be attributed to the low toxicity of the finished products in the category. The ability of WBF to minimize erosion of weak rock formations and circulation loss is anticipated to steer the demand over the forecast period.
Browse full research report with TOC on "Drilling Fluids Market Analysis By Product (Oil-Based Fluids (OBF), Synthetics-Based Fluids (SBF), Water-Based Fluids (WBF)), By Application (Onshore, Offshore Oil & Gas) And Segment Forecasts To 2024" at: http://www.grandviewresearch.com/industry-analysis/drilling-fluids-market-analysis
Further key findings from the report suggest:
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Grand View Research has segmented the drilling fluids market on the basis of product, application, and region:
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About Grand View Research
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.
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