SAN FRANCISCO, January 20, 2016 /PRNewswire/ --
Middle East drilling fluid market is expected to reach USD 2.19 billion by 2022, according to a new report by Grand View Research, Inc. Rising E&P to enhance productivity in conventional oil & gas fields particularly in Saudi Arabia, Oman, Qatar and UAE is expected to steer exploration activities in the region. Increasing concern towards reducing downhole losses, and maintenance costs in deepwater projects, is also expected to drive product demand over the forecast period.
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Growing crude oil and natural gas demand in various industrial sectors including power and transportation is expected to drive hydrocarbon production in the region. High rate of deep sea and ultra deep sea explorations particularly in the Persian Gulf and Red Sea is estimated to drive drilling fluid demand in the region.
Browse full research report with TOC on "Middle East Drilling Fluid Market Analysis By Product (Oil-Based Fluids, Synthetic Drilling Fluid, Water-Based Drilling Fluid), By Application (Onshore Oil & Gas, Offshore Oil & Gas) And Segment Forecasts To 2022" at: http://www.grandviewresearch.com/industry-analysis/middle-east-drilling-fluid-market
Technological advancements to modify the rheology for efficient extraction of hydrocarbons in different formation types have created new avenues for industry participants. Stringent regulations regarding use and disposal of oil based drilling fluids coupled with geopolitical unrest particularly in the Persian Gulf and Red Sea regions is expected to hinder drilling activities over the next few years.
Water based fluid emerged as a leading product segment and accounted for over 45% of total revenue in 2014. Growing concern towards toxicity and biodegradation of drilling fluids is expected to drive product demand over the forecast period.
Further key findings from the report suggest:
Grand View Research has segmented the Middle East drilling fluid market on the basis of product, application and region:
Browse related reports by Grand View Research:
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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