Albany, NY -- (SBWIRE) -- 09/25/2017 -- Transparency Market Research incorporated a new research study titled "North America Drilling Fluids Market - Industry Analysis, Size Share, Growth, Trends and Forecast 2012 - 2019" to its collection, according to which the North America drilling fuel market that was worth US$4,336.8 million in 2012 is estimated to be valued at US$7,203.6 million by the end of 2019, registering growth at an impressive CAGR of 7.5% during the forecast period from 2013 to 2019.
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The report presents a comprehensive document that includes an in-depth study of the market trends prevalent in the regional market for drilling fluids in North America. It focuses on the relevant segments in terms of product types and applications. The report includes a detailed investigation into the forces that drive demand in the market as well as the factors that are likely to hamper growth in the market for drilling fluids in North America.
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Report Highlights North America as the Largest Market for Drilling Fuels
The report highlights that the increasing drilling activities carried on across the countries in North America, South America, and Asia Pacific have steered significant growth in the global market for drilling fluids. North America is considered as the largest market for drilling fluids since more than half of the world's gas and oil reserves are located in the United States. Furthermore, the United States is home to the maximum number of shale and oil reserves as compared to other countries in Asia Pacific and Europe. The rise of drilling and completion fluid operations such as counterbalance of the formation method, maintaining stability of wellbore, extracting cuttings from wellbore, etc., in the Gulf of Mexico has catapulted North America to the forefront of the global drilling fuels market.U.S dominated the market in 2012 and accounted for over 80% of the North America drilling fluids market revenue. It was followed by Canada which faces squeezed growth rate due to unrealized potential of shale gas. Mexico was one of the niche markets; however, access to foreign companies in the region is expected to increase the market in coming years. Growing investment in onshore and offshore drilling activities is expected to fuel overall product demand in coming years.
Report Presents an Analysis of the Key Factors Driving the Market Growth
The spur in demand for natural gas and crude oil in the global market and particularly from North America will create substantial opportunities for the market of drilling fuels in North America to grow. Additionally, parameters such as implementation of horizontal drilling technology and a paradigm shift from conventional sources to developing reserves in deep ocean waters are expected to boost demand in the drilling fluids market of North America. Also the increasing development of alternative resources such as shale gas, shale oil, methane, and coal bed will bolster the overall demand for drilling fluids in North America further. However, environmental concerns pertaining to waste disposal and contamination might hinder steady growth of the market. But heavy investment and extensive research undertaken to develop nontoxic and biodegradable variants of drilling fluids will create substantial opportunities for the market to capitalize on.
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Market Segmentation as Included in the Report
The report segmented the drilling fluids market in North America into Synthetic Based Fluids (SBFs), Oil Based Fluids (OBFs), and Water Based Fluids (WBFs) on the basis of product segments. It also includes segmentation on the basis of industrial applications. According to the report, the United States is the largest drilling fluids market in North America, accounting for nearly 80% of the overall market. However, Canada is anticipated to catch up soon and enter the competition during the forecast period from 2013 to 2019.
Global North America Drilling Fluids Market Report is available at US$ 5795 -http://www.transparencymarketresearch.com/checkout.php?rep_id=2270