North America Drilling Fluids Market growing at a CAGR of 7.5% from 2013 to 2019.Transparency Market Research
North Drilling Fluids Market (WBF, OBF and SBF) by Application (Onshore and Offshore) - North America Industry Analysis, Size Share, Growth, Trends and Forecast 2012 – 2019
North America Industry Analysis, Size Share, Growth, Trends and Forecast 2012 - 2019," drilling fluids market was valued at USD 4,336.8 million in 2012 and is expected to reach 7,203.6 million in 2019, growing at a CAGR of 7.5% from 2013 to 2019.
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Growing demand for natural gas and crude oil in North America is expected to bolster growth drilling fluids market in the region. Furthermore, shift towards exploring and developing deep sea reserves and increasing implementation of horizontal drilling is expected to augment the growth of the North America drilling fluids market. Increasing focus towards developing unconventional resources such as shale oil/gas, coal bed methane and other resources are likely to bolster the overall product demand. Key challenges faced by the industry include increasing environmental concerns regarding the use of drilling fluids and raising concerns over the disposal of waste drilling fluids and contamination are expected to curb market growth of drilling fluids in North America. However, emergence of nanotechnology for product development is expected to overcome these challenges.
Key applications analyzed in this market include onshore oil and gas and offshore oil and gas. Onshore oil and gas held a significant share in the overall market followed by the offshore oil and gas application in 2012. The increasing onshore drilling activities are expected to boost the demand for the market in onshore reserves thereby fuelling the demand for drilling fluids. In terms of revenue, onshore oil and gas...