Middle East drilling fluid market 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.
 |
| Saudi Arabia drilling fluid market revenue, by product, 2012-2022 (USD Million) |
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.
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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.
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Grand View Research has segmented the Middle East drilling fluid market
on the basis of product, application and region:
Middle East
Drilling Fluid Product Outlook (Revenue, USD Million, 2012 - 2022)
- Oil
based fluid
- Synthetic
drilling fluid
- Water
based drilling fluid
- Others
Middle East
Drilling Fluid Application Outlook (Revenue, USD Million, 2012 - 2022)
- Onshore
oil & gas
- Offshore
oil & gas
Middle East
Drilling Fluid Country Outlook (Revenue, USD Million, 2012 - 2022)
- Saudi
Arabia
- UAE
- Qatar
- Kuwait
- Rest of
Middle East
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Press Release By Grand View Research: www.grandviewresearch.com/press-release/middle-east-drilling-fluid-market
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View Research:
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View Research, Inc. is a U.S. based market research and consulting company,
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The company provides syndicated research reports, customized research
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