DUBLIN, November 12, 2013 /PRNewswire/ --
Research and Markets ( http://www.researchandmarkets.com/research/7h6bgr/drilling_fluids) has announced the addition of the "Drilling Fluids (Drilling Mud) Market & Completion Fluids Market by Types, Application Areas & Geography - Forecast to 2018" report to their offering.
'Drilling Fluids (Drilling Mud) Market & Completion Fluids Market: by Types (Water-Based Systems, Oil-Based Systems, Synthetic-Based Systems, Other Based Systems), Application Areas (Onshore and Offshore) & Geography - Forecast to 2018'Drilling fluids and completion fluids are critical for any drilling and exploration activity carried onshore or offshore. They are used extensively worldwide at drilling sites for cooling the wellbore, remove the rock cuttings, and transport them to the surface. The high world energy demand and rise in population are forcing the need to drill as deep as possible and in challenging geological conditions. The shale boom in North America and other regions have again fueled the growth of drilling and completion fluids. The largest application area for drilling fluids and completion fluids is the onshore application as most of the drilling activities are carried onshore. The major countries for the drilling and completion fluids market are the U.S., Canada, and Russia where most of the drilling activities are taking place. M-I SWACO (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), Newpark Drilling (U.S.), Tetra Technologies Inc. (U.S.), and Anchor Drilling (U.S.) are the major players constituting major share of the global drilling fluids and completion fluids market. Most of these companies mainly relied on growth strategies such as new product launch, joint ventures & contracts, mergers & acquisitions, and investments & expansions in diversified geographic areas. The capital expenditure and operating expenditure of the oil and gas industry are very huge in terms of value. To increase their geographic presence and market penetration, companies preferred merger and acquisition. New product launches and investments & expansion are the key strategies that are helping the companies to penetrate the existing market, and expand into the new and emerging markets. Major drilling fluids and completion fluid types include water-based systems, oil-based systems, synthetic-based systems, and other based systems. Water-based system is the largest type in terms of revenue, generating more than half of the market share.