U.S. Onshore Drilling Fluids Market is expected to reach USD 1.22 billion by 2025, according to a new report by Hexa Reports. Rising E&P to enhance productivity in conventional oil & gas fields particularly in Marcellus, Eagleford, Bakken, and Permian basins in the U.S. is expected to steer boringmud demand in the region, over the forecast period.
OBF accounted over 27% of market in 2016 and is expected to lose share to the WBF systems over the forecast period. Owing to its enhanced lubricity, OBF are expected to sustain its significance over the forecast period. OBF minimizes torque and drag of drill pipes, thereby reducing corrosion of boring tools in deviated wellbore activities.
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Bakken accounted for over 44% of the U.S. proven oil reserves and over 40% of the global proven natural gas reserves in 2014. The presence of large number of unexplored hydrocarbon rich reserves, in onshore basins, coupled with the large dependency of the regional economy on the oil & gas industry is expected have immense potential in the near future.
Further key findings from the report suggest:
- The water-based segment of U.S. onshore drilling mudsindustry was valued over USD 530million in 2016on account of growing concern towards toxicity and biodegradation of oil-based fluids
- Weighting agents dominated the U.S. OBF additives demand and accounted for over 57% of the total revenuein 2016
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- Surfactants, emulsifiers, & wetting agentsegment emerged as the fastest growing segment in synthetic mud additivesmarket with a CAGR of 4.8% from 2017 to 2025
- Viscosifiersdemand for the Permianwater-based drilling mudadditives was valued over USD 7 million in 2016 and is anticipated to witness moderate growth over the next few years
- Eagle Fordemerged as the largest onshore market in 2016, accounting for 38.3% of the total revenue share in 2016
- The WBF segment in Niobrara basinis projected to witness fastest growth over the forecast period and estimated to reach USD 43.8 million by 2025
- Key players such asSchlumberger, Halliburton, Baker Hughes, Hamilton Technologies, Anchor Drilling Fluids, Francis Drilling Fluids, and National Oilwell Varco dominated the U.S. market over the past few years