Middle East Drilling Fluid Market Share, Size and Analysis to 2022

Middle East drilling fluid market is expected to reach USD 2.19 billion by 2022, according to a new report by Grand View Research, Inc. Rising E&P to enhance productivity in conventional oil & gas fields particularly in Saudi Arabia, Oman, Qatar and UAE is expected to steer exploration activities in the region. Increasing concern towards reducing downhole losses, and maintenance costs in deepwater projects, is also expected to drive product demand over the forecast period.

Growing crude oil and natural gas demand in various industrial sectors including power and transportation is expected to drive hydrocarbon production in the region. High rate of deep sea and ultra deep sea explorations particularly in the Persian Gulf and Red Sea is estimated to drive drilling fluid demand in the region.

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Technological advancements to modify the rheology for efficient extraction of hydrocarbons in different formation types have created new avenues for industry participants. Stringent regulations regarding use and disposal of oil based drilling fluids coupled with geopolitical unrest particularly in the Persian Gulf and Red Sea regions is expected to hinder drilling activities over the next few years.

Water based fluid emerged as a leading product segment and accounted for over 45% of total revenue in 2014. Growing concern towards toxicity and biodegradation of drilling fluids is expected to drive product demand over the forecast period.

Further key findings from the report suggest:

Middle East drilling fluid market was worth USD 1,450.0 million in 2014 and is expected to reach USD 2,194.9 million by 2022, growing at a CAGR of 5.3% from 2015 to 2022.

Synthetic-based muds are anticipated to witness high growth over the forecast period on account of their ability to provide excellent borehole control, thermal stability, lubricity and penetration rates which are...