Drilling and completion fluids are essential consumables for conducting any drilling and exploration activities. They are used to avoid friction, provide lubrication, cool the wellbore, and transport rock cuttings to the surface. Every drilling activity requires drilling and completion fluids and they are used extensively across the globe. Drilling and completion fluids use different types of base fluids, such as water-based systems, oil-based systems, synthetic-based systems, and other based systems. Which drilling and completion fluids base is used depends on the cost of the fluid, the desired performance, and environmental impact. The drilling and completion fluids market is directly dependent on drilling activities carried out across the globe. The recent increase in oilfield discoveries and rise in drilling activities will drive the drilling and completion fluids market over the next five years. The growing world energy demand and rise in population are creating pressure to drill at high depths and enter deep and ultra-deep waters. These factors have been major drivers for the drilling and completion fluids market.
The Latin American drilling and completion fluids market was valued at $1,015 million in 2014, and is projected to reach $1,398.7 million by 2019, at a CAGR of 6.6% from 2014 to 2019.The drilling fluid and completion fluid market in Latin America is expected to grow at a CAGR of 6.6% from 2014 to 2019.
The market is divided on the basis of type, application, and geography.Latin American countries such as Venezuela and Brazil are a part of the Golden Triangle, where the offshore drilling activities are progressing at a rapid pace.The market players in the drilling fluid and completion fluid market in Latin America are Halliburton (U.S.), Weatherford (U.S.), Scomi Group (U.S.), Newpark Resources (U.S.), Tetra technologies (U.S.), National Oilwell Varco Inc. (U.S.), and M-I Swaco (U.S.).
Please find more about Latin America Drilling and Completion Fluids Market by Type (Water Based, Synthetic Based, Oil Based & others), By Application (Onshore & Offshore), By Countries - Regional Trend & Forecast to 2019 at reports.zursh.com
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