Global Saudi Arabia Drilling Fluids Market Insights
This global study conducted by GMI Research provides an overview of the existing market trends, drivers, restrictions, and metrics and also offers a viewpoint for different segments. The market report tracks the overall demand growth during the forecast period. The report indicates growth parameters in the country market, along with leading players that are dominating the industry.
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Drivers of the Saudi Arabia Drilling Fluids Market:
The primary factors driving the growth of the Saudi Arabia drilling fluids market during the forecast period include the strong demand for crude oil and natural gas in various energy-intensive sectors such as power generation, manufacturing, and transportation. Furthermore, the recovery in oil prices in 2017 and 2018 has further led to an upsurge in demand for drilling fluids in Saudi Arabia. The country has recently discovered three oil and two gas fields, including the gas discovery in the Shaur structure and the deepwater oil field Al-Haryd in the Red Sea.
Saudi Arabia has the second-largest proven oil reserves across the world. In spite of already holding reserves of 261 billion barrels of oil and 294 trillion standard cubic feet of gas, Saudi Aramco is planning to invest at least $140 billion in oil, gas, and petrochemical projects over the upcoming years. Furthermore, Saudi Arabia’s Minister of Energy, Industry, and Natural Resources, Khalid Al-Falih, is rapidly investing in new gas and oil pants to capture the rising energy demand. The combination of these factors will accelerate the demand for the market during the forecast period. In addition to this, the growing concerns regarding the environmental impact of the disposal of waste drilling fluids have promoted the regulatory bodies to issue strict regulations regarding the disposal and treatment of waste drilling fluids. This factor, coupled with the growing R&D activities by various companies to develop bio-based drilling fluids derived from vegetable oils, further propel the market growth during the forecast period.
Key Benefits offered by the Saudi Arabia Drilling Fluids Market report:
- This study represents the analytical depiction of the Saudi Arabia Drilling Fluids Market along with the ongoing trends and future estimations to determine the imminent investment pockets.
- The report provides detailed information related to market drivers, restraints, and growth opportunities, followed by the analysis of the Saudi Arabia Drilling Fluids Market share.
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Segmentation of the Saudi Arabia Drilling Fluids Market:
The Saudi Arabia Drilling Fluids Market has been categorized into the following segments:
Breakup by Product:
- Oil-based fluids (OBF)
- Water-based fluids (WBF)
- Synthetic-based fluids (SBF)
Breakup by Application:
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