The Latin America drilling fluids market is split on the basis of three categories. These include products, technologies and geographies. The products market consists of oil-based fluids, water-based fluids and synthetic-based fluids. The technologies market includes non-dispersed systems and dispersed systems. The geographies Latin America drilling fluids market includes the nations, Brazil, Venezuela, Argentina and others.
Escalating offshore drilling operations are estimated to propel further demand for the Latin America drilling fluids market during the forecast phase. Exemplar swing towards the growth of deep-sea and shale gas resources is also predicted to steer the market ahead. The said phase lasts from 2014 to 2020. The market is influenced by absence of infrastructure, regulations of the government and increased demand for gas and oil.
The Latin America drilling fluids market was predicted to have collected revenue worth about USD 608.8 million in 2013. It is projected to achieve around USD 1, 161 million by 2019. The market is anticipated to rise at about 9.7 percent CAGR during the forecast phase. As far as products are concerned, the Latin America drilling fluids market is leaded by water-based fluids.
Water-based fluids occupied in excess of 58 percent of the market in 2013. They are likely to be one of the most quickly expanding sectors in the future. This is on account of their reasonable prices and bio-friendliness. Technologies wise, the Latin America drilling fluids market is dominated by dispersed systems. Dispersed systems captured in excess of 60 percent of the market in 2013.
With respect to income, Brazil leaded the Latin America drilling fluids market in 2013. It occupied more than 26 percent of the total revenue that year.
Information Source: Radiant Insights