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Clear Brine Fluids Market will witness a rapid growth to 2024

Author : Ronak Bora | Published Date : 2019-05-03 

As per the report by Global Market Insights, Inc., “Worldwide Clear Brine Fluids Market was valued USD 870 million in 2018 and will surpass a revenue collection of USD 1.4 billion by 2024 with an annual growth rate of 5% over 2018 to 2024.”

High depletion of natural resources and heavy product demand across oil & gas sector will elevate clear brine fluids market size over the coming years. Furthermore, the rise in the proportion of rig counts will further catapult the industry growth over the coming timeframe. For instance, the worldwide oil rig count in 2013 was nearly 15 thousand and is expected to surpass 20 thousand over the coming seven years. In addition to this, high focus on exploring alternative (fuel) resources such as shale gas, tight gas, coal bed methane, and methane hydrates are expected to boost the product demand, thereby benefitting the clear brine fluids business. High energy requirements as a result of the exponential rise in the population is projected to drive the clear brine fluids industry trends over the coming timeframe.

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Based on the product trends, clear brine fluids industry is segmented into potassium chloride, sodium chloride, calcium bromide, calcium chloride, potassium bromide, and sodium bromide. Potassium chloride, which dominated product landscape in 2015, is expected to witness an escalating growth over the coming years. Extensive applications across oil & gas sector as well as in drilling activities coupled with low costs is expected to augment the revenue. Calcium bromide is expected to contribute substantially towards clear brine fluids industry revenue over the coming seven years.

In 2015, potassium chloride accounted for the major chunk with 25% of the global industry share. In addition, the segment shall observe maximum growth rate between 2016 and 2024. It finds widespread application spectrum in the oil & gas industry across stabilizing water-sensitive clays to control the high pressure developed during the completion and drilling process. These fluids are also preferred used due to valued added benefits such as low cost. Calcium bromide will witness growth close to 5% by 2024. Inhibitive properties of these fluids make them suitable as completion and workover fluids in the oil & gas sector.

In 2015, North America clear brine fluids market share accounted for more than 50% of the global volume. Robust U.S. oil & gas industry was the major factor attributing regional growth. Furthermore, the U.S. and Canada together have approximately 550 rig units, which significantly contributes to the regional growth. Additionally, shale gas exploration in the region will complement to the industry growth in the coming years.

Asia Pacific, mainly led by China, will witness maximum growth close to 6% over the estimated period. The regional growth will be primarily driven shale gas exploration in China. For example, China holds approximately 15% of the overall recoverable shale gas, which signifies massive growth potential for clear brine fluids market size by 2024 in the region.

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MEA clear brine fluids market size shall exceed USD 150 million over the estimated timeframe. South Africa, Algeria and Middle East countries including Egypt and Libya will contribute to the regional growth by 2024.

In 2015, clear brine fluids market size was consolidated with six major industry share contributors holding approximately 30% of the global share. Some prominent industry share contributors are Halliburton and Chemtura Corporation, Albemarle Corporation, Solent Chemicals, Israel Chemicals, EMEC, Zirax, TETRA Technologies and Geo Drillings Fluids.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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