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Clear Brine Fluids Market to cross the billion-dollar bench mark by 2024, APAC to witness maximum gains

Publisher : Fractovia | Published Date : June 2017 | Price : $4500Request Sample

Massive changes in the oil and gas industry dynamics over the past few years have significantly driven clear brine fluids market. These clear brine fluids are extensively used in traditional oil drilling process for maintaining the internal pressure and temperature, thereby limiting the reservoir damage risk. The fact that the number of oil rigs across the world is increasing notably day by day, the demand for the product is likely to surge in the coming years. For instance, in 2013 global oil rig count was almost 15000, which is estimated to cross 20000 by 2024. U.S., Canada are some of the few topographies expected to contribute prominently to the market share, subject to the increasing installation of oil rigs in these regions.  As per a report by Global Market Insights, Inc., “Clear brine fluids market is slated to exceed a revenue of USD 1 billion by the end of 2024, with a projected CAGR of 5% over 2016-2024.”
 

Heavy depletion of conventional energy sources has resulted in an increasing emphasis on exploration of alternative fuel sources such as shale gas, tight gas, coal-based methane, etc. This shifting trend toward unconventional energy sources is shedding a positive influence on clear brine fluids market share. In this regard, shale boom in U.S. and Russia has immensely affected the overall market dynamics, subject to the fact that it has substantially increased the product demand. Since the application landscape of clear brine fluids market is mainly centralized around oil and gas industry, huge crude oil price discrepancies over the past couple of years, is negatively impacting the clear brine fluids market price trends. Nonetheless, escalating energy demand both from unconventional and conventional sources is expected to scale up the growth chart.

 

U.S. Clear Brine Fluids Market size, by product, 2013-2024 (USD Million)
U.S. Clear Brine Fluids Market size, by product, 2013-2024 (USD Million)
 

Considering the product trends, potassium chloride emerged as one of the dominating segments in 2015, accounting for almost 25% of clear brine fluids industry. Potassium chloride based brine fluids are widely deployed in oil & gas applications, as this composition helps in the stabilization of oil pressure during the drilling process. Comparatively cheaper cost is another factor that is allowing heavy penetration of this product segment. Other than this, calcium bromide based clear brine fluids market will also witness considerable growth at a CAGR of 5% over 2016-2024.
 

Clear brine fluids industry has already established its strong foot fold across various topographies around the world. However, North America, Asia Pacific, and Middle East & Africa represent a major chunk of the overall industry share.
 

Clear brine fluids market in North America

North America contributed maximum toward the global clear brine fluids market share in 2015, covering 50% of the overall volume with a market valuation of USD 550 million. Rapid growth in shale gas exploration particularly in the United States and Canada is propelling the product demand. In addition to this, several mandatory regulatory compliances have been initiated by the U.S. government pertaining to energy security and sustainability. This trend is likely to provide significant impetus to the market, subject to the rising inclination toward unconventional energy sources.
 

Clear brine fluids market in Asia Pacific

Asia Pacific encompassing some of the most developing countries within its belt has always been one of the prominent region partaking in the overall clear brine fluids industry. China’s shale gas exploration is a major factor propelling the regional market. In fact, estimates depict the country held 15% of the overall APAC clear brine fluids market in 2015. With China at the helm, APAC market is anticipated to observe maximum gains at more than 6% CAGR over 2016-2024.
 

Clear brine fluid market in MEA

Middle East & Africa has already carved a strong position in the global clear brine fluids market. Prevalence of major crude oil deposits in the region is prime factor enhancing the regional market growth. South Africa, Egypt, Libya, West Africa, are some of the countries that are expected to contribute lucratively toward the regional share. Though fluctuations in crude oil price trends which is presently witnessing a downturn, is likely to hamper the growth prospect to some extent, the surging energy demand across the globe will allow MEA clear brine fluids market to witness a hike. As per estimates, the market is projected to cross USD 150 million by 2024.
 

Worldwide, clear brine fluid market is highly consolidated with some of the renowned companies covering almost 30% of the overall share.  Some of the key players include Albemarle Corporation, Halliburton and Chemtura Corporation, Solent Chemicals, Zirax, Israel Chemicals, EMEC, and TETRA Technologies. Though crude oil price uncertainties may act as a deterrent in the growth chart, the increasing exploitation of shale gas reserves is likely to lead to an appreciable commercialization of this market in the years ahead.

 

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