Positive growth indicators in the oil &gas industry across the globe is analyzed to be the prime factor propelling the clear brine fluids market size over the estimated period.
Clear Brine Fluids Market size is poised to surpass USD 1.4 billion by 2024; according to a new research report.
They are majorly used in the oil &gas business, particularly across traditional drilling to control the excessive temperature and pressure developed in course of drilling, in order to reduce reservoir damage.
Increasing rig counts in the recent times will positively influence the industry growth by 2024.
For instance, from June 2016 to July 2016, the global number of rigs increased significantly. Furthermore, the U.S. added over 30 rigs and reached has 459 rigs, likewise, Canada added 31 rigs and market 94 units.
The aforementioned trends will boost business growth.
Ongoing unconventional resources such as shale gas will further boost the product demand by 2024, thereby propelling the clear brine fluids market share. U.S., Russia and China have significant shale gas reserves, resulting in vast industry growth potential.
These countries are also engaged high investment towards energy securities which will significantly contribute of the clear brine fluids market size in the future.
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Clear Brine Fluids market by product:
- Potassium chloride
- Calcium chloride
- Sodium chloride
- Potassium bromide
- Sodium bromide
- Calcium bromide
- Increasing product demand from oil & gas industry
- Industry pitfalls & challenges
- Political imbalance in the Middle East
The overall clear brine fluids market price trends follow similar dynamics with crude oil prices. Wavering crude oil price is likely to hamper the overall product demand across oil &gas business.
For instance, the global crude trading price was close to USD 105 per barrel in 2012 and reached USD 43 per barrel in 2016. Political unrest in Syria, Egypt and Libya is the chief reason in the fluctuating crude oil price trends.
However, the product is essentially used the oil &gas industry. increasing energy demand via conventional and unconventional resources will subsequently boost the industry growth over the forecast timeframe.
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.
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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.
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.
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