Global Clear Brine Fluids Market to Display 6.2% CAGR from 2015 to 2023, Large-scale Shale Explorations Propel Market : TMR
A new research report published by Transparency Market Research states that the global clear brine fluids market will log a CAGR of 6.2% from 2015 to 2023. The market’s valuation, which was US$842.9 mn in 2014, will rise to US$1,444.7 mn by 2023. The title of this report is “Clear Brine Fluids Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023” and it is available for sale on the company’s website.
Clear brine fluids are industrial fluids utilized in various operations such as drilling, work-over, and completion in the oil and gas industry. These liquids are particularly manufactured to monitor formation pressures as well as to reduce damage in the reservoir.
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Clear brine fluids are vitally important in the development of oil wells. They are available in a wide spectrum of densities to serve the unique pressure characteristics of each well, and to abide by the stringent regulatory stipulations of the oil and gas industry.
Presently, the energy security that developed countries are seeking is one of the major factors driving the clear brine fluids market. The supremacy of the Organization of Petroleum Exporting Countries (OPEC) in regulating crude oil prices globally has compelled major developed economies to seek alternative energy sources in order to reduce their dependence on OPEC and to gain energy security in the long run. For instance, countries such as the U.S., Canada, Australia, and the U.K. have been striving to attain total energy self-sufficiency over the past few years.
In the U.S., the development of shale reserves has brought a revolution in the energy sector. Due to this, initiatives undertaken for the development of shale reserves is resulting in increased demand for clear brine fluids. This will propel the growth of the global market for clear brine fluids during the forecast period.
However, the political imbalance in the Middle East over the past few years, which has affected the energy sector in general, has hampered the growth of the global clear brine fluids market as well. Nevertheless, the increasing exploration of unconventional energy sources such as shale gas and coal bed methane (CBM) will bolster drilling activities. This, in turn, will provide new growth prospects for the global clear brine fluids market.
Potassium chloride stood as the largest product, accounting for a share close to 25% in the global market in 2014. Potassium chloride is among the most widely used clear brine fluids in the oil and gas industry. Potassium chloride is expected to retain its dominant position in this market until the end of 2023.
In 2014, North America led the global market for clear brine fluids with almost two-third volume share in the global market. The region is expected to retain its dominant position until the end of the forecast period. However, Asia Pacific will display the fastest growth in the forthcoming years due to massive shale exploration projects underway in Australia and China.
Top players in the global clear brine fluids market are Israeli Chemicals Ltd., TETRA Technologies Inc., Albermarle Corporation, and Great Lake Solutions.
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