Clear brine fluids Market is anticipated to reach US$1,444.7 Mn by 2023, expanding at a CAGR of 6.2% between 2015-2023 : TMR
The review is based on the findings of a TMR report titled, “Clear Brine Fluids Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” The global clear brine fluids market is thus expected to expand at a CAGR of 6.2% from 2015 to 2023 in terms of revenue. The market was valued at US$891.3 mn in 2015 and is projected to touch a valuation of US$1,444.7 mn by the end of 2023. North America is anticipated to emerge as the largest region with a global revenue share of 64.8% in 2023. Potassium chloride brine fluids products is expected to lead in the product segment with a global share of 24.5% in 2023.
With the depletion of crude oil and natural gas, the need for the development of alternative energy sources has increased. Companies operating in the oil and gas market have shifted their focus towards the development of unconventional resources such as coal bed methane, shale oil and gas, tight gas, and methane hydrates. Manufacturers of clear brine fluid are likely to gain considerably due to this.
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Rising Oil and Gas Drilling Activities in Developed Nations to Drive Sales of Clear Brine Fluids
The Organization of Petroleum Exporting Countries (OPEC) plays a major role in fixing the global price of crude oil. As a result of this, developed nations are determined on the creation of their own energy resources to reduce dependence on OPEC. According to TMR analysts, “Developed nations including Canada, the U.K., the U.S., and Australia are striving for energy security and are making huge capital investments in oil and gas exploration.” This is resulting in a rise in drilling activities and consequently, a spike in the sales of clear brine fluids.
Political Imbalance in the Middle East to Act against Growth of Global Clear Brine fluids Industry
The Middle East is a lucrative market for clear brine fluids due to the abundance of oil and gas reserves in the region. As many countries in the Middle East are part of the OPEC, the rising political imbalance in the Middle East is likely to decrease the exploration and drilling activities in the region resulting in an imbalance in the global oil and gas market. This is likely to hinder the sales of clear brine fluids globally.
The increasing shale gas reserves in the Middle East have also resulted in a dip in the global crude oil prices leading to a highly oversupplied market. As a result of this, drilling activities are likely to slow down, resulting in a decrease in demand for clear brine fluids in the global market.
Due to the existence of few large MNCs, the degree of competition in the global clear brine fluids market is moderate. To maintain their position in the global clear brine fluids market, the leading market players are focusing on the reduction of production costs of clear brine fluids to enable completion of offshore drilling projects. However, the prevalence of entry barriers such as brand equity is likely to inhibit the entry of new players in the global clear brine fluids market.
With increasing oil and gas drilling activities worldwide, the demand for quality clear brine fluids is also increasing due to their role in the drilling completion process. Leading companies operating in the global clear brine fluids market are focusing on acquiring smaller organizations to expand their business. The key players in the global clear brine fluids market comprise Israel Chemicals Ltd., Albemarle Corporation, and TETRA Technologies with a share of 42.1% in the market as of 2014.
Increasing exploration activities for the development of unconventional resources to provide manufacturers of clear brine fluids with growth opportunities.
By revenue, North America to emerge as the largest market for clear brine fluids with a share of 64.8% in 2023.
Global clear brine fluids market to expand at a 6.2% CAGR from 2015 to 2023 owing to increase in drilling activities in developed countries.
Clear Brine Fluids Market – Product Segment Analysis
Others (zinc bromide, aluminum chloride, etc.)
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