Sellbyville, DE -- (SBWIRE) -- 01/26/2019 -- High depletion of natural resources and heavy product demand across oil & gas sector will elevate clear brine fluids market size over the coming years. According to Global Market Insights, Inc., "Clear Brine Fluids Market size is anticipated to be worth USD 1.4 billion by 2024." 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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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.

Regional highlights pertaining to clear brine fluids market over 2016-2024 are as below:

- North America clear brine fluids market value, which was estimated at USD 550 million in 2015, is expected to experience substantial growth over the coming years. High product demand along with the large presence of shale gas reservoirs in the region will push the revenue. Furthermore, strict measures to reduce energy consumption taken by the government is predicted to support the regional growth. U.S. is forecast to be the major regional revenue contributor.

- Rise in the number of shale gas exploration activities in countries such as Algeria and South Africa is expected to drive MEA clear brine fluids industry revenue over the coming timeframe.

- Asia Pacific clear brine fluids industry is anticipated to witness significant gains of 6% over the period of 2016-2024, driven by the high availability of recoverable shale gas in the region. China is anticipated to be a key regional revenue pocket.

- 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.

Potassium chloride segment of overall clear brine fluids market accounted for approximately 25% of total industry share. This segment is likely to witness maximum gains during the forecast period. In 2016, it was valued close to USD 150 million. It is highly desirable in oil & gas industry due to the economic benefits as well as its ability to stabilize water-sensitive clay from excessive pressure in reservoirs during completion and drilling processes. Increasing shale gas reserves exploration activities across Canada, UK and the U.S will propel product demand during forecast duration.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. EMEC
2. Albemarle Corporation
3. GEO Drilling Fluids, Inc.
4. Great Lakes Solutions, LLC
5. ICL Group
6. Zirax LLC
7. Solent Chemicals
8. TETRA Technologies, Inc.
9. Cabot Corporation
10. Clements Fluids
11. Halliburton
12. Chemtura Corporation

Calcium bromide segment shall witness growth rate more than 5% in the forecast period. It is widely used in numerous applications including completion and workover fluids. Calcium bromide, on account of its inhibitive properties, is extensively employed to minimize damage caused due to formation pressure.

In 2016, clear brine fluids market was fairly consolidated with key six companies holding close to 30% of global market share. Major industry players are Egyptian Chemicals Company (EMEC), Israel Chemicals Limited, Chemtura Corporation, Solent Chemicals, Zirax Limited, TETRA Technologies, Geo Drillings Fluids, Albemarle Corporation and Halliburton. Prominent players in the industry are engaged in mergers & acquisitions, for instance, Chemtura Corporation, in 2012, acquired bromine division of Solaris Industries Limited to strengthen the position in bromine derivatives with expansion plans in Asia Pacific.

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.