The ongoing exploration, drilling, and production activities in the oil and gas industry have led an increased consumption of clear brine fluids.
Albany, NY -- (SBWIRE) -- 03/29/2017 -- Global Brine Fluids Market: Overview
The global clear brine fluids market is poised to rise at a steady pace in the coming years as the overall oil and gas industry is expected to undergo a major change. The increasing investments in ensuring energy security in developed countries and the burgeoning drilling and completion activities are expected to make key contributions to the rising revenue of the overall market.
Global Brine Fluids Market: Drivers and Trends
The ongoing exploration, drilling, and production activities in the oil and gas industry have led an increased consumption of clear brine fluids. These fluids are extensively used for drilling as well as completion processes. The booming oil and gas industry across the globe and persistently rising rigs have consistently provided the global clear brine fluids market a massive fillip. Furthermore, the discovery of shale gas and ongoing extraction of it have also increased the sales of clear brine fluids.
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The rapid depletion of natural resources such as natural gas and crude oil has increased the turned the attention of several industrial players towards unconventional sources of energy such as coal bed methane (CBM), tight gas, shale oil/gas, and gas/methane hydrates. Additionally, the spike in the prices of oil and gas have created a dire need for alternative sources of energy, thereby fuelling the demand for clear brine fluids.
Global Brine Fluids Market: Market Potential
Companies in the global clear brine fluids market are focused on expansion to improve their outreach in the overall market. For instance, Great Lakes Solutions, a business owned by Chemtura Corporation, started its new pilot plant in El Dorado in January 2017. The plant is a commitment to developing products that are characterized by innovation and improvement. With the same intention, the facility is expected to mitigate the gap between tradition laboratory experimentation and full-scale commercial production. The plant is located on top of world's second largest brome-rich brine reserve. This expansion strategy is expected to give this company an edge over others, allowing them to make reliable value additions to their product portfolio.
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Global Brine Fluids Market: Regional Outlook
Geographically, the global clear brine fluids market is fragmented into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Presently, North America dominates the global market due to the growing shale gas activities in the U.S. Additionally, increasing efforts by the governments across the U.S. towards encouraging energy security measures is also expected to support the regional market's growth.
Asia Pacific is also expected to be a key regional player in the global clear brine market are China is poised to account for a sizable share in the global recoverable shale gas market. Furthermore, the Middle East and Africa is also expected to be a close contender in the global market as it houses an important oil and gas industry in the world. Despite the plunge in crude oil prices, the relentless demand for energy across the globe is projected to offer the oil and gas industry in the Middle East and Africa lucrative opportunities for growth. Subsequently, the region is expected to show a consistent consumption clear brine fluids.
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Key Players Mentioned in this Report are:
Some of the leading players operating in the global clear brine fluids market are TETRA Technologies Inc., Israel Chemicals Ltd., Albemarle Corporation, Egyptian Mud Engineering & Chemicals Company (EMEC), Geo Drillings Fluids, Inc., Zirax Ltd., Halliburton, and Chemtura Corporation. The competitive landscape will be characterized by strategic mergers and acquisitions by players in order to strengthen their position in the coming years.
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