Transparency Market Research has published a new research report titled “Clear Brine Fluids Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” to their report store.
Albany, NY -- (SBWIRE) -- 07/11/2017 -- As per the findings of a recent report by Transparency Market Research (TMR), the global clear brine fluids market is highly consolidated in nature with well-established players enjoy stronghold over the supply as well as distribution. Some of the key companies in the global clear brine fluids market identified by the report are Israel Chemicals Ltd., Tetra Technologies Inc., Albemarle Corporation, and Great Lake Solutions, who collectively accounted for 42.1% of the market in 2014. This being a market that requires high initial capital, the threat from new entrants is bleak, while the leading vendors are expected to acquire small- and medium-scale players in order to maintain their dominance over the market as well as expand their geographical presence.
As per the projections provides by the report, the demand in the global clear brine fluids market will expand at a healthy CAGR of 6.2% during the forecast period of 2015 to 2023, reaching an estimated valuation of US$1,444.7 mn by the end of 2023, significantly up from its evaluated worth of US$944.8 mn in 2016. In the near future, the key players are also expected to focus on the reduction of production costs in order to enable the completion of offshore drilling projects.
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Potassium Chloride Most Profitable Product Segment
Product-wise, the TMR report segments the global clear brine fluids market into calcium chloride, potassium chloride, sodium chloride, sodium bromide, potassium bromide, calcium bromide, and others such as aluminum chloride and zinc bromide. As per the projections of the report, the potassium chloride segment will expand at the most prominent CAGR of 6.5% during the forecast period of 2015 to 2023, gaining from its growing usage for stabilizing water sensitive clays during the extraction process, wherein it helps to control the formation of pressure and damages to the reservoirs in the end-use industries. On the other hand, the report also anticipates significant growth in the calcium chloride brine fluids segment, which is an effective component used for the formation of brine completion and work fluids. As the oil and gas industry flourishes, calcium chloride brine fluids will continue to gain traction for its usefulness in clay hydration while drilling.
North America Maintaining Strong Demand
North America, which houses a number of leading oil and gas companies, currently serves the maximum demand in the global clear brine fluids market. Backed by the developed countries such as the U.S. and Canada, wherein oil and gas drilling activities are rapidly increasing, North America is expected to add to its account of 65.7% demand for clear brine fluids in 2014, projected to reach a share of 64.8% by the end of 2023. On the other hand, Asia Pacific is also projected for a prosperous future as an important part of the global clear brine fluids market. China currently holds the most prominent share in the recoverable shale gas industry and ongoing drilling activities will further boost the market in the near future.
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Incremented Drilling Activities Driving Demand
Increasing demand for clear brine fluids owing to the rise in the number of oil drilling activities, focus on developing deep sea reserves, implementation of horizontal drilling, and consistent efforts from the emerging nations to achieve energy security are some of the key factors driving the global clear brine fluids market. On the other hand, fluctuations in the prices of raw materials such as potassium chloride, variations in trade agreements as a result of political imbalance, and the volatility related to the shale gas situation are a few prominent restraints holding the market back. Nevertheless, the vendors of the global clear brine fluids market will gain from the growing focus on exploring unconventional resources such as coal bed methane and shale gas.
The information presented in this review is based on a Transparency Market Research report, titled, "Clear Brine Fluids Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023".