As per the report published by Allied Market Research, “Clear Brine Fluids Market by Product Type (Potassium Chloride, Calcium Chloride, Calcium Bromide, Potassium Formate, Cesium Formate, And Others) and End-User (Inshore Oil & Gas Production and Offshore Oil & Gas Production): Opportunity Analysis and Industry Forecast, 2020–2027”, According to report, the global clear brine fluids market was over $1.0 billion in 2019, and is estimated to cross $1.3 billion by 2027, growing at a CAGR of 3.6% from 2020 to 2027.
Clear Brine Fluids Market growth is driven by rise in production life of oil & gas wells, end-user demand for crude oil and natural gas, and new upstream projects. The market across LAMEA held the largest share in 2019, accounting for nearly two-fifths of the market. The pandemic decreased the demand for crude oil and natural gas across the globe, which reduced the consumption of clear brine fluids.
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Asia-Pacific is projected to grow at the fastest CAGR of 4.6%. New oil and gas discoveries in countries such as India, China, Vietnam, Indonesia, and Thailand will drive the demand for drilling and completion fluids during the forecast period. LAMEA accounted for the largest share in the global clear brine fluids market in 2019. Countries in LAMEA such as Brazil, Saudi Arabia, Venezuela, and Nigeria have a well-established upstream oil & gas operation.
Brine-based products such as bromides and chlorides are widely used in applications including in deicing of roads and industrial refrigeration, which are expected to drive the global market. According to U.S. Energy Information Administration (EIA), the global consumption of petroleum and liquid fuels is at around 97.5 million barrels/day for all of 2021 and is estimated that it would increase by another 3.8 million barrels/day by 2022. This demonstrates that increased oil and gas development operations to meet rising energy demands would open new opportunities for market players in the clear brine fluids market. In the future, the industry would surely witness rapid investments and the expansion of existing market leaders.
The global clear brine fluids market is segmented on the basis of product type, end-users, and region. Based on product type, the potassium chloride segment held the lion’s share in 2019, accounting for nearly one-third of the market. Moreover, the segment is estimated to register the highest CAGR of 4.3% during the forecast period.
On the basis of end-user, the onshore segment held the largest share in 2019, contributing to more than four-fifths of the market. However, the offshore segment is projected to manifest the highest CAGR of 4.1% from 2020 to 2027.
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By Product Type
- Potassium chloride
- Calcium chloride
- Calcium bromide
- Potassium Formate
- Cesium Formate
Prime Market Players:
- Clements Fluids
- Albemarle Corporation
- Egyptian Mud Engineering & Chemicals Company
- Lanxess AG
- ICL Group Ltd.
- Sinomine Specialty Fluids
- Schlumberger Ltd.
- Tetra Technologies
- Zirax Ltd. And etc.
- The pandemic decreased the demand for crude oil and natural gas across the globe, which reduced the consumption of clear brine fluids.
- The ban on international travel reduced the consumption of gasoline and jet fuel, hampering the market growth.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.