Clear Brine Fluids Market to observe nearly 5% CAGR between 2016 to 2024
OCEAN VIEW, Del., Aug. 22, 2017 /PRNewswire-iReach/ -- The global clear brine fluids market share was led by potassium chloride in 2015 and is forecast to experience maximum over the estimated period. 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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Based on the product trends, clear brine fluids industry is segmented into potassium chloride, sodium chloride, calcium bromide, calcium chloride, potassium bromide, and sodium bromide. Potassium chloride, which dominated product landscape in 2015, is expected to witness an escalating growth over the coming years. Extensive applications across oil & gas sector as well as in drilling activities coupled with low costs is expected to augment the revenue. Calcium bromide is expected to contribute substantially towards clear brine fluids industry revenue over the coming seven years.
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.
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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.
Industry players will try to enrich their presence across the globe by adopting key business strategies such as product development and mergers & acquisitions. In 2015, the top six market participants contributed nearly 30% of the overall revenue, making the industry a slightly consolidated one. Key industry participants include Egyptian Mud Engineering & Chemicals Company, Zirax Limited, Albemarle Corporation, Solent Chemicals Private Limited, Geo Drillings Fluids Incorporation, Israel Chemicals Limited, TETRA Technologies Incorporation, Halliburton Company, and Chemtura Corporation.
Browse key industry insights spread across 118 pages with 95 market data tables & 13 figures & charts from the report, "Clear Brine Fluids Market Forecast, 2016 - 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/clear-brine-fluids-market
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