Clear Brine Fluids Market Size

Clear Brine Fluids Market Size

Clear brine fluids market size exceeded USD 1.1 billion in 2018 and will grow at a CAGR of 6.3% from 2019 to 2026. Increasing product usage owing to its suitable physiochemical properties in the oil and gas industry across the globe will primarily augment the market share over the forecast timeframe.

Proliferating oil and gas sector accompanied with increasing drilling rigs for gas extraction will significantly drive the industry expansion. Oil and gas manufactures focus on increasing their production capacities to cope up with the rising consumer requirement that will propel clear brine fluids market share.

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Clear brine fluids are salt-based solutions that find applications in completion processes and drilling operations for petroleum and gas sector. It also aids to control high-temperature and high-pressure in the reservoir during conventional drilling processes further reducing the damage and hazards. Key raw materials including sodium, calcium, cesium, chlorine, potassium, and bromine are used in the manufacture of multiple types of clear brine fluids.

Depleting natural gas and crude oil sources are forcing companies to increase their focus towards alternative sources of energy that will support the product share over the projected timeframe. Industry players involve in developing energy products from unconventional resources including shale gas/oil, gas hydrates, coal bed methane and tight gas sands. The product requirement for the extraction of such sources from the reserves will accentuate the volume share.

Increasing consumer preference and rising production of shale gas in the countries including the U.S., China and Argentina will positively influence the oil and gas industry size. For instance, according to U.S. Energy Information Administration, in 2017, the shale gas production registered over 18,589 Billion Cubic Feet as compared to 17,032 Billion Cubic Feet in 2016. Proliferating exploration activities of shale gas reserves in countries including UK and Canada will considerably stimulate the clear brine fluids market.