According to the research report by Transparency Market Research on clear brine fluids market, the growth rate is projected to be at 6.2% CAGR for the period of 2015 to 2023. With this rate of growth the global market will reach a valuation of US$1,444.7 mn by the fall of 2023. This is a considerable growth in valuation with an initial record of US$944.8 mn in 2016.
Leading Market Players to Concentrate on Cutting down Manufacturing Costs
The competitive landscape of the global clear brine fluids market is a highly contested one. The market is controlled by the well-established companies with years of business experience. Moreover, the competition in the market is high due to presence of large pool of companies. It is projected that in the near future, the leading companies in the clear brine fluids market will concentrate on cutting down the cost of manufacturing so as to finish off the offshore drilling projects. Some of the notable names in the global clear brine fluids market are Israel Chemicals Ltd., Tetra Technologies Inc., Albemarle Corporation, and Great Lake Solutions among others. These top four companies collectively accounted for nearly 42.1% of the overall market share back in the year 2014. However, currently, the entry of new companies in the market has been restricted because of the high initial investment requirement. It is projected that the leading companies in the market will look to take over the middle and small sized companies to maintain their leading role.
In terms of geographical segmentation, the global clear brine fluids market is segmented into five main regions. These segments are Latin America, North America, Middle East and Africa, Europe, and Asia Pacific. The global market is currently dominated by the regional segment of North America. One of the key reasons behind the rapid rise of the North America market is the presence of several notable oil and gas companies in the region that are among the largest consumers of clear brine fluids. With increasing activities of oil and gas exploration activities in the region, it is a clear indicator of potential growth of the clear brine fluids market in the North America region.
Asia Pacific to Show Promising Growth in Near Future
On the other hand, the clear brine fluid market in Asia Pacific is projected to witness a promising growth in the coming years of the forecast period. The growth of the Asia Pacific market is expected to be driven by the presence of several shale gas reservoirs in the region. China in particular is among the leading contributors for the growth of the clear brine fluids market in Asia Pacific due to its rapidly booming recoverable shale gas industry. Moreover, the current drilling activities pertaining to the gas and oil industry in the Asia Pacific region is also expected to boost the development of the clear brine fluids market.
Market Segmentation is as follows:
Global Clear Brine fluids Market Segmentation
- By Product Type
- Potassium chloride
- Calcium chloride
- Sodium chloride
- Potassium bromide
- Sodium bromide
- Calcium bromide
- Others (zinc bromide, aluminum chloride, etc.)
- By Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC countries
- South Africa
- Rest of MEA
- North America
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