The Global Clear Brine Fluids Market generated revenue of around USD 1,484.10 million in 2021 and is anticipated to grow a CAGR of over 6.80% during the forecast period from 2022 to 2028 to reach around USD 2,475.75 million in 2028. While, cumulative growth opportunity presented by the global Clear Brine Fluids is around USD 14.44 billion during 2022 to 2028.
Global Clear Brine Fluids Market, 2021 – 2028 (USD Million)
Clear Brine Fluids are salt solutions used in the oil and gas industry as drilling and well completion fluid. The global clear brine fluids market is projected to register a CAGR of more than 6.80% during the forecast period of 2022-2028. The COVID-19 pandemic affected the market negatively as there were global lockdowns. The strict social distancing measures and further decisions taken by the government caused a decline in the demand for clear brine fluids in the global society. It affected our demand for clear brine fluids. There has been an increasing demand due to the oil and gas exploration activity.
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Golden Nugget to Grow at Rapid Pace
Potassium chloride, Calcium chloride, Sodium chloride, Potassium bromide, Sodium bromide, Calcium bromide and Others (Zinc bromide, Ammonium chloride, Potassium formate, Cesium formate, etc.) are some of the important types of Clear Brine Fluids produced and consumed across different region. However, Potassium Chloride is growing in demand and held significant share in total revenue generation with over 22.5% in 2021. While, Calcium chloride, Sodium chloride, Potassium bromide segments collectively held over 35% share in total revenue generation in 2021 and poised to play important role in growth of Clear Brine Fluids in the years to come.
Growing Demand for Raw Consumption is Driving the Growth of Clear Brine Fluids
Oil and Gas Exploration, Enhanced Oil Recovery and Other are major application markets for the global Clear Brine Fluids industry. Enhanced Oil Recovery segment held the largest share of global Clear Brine Fluids industry in 2021 with over 55% contribution to revenue generated by Clear Brine Fluids market. Secondly, Oil and Gas Exploration and Drilling applications are also expected to grow at a significant CAGR which in turn likely to drive demand for Clear Brine Fluids.
Asia Pacific is Second Leading Market for Clear Brine Fluids
Middle East & Africa is leading the Clear Brine Fluids industry with over 25% share in 2021. Saudi Arabia, Iran, Iraq, Kuwait, Oman, Qatar, etc. dominate production as well as consumption of Clear Brine Fluids. While, Latin America and Asia Pacific hold very little market share. Demand for Clear Brine Fluids is growing in Europe and North America owing to increasing offshore drilling and exploration activities.
Significance of War between Russia & Ukraine for Clear Brine Fluids Importers
As Russia has considerable contribution in consumption of Clear Brine Fluids the impact of war between Russia and Ukraine will be significant on this market. Ban on import of oil from Russia resulted into decline in production volume and thus lower demand for Oil and Gas Exploration.
Major players operating in the Clear Brine Fluids industry include Clements Fluids, EMEC, Schlumberger Limited, TETRA Technologies Inc., Halliburton, Albemarle Corporation, Baker Hughes Company, Cabot Corporation, ICL and LANXESS.
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Market Segmentation
Global Clear Brine Fluids Market by Type, 2016 – 2028
- Potassium chloride
- Calcium chloride
- Sodium chloride
- Potassium bromide
- Sodium bromide
- Calcium bromide
- Others (Zinc bromide, Ammonium chloride, Potassium formate, Cesium formate, etc.)
Global Clear Brine Fluids Market by Application, 2016 – 2028
- Oil and Gas Exploration
- Enhanced Oil Recovery
- Others
Global Clear Brine Fluids Market by Company, 2016 – 2028
- Clements Fluids
- EMEC
- Schlumberger Limited
- TETRA Technologies Inc.
- Halliburton
- Albemarle Corporation
- Baker Hughes Company
- Cabot Corporation
- ICL
- LANXESS
- Others
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