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Clear Brine Fluids Market Size, COVID-19 Impact Analysis Optimization, Top Players like EMEC, Albemarle, Israel Chemicals, Zirax, Solent Chemicals, TETRA Technologies, Clements Fluids, Halliburton, LANXESS
Clear Brine Fluids Market
Increased depletion rate of natural resources and heavy product demand across the oil and gas sector has propelled clear brine fluids consumption. These fluids have gained recognition as they act as a favorable substitute to water-based formulations, that may be used only once and need to be disposed of after that. Unlike water-based mud, brine solutions help in controlling incidences of mud swelling.
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Global clear brine fluids demand will be driven by rising oil & gas exploration activities around the world. The development of modern industrial societies has been possible majorly due to the cheap and abundant availability of energy in the form of fossil fuels. Statistically, oil constitutes 40% of the primary power generation, while natural gas accounts for 23% of the energy production today.
Some of the most widely used clear brine fluids are sodium chloride, potassium chloride, calcium chloride, sodium bromide, calcium bromide, and potassium bromide. These fluids are salt-based solutions that find extensive applications in drilling operations and completion processes within the petroleum and oil & gas sectors.
Exploration techniques are witnessing immense advancements to ease the process of locating a reservoir and enhancing clear brine fluids industry outlook. Demand for oil has been augmenting, resulting in rising EOR (Enhanced Oil Recovery) operations for better oil production in drill rigs. In addition, several stringent regulations pertaining to well completion activities are being introduced by regulatory authorities that direct the usage of clear brine fluids for facilitating higher oil production and preventing collapse, which may lead to inflation in operational cost.
With hydraulic fracturing and horizontal drilling techniques gaining traction across the O&G industry, clear brine fluids market is set to accumulate significant proceeds. The current trend in drilling operations is the predominance of the aforementioned techniques as they facilitate improved operational efficiency. Also, these techniques are highly adopted by well operators as they help decrease lifting costs, reduce environmental impact, and improve productive well life. Added to this, clear brine fluids have lesser cost and better lubrication than oil-based drilling muds. These techniques invariably utilize clear brine fluids, which is likely to translate into massive industry demand.
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North America has been experiencing an upsurge in shale gas production, which has augmented clear brine fluids market share. Drilling operations in the region are becoming more advanced to facilitate increased oil production. Moreover, business participants in the region are investing heavily in research & development activities and entering into strategic agreements for gaining higher revenues, which will spur clear brine fluids market growth.
MEA houses numerous crude oil reserves, resulting in significant clear brine fluids market demand in the region. Demand for petroleum products is intensifying, which is likely to impel oil production and boost clear brine fluids industry outlook. Also, MEA exports a huge amount of petroleum products globally, generating growth opportunities for the business.
Clear brine fluids market players are pursuing aggressive R&D activities to offer advanced products and expand their customer base. They are prioritizing business strategies, such as mergers and acquisitions to strengthen their foothold across the world. Some of the major clear brine fluids industry participants are TETRA Technologies, Albemarle Corporation, Halliburton, Egyptian Mud Engineering & Chemicals Company (EMEC), and Schlumberger Ltd. amongst others.
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