Global clear brine fluids market 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.
Depletion of natural gas crude oil sources has been a major concern over the past decade. Most companies are aiming to adopt alternative sources of power which is anticipated to accelerate the product demand in the near future. Global Market Insights, Inc., forecasts that clear brine fluids market size will be worth USD 1.8 billion by 2026.
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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.
Amidst fluctuating oil prices and robust investments in alternative renewable energy sources, oil & gas majors are increasingly eyeing offshore exploration projects. Analysts reported about 8-10% rise in the number of offshore exploration wells drilled since 2018. Oil companies are anticipated to make significant investments and focus on developing new offshore fields in the coming years.
Technological advances will play a critical role in upcoming exploration projects. Offshore oil & gas technology so far involved designing and developing custom-made rigs and platforms. However today, oil & gas companies are adopting vastly different approaches and strategies with increased focus on boosting efficiency and minimizing costs associated with offshore exploration and production.
Advanced technologies promise to make exploration simpler and more automated, which in turn indicates lucrative growth opportunities for clear brine fluids industry.
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Currently, shale constitutes over two-thirds of total U.S. oil production and about all of the industry’s growth. According to the International Energy Agency’s 2019 oil market forecast, the region is expected to propel the growth of global oil supply over the next few years, surpassing Russia and challenging Saudi Arabia to become the world’s leading oil producer.
In addition, the U.S. Energy Information Administration (EIA) reports that crude oil production across the region will reach 13.2 million barrels per day (b/d) up to 2020, an increase of about 0.9 million b/d compared to 2019. The agency also forecasts that the U.S. will become a net energy exporter by the final quarter of 2020, exporting more crude oil and petroleum products than it imports.
A booming U.S. crude oil sector will certainly open up ample opportunities for regional clear brine fluid manufacturers.
Fluctuating crude oil prices and stringent government regulations over chemicals used in drilling operations will be two major factors hampering the business growth in the future. However, expansion and recovery in the global oilfield services and equipment (OFSE) sector along with adoption of advanced EOR techniques will ensure clear brine fluids market growth.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.