New York , Dec. 05, 2023 (GLOBE NEWSWIRE) -- The global clear brine fluids market size is slated to expand at 4% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 7 billion by the end of 2036, up from a revenue of USD 1 billion in the year 2023. The global economy has been influenced by the oil and gas industry for many years, as they are two of the world's most valuable commodities the growth of which is still being driven by global consumption and demand. Currently, the world economy is composed of more than 3% of the oil and gas exploration and production industry.
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These factors are expected to fuel the demand for clear brine fluids which are salt solutions that are utilized in the oil and gas sector for a number of tasks, including drilling and finishing, in shale gas fulfillment procedures and boring tasks: they regulate wellbore pressure, cool bits, and tools, lubricate pipes and tools, move solids from the wellbore, move treatments to the production zone, reduce damage to the formation and equipment, and shorten operation times. Moreover, oil and gas companies mostly depend on specially made clear brine fluids containing calcium chloride that can be utilized as a kill fluid in production wells, particularly in those with high carbon dioxide concentrations.
Clear Brine Fluids Market: Key Takeaways
- Market in Middle East & Africa to propel highest growth
- Sodium Chloride segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Growing Demand for Food Across the Globe to Boost Market Growth
Food demand is predicted to increase significantly by 2050. The world population is growing, as more people means more mouths to feed. Low- and middle-income nations account for the majority of the world's excess food demand because of their economies, youthful populations, non-saturation of food consumption, and also as the greatest rise in calorie intake is seen in low-income countries. Moreover, this has also led to an increase in the global demand for meat, the consumption of which is expected to reach over 550 million by 2050. Additionally, the highest meat consumption is found in high-income nations which is correlated with consumer prices, diet, animal output, and living standards. As a result of the rising consumption food especially meat is expected to drive the demand for clear brine fluids since they can be employed as a preservative in food manufacturing. Additionally, meats can be marinated in the brine solution before being roasted, grilled, smoked, baked, or broiled which makes them moister, tastier, and flavorful. By 2050, it is predicted that the world's food demand will have increased by more than 65%.
Clear Brine Fluids Industry: Regional Overview
The global clear brine fluids market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Oil Production Capacity to Drive the Growth in the Middle East & Africa Region
The clear brine fluids market in Middle East & Africa region is estimated to garner the largest revenue by the end of 2036. Currently, the area contributes around 29% of the world's oil production and to keep up their position as top exporters—which will account for more than 65% of their output in 2050—the Middle East is investing in conventional oil production.
Moreover, the UAE wants to raise its daily production capacity from roughly 3 million barrels to over 4 million barrels per day by 2027. Therefore, the demand for clean brine fluids will significantly rise in the region. Following the drilling, casing setting, and production tubing run, brines are frequently used to clean and swab a well and are often utilized to get oil and gas-producing wells ready for completion and production start-up. Over the next five years, Middle East and North Africa (MENA) oil producers are predicted to raise their oil production capacity by more than 5%, from the current 31 mb/d.
Rapid Development of Infrastructure to Drive the Growth in the Asia Pacific Region
The APAC clear brine fluids market is estimated to garner the largest revenue by the end of 2036. India's rapid development in the infrastructure sector is expected to make it the third-largest economy in the world by 2047 which will lower logistical costs, improve connectivity, and establish India as a major player in the world economy. Additionally, over the next five years, India plans to invest heavily in the development of gas infrastructure, including pipelines, LNG terminals, and a CGD network to guarantee that petroleum products are accessible and available throughout the nation. This is anticipated to fuel the demand for clear brine fluids in the region as they are mostly employed in the offshore gas and oil well completion procedure.
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Clear Brine Fluids Segmentation by Application
- Oil & Gas Exploration
- Enhanced Oil Recovery
The clear brine fluids market oil and gas exploration segment is anticipated to hold the largest revenue by the end of 2036. The growth can be attributed to the growing offshore drilling rig industry. For instance, the offshore drilling rig sector was valued at over USD 70 billion in 2023. Field gas, CNG, or LNG has become a more popular and feasible fuel option for drilling rigs as natural gas resources are explored which has also made it possible for the output from shale and other unconventional oil and gas reservoirs to expand recently in many regions of the world. Moreover, an essential component of oil development and exploration is clear brine fluid which is mostly utilized in the offshore oil completion process for calcium chloride-containing drilling and to lower water activity and provide osmotic pressures that stop shales from absorbing water.
Clear Brine Fluids Segmentation by Product Type
- Sodium Chloride
- Potassium Chloride
- Calcium Chloride
- Zinc Calcium Bromides
- Cesium Formate
The clear brine fluids market sodium chloride segment is anticipated to hold the largest revenue by the end of 2036. The growth can be attributed to the growing demand for processed food. The evolving consumer behavior, rising urbanization, and more disposable income are influencing this rise in the demand for processed meals. Compared to pure sodium bromide brines, sodium chloride is less expensive and the brine solution made of water and sodium chloride (NaCl) can be used to clean potato slices before being fried to increase the crispness of the chips.
In 2022, processed fruit and vegetables saw over 58% growth in exports in India.
A few of the well-known market leaders in the global clear brine fluids market that are profiled by Research Nester are Halliburton Energy Services, Inc., Schlumberger Limited, Baker Hughes Company, Newpark Resources Inc., CES Energy Solutions Corporation, Weatherford International plc, Solvay, Zirax, Geo Drilling Fluids, Inc., ChampionX.
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Recent Development in the Clear Brine Fluids Market
- Schlumberger Limited announced to partner with global water solutions provider Gradiant to include a vital sustainable technology into the production process of lithium compounds appropriate for use in batteries to concentrate the lithium solution and supply fresh water from brine—gradient technology.
- Newpark Resources Inc. along with the Industrialization and Energy Services Company announced to establish a joint venture that will provide high-performance related products and services, as well as drilling and reservoir (completion) fluids, and related services, to the Kingdom of Saudi Arabia.
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