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.
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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.
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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.
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