Brine Fluids Market size is forecast to reach $1.67 billion by 2025 after growing at a CAGR of 6.8% during 2020-2025. Brine fluids are water-based solutions with low or no solid particles containing inorganic salts that find application in petroleum sector across the globe. Brine fluids are manufactured using multiple salts with wide range of densities to match the user requirement. Rising demand from the semiconductorindustry are expected to drive the market growth.
Brine Fluids Market Report Coverage
The report: “Brine Fluids Market - Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the brine fluids Industry.
Asia-Pacific dominates the brine fluids market owing to increasing demand from growing oil and gas industry in the region.
The rise in oil and gas drilling activities across globe will drive the growth of the market in the forecast period.
Fluctuation in the price of crude oil will hinder the growth of the market in the forecast period
Brine Fluids Market Segment Analysis - By Type
Potassium chloride held the largest share in the brine fluids market in 2019. Potassium chloride brine fluids are used for stabilizing water sensitive clays during the extraction completion process. It helps in controlling the formation damage and pressure in reservoirs during the extraction process, thus making it the most used clear brine fluid among various end-use industries. Potassium Chloride brine fluids is a single-salt potassium chloride solution that is used as a completion, workover, or packer fluid. It is also an effective clay/shale stabilizer in water sensitive formations. This brine fluids is generally formulated using dry potassium chloride and fresh water. Its inhibitive properties can prevent hydration and migration of swelling clays. This fluid is generally compatible with most oilfield elastomers. It can be used to avoid scaling and precipitation problems in certain environments.
The calcium chloride brine fluids held the second largest share in the brine fluids market. The single-salt composition of calcium chloride brine fluids makes it an effective component used in the formation of brine completion and workover fluids. Owing to the increasing demand for calcium chloride brine fluids in the oil and gas industry for preventing clay hydration during drilling. This factor will drive the growth of the market in the forecast period.
Brine Fluids Market Segment Analysis - By Application
Refrigeration fluid held the largest share in the brine fluids market in 2019. Refrigeration fluid are usually liquids, and are used to transfer heat from the substance being cooled to a heat exchanger where the heat is absorbed by a primary refrigerant. In an air conditioning system it could be said that air is acting as a secondary refrigerant. Aqueous solutions of sodium chloride and calcium chloride were the brine fluids used in the process. The brine fluids are used in refrigeration, air conditioning and heating plants, whenever indirect heat transfer process take place, particularly when the risk of freezing must be considered. There are a large number of products on the market, some to be used in aqueous solutions, some entirely without water. This factor will drive the growth of the market in the forecast period.
Brine Fluids Market Segment Analysis - By End Use
Oil and Gas sector held the largest share in the brine fluids market in 2019 growing at a CAGR of 7.2%. Clear brine fluids are salt-based solutions that are used in the completion and drilling activities of the petroleum and gas industries. It also helps to monitor high temperature and high pressure in the reservoir during traditional drilling operations, further minimizing damage and hazards. Increased commodity specifications at well-finished stages for the petroleum and gas industries would accentuate a clear market share for brine fluids. Strong resistance to mud swelling along with improved penetration in drilling activity would increase demand for the commodity.
Brine Fluids Market Segment Analysis - By Geography
APAC dominates the brine fluids market with a share of more than 42% followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are the presence of a large number of shale gas reservoirs in the region. China holds the largest share in the recoverable shale gas industry, which has made it the largest region in terms of consumption of brine fluids in Asia Pacific. The ongoing oil and gas drilling activities in Asia Pacific are subsequently boosting the sales of clear brine fluid in the region. For instance, in September 2019, China announced its plans to invest over USD 400 billion for the projects related to petrochemical and manufacturing sector in Iran. High investment in oil and gas sector accompanied will enormous operational and potential oil reserves will in turn increase the usage of brine fluids for production of oil and gas products. This factor will drive the growth of brine fluids market in the forecast period.
The impact of COVID-19 is a pronged crisis for oil and gas companies. Oil prices are dropping due to failed agreements on production cuts and the need for chemicals and refined products is slowing from industrial slow-downs and travel restrictions in the wake of this global pandemic. Large oil and gas companies are responding by cutting capital and operational expenditures, which will filter down the suppliers and oilfield services companies. These factors will hinder the growth of market for the year, but when the situation became normal it will grow with a steady rate in the forecast period.
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