Clear Brine Fluids Market
The Middle East is a lucrative market for clear brine fluids due to the abundance of oil and gas reserves in the region. As many countries in the Middle East are part of the OPEC, the rising political imbalance in the Middle East is likely to decrease the exploration and drilling activities in the region resulting in an imbalance in the global oil and gas market. This is likely to hinder the sales of clear brine fluids globally.
The increasing shale gas reserves in the Middle East have also resulted in a dip in the global crude oil prices leading to a highly oversupplied market. As a result of this, drilling activities are likely to slow down, resulting in a decrease in demand for clear brine fluids in the global market.
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Exploration Activities of Unconventional Resources to Provide Lucrative Opportunities to Manufacturers of Clear Brine Fluids
With the depletion of crude oil and natural gas, the need for the development of alternative energy sources has increased. Companies operating in the oil and gas market have shifted their focus towards the development of unconventional resources such as coal bed methane, shale oil and gas, tight gas, and methane hydrates. Manufacturers of clear brine fluid are likely to gain considerably due to this.
The global clear brine fluids market is thus expected to expand at a CAGR of 6.2 % from 2015 to 2023 in terms of revenue. The market was valued at US $ 891.3 mn in 2015 and is projected to touch a valuation of US $ 1,444.7 mn by the end of 2023. North America is anticipated to emerge as the largest region with a global revenue share of 64.8 % in 2023. Potassium chloride brine fluids products is expected to lead in the product segment with a global share of 24.5 % in 2023.
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