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The increase in the number of oil rigs present worldwide has been a major factor supplementing growth trends in the global clear brine fluids market. Extreme focus on exploring alternative fuel resources like shale gas, coal-bed methane, tight gas, and methane hydrates is likely to support the adoption of the products.Enhanced oil recovery operations to increase oil production in drill rigs along with the development of exploration techniques to locate reservoirs has driven the need for the fluids. The regulatory authorities have imposed strict rules towards the completion of exploration activities with an aim to ensure superior production capabilities, along with preventing from collapse, which may lead to high operational cost.
Clear Brine Fluids Market | Expanding regional opportunities
Both North America and the Middle East have emerged as key consumers of clear brine fluids over the years. High shale gas production in North America has propelled the demand for the fluids. Technological enhancements in the drilling operation to increase the production will magnify the product share. The market players have entered into strategic alliances and mergers to improve their revenue generation capabilities as well as to increase their customer base.
The presence of multiple crude oil reserves across the Middle East is a major factor supporting growth trends in the region. The oil and gas companies have increased their production capabilities to meet the increasing consumer needs for petroleum products. There has always been heavy exports of petroleum products from the Middle East across the globe.
Clear Brine Fluids Market | High potassium bromide demand
Potassium bromide has seen significant demand over the years due to its monovalent nature. Heavy investments made by non- OPEC nations towards the development of oil and gas reserves to meet the domestic energy demands will support the development in the segment.
Superior energy requirements, of which a large part is still from the fossil fuel segment, owing to the exponential rise in population has driven the need for advanced clear brine fluid offerings that are high in quality. Oil production is a major source of fulfilling these energy requirements.
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As mentioned above, clear brine fluid companies have constantly worked towards improving their offerings by tying up with other companies to increase their product portfolio and their geographical reach. For instance, in 2018, Tetra Technologies – a U.S. based firm announced the acquisition of SwiftWater Energy Services, which became a part of TETRA’s Fluids business.
The transaction aimed at increasing TETRA’s products and services, market footprint, and injects innovations in the product portfolio. Other notable clear brine fluid providers include Schlumberger, Egyptian Mud Engineering and Chemicals, and Albemarle Corporation, among some others.
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