Calcium bromide is a kind of white powders that dissolve in water, and from these solutions crystallizes the hex hydrate. The hydrated form is mainly used in some drilling fluids completion and work over operations.
The global calcium bromide market was valued at US$ 677.34 Million in 2017 and is projected to reach US$ 901.05 Million by 2022, expanding at a CAGR of 2.1%.
The global clear brine fluids market share was led by potassium chloride in 2015 and is forecast to experience maximum over the estimated period. The segment was valued more than USD 150 million in the same year. These fluids are broadly in the oil & gas industry for stabilizing water-sensitive clays from the excessive pressure formed in the reservoirs during drilling and completion process. It is also preferred in the industry on account of economic benefits. The fluid is considered as a cost-effective potassium source used in drilling and is thus preferred in the industry.
The global clear brine fluids market size was primarily driven by increasing product usage in the oil & gas industry. It is widely used in drilling activities and completion processes. These fluids are used in the conventional drilling to control the high-pressure and high-temperature formed in the reservoir and thus reduces the damage risk. Escalating oil & gas sector along with increasing number of rig counts will substantially contribute to propel the global industry growth by 2024. For instance, the global oil rig counts in 2013 were roughly around 15 thousand and are forecast to exceed 20 thousand over the estimated period.
The key consumption markets locate at developed countries. The North America takes the market share of 34%, followed by Europe with 24%. Global consumption market has a quicker growing speed of CAGR 4.65%
Key players in the global calcium bromide market include:
Israel Chemicals
Chemtura
Albemarle
TETRA Technologies
IRO Group
EMEA
Solent Chemicals
Clements Fluids
Oceanchem