The global calcium chloride market to grow at a CAGR of 5.75% during the period 2017-2021.
The report, Global Calcium Chloride Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in market is shale gas boom in North America. Recently, the shale revolution has led to the high production of oil and natural gas in the US. In oil and gas industry, calcium chloride is used in completion fluids, drilling muds and in cementing operations. Technological advancements, such as a combination of horizontal drilling and hydraulic fracturing, coupled with high oil and gas prices have enabled manufacturing of plentiful oil and gas in the US. Also, the US is benefitted by the accessibility of domestic energy resources, which reduces the country's dependence on imported energy. Resources of shale oil and natural gas are found in shale formations, which contain a major accumulation of natural gas and oil.
According to the report, one driver in market is recovery of oil and gas industry. The rising demand for petrochemical products has boosted the growth of the petrochemical industry, globally. In the oil and gas industry, calcium chloride is used as completion fluids, drilling muds, and in cementing operations. Recent development in the North American shale gas market has brought stability to pricing as well as demand and supply fluctuation of oil and gas. According to the recent record prices for oil and gas, it is having a positive effect on fossil fuel exploration, leading to increased demand for drilling fluid components including calcium chloride.