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Formate brines are monovalent, and made from organic formic acid. In the production process, the formic acid reacts with cesium hydroxide, potassium hydroxide, and sodium hydroxide to further produce liquid cesium formate, potassium formate, and sodium formate brine. These formates bines have different degrees of solubility in water. Additionally, the formate brines provides recyclability, gas hydrate inhibitors, low corrosion potential, clear fluid densities, high compatibility, biodegradability, and low crystallization temperature. These benefits of formate brine surge its demand in various applications which include drilling fluids, de-icing heat, and transfer fluids.
The rapidly growing oil & gas industry will fuel the demand for formate brines during the review period. The formate brines reduce the operating costs, maximize the hydrocarbon yields, and provide environmental compatibility. These benefits increase its use in the oil & gas industry. The formate brines are used as an ingredient for drilling and completion fluids, which is mainly utilized for reservoir sections in the high-pressure high-temperature drilling. Hence, the growth in the oil & gas industry will propel the demand for formate brines.
However, the low awareness regarding the benefits and use of the product further reduces its consumption in various application. Hence, this is anticipated to hamper the formate brines market growth.
Key Market Driver -
Rising demand for formate brine in the oil & gas industry to drive the market growth.
Key Market Restraint -
Low awareness of formate brine to restrict the market growth
Based on type, the formate brine market is segmented into sodium formate, potassium formate, and cesium formate. Based on application, the market is segmented into drilling fluids, de-icing heat, transfer fluids, and others. Based on end-use, the market is segmented into oil & gas chemicals, pharmaceuticals, and other. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the formate brine market includes TETRA Technologies, Inc., BASF Intermediates, Schlumberger Limited., Hawkins, Inc., American Elements, Central Drug House, Cabot Corporation, Perstorp Group, Visiongain, and Global Drilling Fluids and ChemicalsLimited.
North America is the leading contributor and anticipated to witness higher growth in the formate brine market during the forecast period. The growth is attributed to the rising demand for potassium formate brine in the drilling fluid application, which is used in the oil & gas industry. The rising product demand in de-icing heat applications will fuel the market in Europe, in which UK and Germany are the leading countries. In Asia Pacific, the growth is due to the rising demand for potassium formate brine in the transfer fluid application. The Middle East & Africa is anticipated to witness significant growth, owing to the rising product adoption in the pharmaceutical industry.
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