New York, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The global Formate Brines market size is expected to expand at ~ 4 % CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 883 million by the end of 2035, up from a revenue of ~USD 530 million in the year 2022. The market is estimated to grow owing to continued demand for formate water in the oil and gas sector and various research and development activities in the oilfield sector. India's oil demand is expected to grow by 11 million barrels per day by the end of 2045, according to the India Brand Equity Foundation. Therefore, continued growth and oil consumption are expected to lead to the growth of the global formate brine market.
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Additionally, formate brines offer a high level of environmental compatibility while reducing operating costs. Formic acid reacted with cesium hydroxide, potassium hydroxide, and sodium hydroxide to produce liquid cesium formate, potassium formate, and sodium formate brines. There are two types of brine: single salt and formic acid mixtures consisting of only one salt, and polysalt mixtures. Formate brines are used in drilling and completion fluids and reservoir sections of high-temperature and high-pressure wells. As such, it is in high demand in the oil and gas, pharmaceutical, food and beverage, and leather industries.
Global Formate Brines Market: Key Takeaways
- Market in North America to propel highest growth
- The potassium formate segment to garner the highest growth
- Market in Europe to grow at a highest rate
High Demand in the Aerospace Industry across the Globe to Boost Market Growth
The global formate brines market is also expected to grow owing to the increasing adoption of sodium formate brine as a food additive and its application in the aerospace industry. In addition, sodium formate is a kind of brine, which is most preferred by enterprises in terms of sustainable development. It is in high demand in the aerospace industry as an anti-corrosion and de-icing material. For instance, the U.S. aerospace industry earned about USD 390 billion in the year 2019, which is about 1.5% of U.S. GDP. Additionally, the systems-based industry exhibits revenue growth of 8% compared to 2018. Therefore, the growth of the aerospace industry is expected to increase the demand for sodium formate brine in the coming years. Some of the key features of formate water are that it is more acceptable for industrial purposes, less corrosive, environmentally friendly, safe to use, harmless to human health, and recyclable. Increased R&D spending on formic acid brines can lead to the creation of new and improved formic acid brine products and applications that can improve the effectiveness and efficiency of oil and gas wells. According to World Bank data, global R&D spending as a percentage of GDP (gross domestic product) increased from 2.33% in 2019 to 2.63% in 2020.
Global Formate Brines Market: Regional Overview
The global formate brines market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Exploration in the Oil and Gas Industry to Fuel Market Growth in the North American Region
The formate brines market in North America is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the exploration in the oil and gas industry and the increasing demand for environmentally friendly drilling fluids in the region. Growing awareness and demand for environmentally safe finishing fluid options are also contributing to the growth of the formate brines market in the region. According to the Energy Information Administration (EIA), U.S. oil production was noted to exceed 12 million barrels per day in the year 2019, while natural gas production will reach about 115 billion cubic feet per day in the same year. Additionally, potassium formate is expected to see the greatest growth in applications in drilling operations, and increased R&D in this segment is expected to create significant growth opportunities for the market in the North American region. Formate solvents are used in a variety of industrial processes, including leather and textile manufacturing, to act as neutralizers and tanning agents, respectively. Additionally, formic acid contains antibacterial properties that extend the shelf life of food, so formate water can be used as a food preservative.
New Government Policies and Regulations to Boost Growth in Europe
The formate brines market in the Europe region is estimated to garner the highest CAGR by the end of 2035. The growth of the formate brines market in this region can primarily be attributed to the new government guidelines and regulations in the region. Moreover, chemical industry surveillance regulations are expected to raise the bar for market growth in the European region. For instance, REACH is a European regulation aimed at making the use of chemicals safer for human health and the environment while at the same time promoting innovation and competitiveness in local markets. Other secondary factors, such as rising demand for de-icing applications and the ability to form brines for high temperatures and high pressures, are expected to drive market growth in the Europe region. Compared to conventional brine solutions produced with calcium chloride or magnesium chloride, formic brine is considered more economical and ecologically harmless. Formic acid sol is recommended, considering it is less abrasive than standard solutions and has a lower environmental impact.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Formate Brines, Segmentation by Type
- Sodium Formate
- Potassium Formate
- Cesium Formate
- Others
Amongst these four segments, the potassium formate segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be accredited to the increased demand for potassium formate in the oil and gas industry as a conventional drilling fluid and for use in the production of potassium metal. According to data from the India Brand Equity Foundation, India plans to increase its refining capacity from 450 million to 500 million tons by the end of the year 2030, which is expected to increase the demand for potassium formate. In addition, potassium formate brine is environmentally friendly and is also used as a heat transfer fluid. Such factors are expected to boost the growth of the segment over the forecast period. Potassium-formate brines are highly inhibitive as they prevent hydration, migration, and expansion of reservoir shale, preventing formation damage and whole-well stability problems when used as reservoir drilling fluids. Additionally, saturated potassium formate is highly lubricating and provides excellent hydration control.
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Global Formate Brines, Segmentation by End User
- Oil & Gas Industry
- Chemicals Industry
- Pharmaceuticals Industry
- Leather Industry
- Others
Amongst these five segments, the oil & gas industry segment is anticipated to hold a significant share over the forecast period. The segmental growth can be accredited to the increasing demand for formate brines in the oil and gas industry. Additionally, formate brines are widely used as an ion source for drilling fluids in the oil and gas industry. These ions maintain the pH balance of the drilling fluid and prevent scale buildup in the wellbore. Over the forecast period, the use of formate water is estimated to increase with the growth of the oil and gas industry. For instance, in the United States, the oil and gas industry generated more than USD 109 billion in revenue in 2020.
Global Formate Brines, Segmentation by Application
- Drilling Fluids
- De-icing Heat
- Transfer Fluids
- Others
Few of the well-known market leaders in the global formate brines market that are profiled by Research Nester are TETRA Technologies, Inc., Cabot Corporation, Schlumberger Limited, Perstorp Holding AB, ADDCON GmbH, and other key market players.
Recent Development in the Global Formate Brines Market
- TETRA Technologies, Inc. and Halliburton, two giants of the oil services industry, have acquired TETRA CS Neptune, i. H. TETRA's ownership of Completion Fluids. This collaboration agreement sets an innovative standard in the development of the oil and gas drilling and finishing fluids market.
Perstorp Holding AB has entered into a securities purchase agreement for Petronas Chemical Group Bernhard (PCG) to acquire the Perstorp Group. The acquisition will give PCG a strong market position in the specialty chemicals industry and contribute to its future economic viability while meeting its sustainability goals.
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