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(Health-NewsWire.Net, August 24, 2021 ) Market Overview
Formate brines are the aqueous solutions of the alkali metal salts of formic acid. These salts are readily soluble in water, yielding high-density brines and known as high-temperature fluids. They are the solution of sodium, potassium, and cesium based formate in water. Various types of formates have a different degrees of solubility in water. They are receiving more responsiveness for its application in oil & gas exploration and deicing of fluids. Apart from the oil and gas industry, demand for formate brines is also increasing from chemicals, pharmaceuticals, food and beverage and leather industries worldwide.
Market Dynamics
Broad range useful characteristics of formate brine in various applications and increasing oil and gas drilling activities are the major impacting drivers for the growth of the market.
Extensive useful characteristics of formate brine in various applications is the major driving factor for the growth of the market. The demand for formate brines is estimated to increase in the long run owing to the consistent exploration actions in new and existing wells and oilfields worldwide. Low corrosiveness, non-critical health, safety, and environmental (HSE) profile and environment-friendly and the possibility of being recycled are the major useful characteristics for the market growth. Reduction of operating costs, maximization of hydrocarbon yields, minimization of liability because formate poses little risk in the application and environmental compatibility are the key benefits of formate brines in oil and gas drilling.
Globally, companies of oil and gas are using formate brines to minimize the risk associated with high temperature and pressure. For instance, Shell (UK) Expro used Cabot’s cesium formate in a coiled tubing completion operation on the HTHP Shearwater development to diminish the risks associated with very high reservoir temperature and pressure (182°C [365°F] and 965 bar [14,000 psi]). Adding to this, Abot Specialty Fluids (CSF) has confirmed the first successful major field trials of its new cesium formate fluid in the UK sector of the North Sea.
The high price of raw materials is the major restraint hampering the growth of the market worldwide.
Market Segmentation Analysis
By Type
• Potassium Formate
• Sodium Formate
• Cesium Formate
• Others (Potassium and Sodium Formate, Cesium and Potassium Formate)
By Application
• Oil and Gas
• Chemicals
• Pharmaceuticals
• Food and Beverages
• Others (Pulp and Paper, Leather)
Geographical Share
The geography part is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The formate brines market in North America was valued at USD XX billion in 2018and expected to reach USD XX billion by 2026, growing at a CAGR of XX% in the forecast period. North American market is expected to dominate formate brine market with significant oil & gas exploration activities. Rising importance for ecological harmless options for drilling fluids in this region can be accredited to their large market share globally. Rising acceptance of formate brines from deicing applications is also expected to boost its demand in North American countries. The speed of R&D in the application of potassium formate-based de-icing agents has getting faster. For instance, SynaTek, in combining with BASF, largest de-icing solution manufacturers in North America, has established, ENTRY - a potassium formate-based de-icing product for both domestic and commercial use.
The formate brines market in Europe was valued at USD XX billion in 2018and expected to reach USD XX billion by 2026, growing at a CAGR of XX% in the forecast period. Rising regulations in Europe on chemicals is expected to drive the market. Increasing the temperature stability of environmentally friendly drilling and completion fluids based on organic brine. REACH Regulation places responsibility on industry to manage the risks from chemicals and to provide safety information on the substances. Companies in Europe are extending their new plants. For instance, in May 2019, Swedish specialty chemicals company Perstorp announced its decision to construct a new plant at its Perstorp site, Sweden, to increase the capacity for Pergrip Run NF, the company’s sodium formate de-icer product for airport runways.
Competitive Landscape
The Formate Brines market is competitive with existing players in the market. Some of the major players include American Elements, Global Drilling Fluids and Chemicals Limited, Tetra Technologies, ADDCON, Dynalene, Inc., Cabot Corporation, Mudanjiang Fengda Chemicals Co., Ltd., Central Drug House., Perstorp Holding AB, ICL and Zibo Evergreen Chemical Co., Ltd.
Companies are also focusing to launch environmentally-responsible non-damaging organic salts used by the oil industry in high-performance well construction fluids to maximize the profitability of oil and gas field developments. For instance, ADDCON has launched PETROFORM PF75, potassium formate brine and PETROFORM PF97.
Companies are concentrating to improve their production capacities due to the high demand from various applications. For instance, The ADDCON formate production facilities in Norway and Germany have a capacity of 800,000 bbl/annum of formate brine and 10,000 MT/annum of formate powder.
In May 2019, Swedish specialty chemicals company Perstorp announced its decision to construct a new plant at its Perstorp site, Sweden, to increase the capacity for Pergrip Run NF, the company’s sodium formate de-icer product for airport runways.
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DataM Intelligence
Sai Kiran
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