Formate Brines market is expected to grow at a CAGR of 3.5 - 4.5 % during the forecast period 2022-2029.
Low corrosiveness, non-critical health, safety, environmental (HSE) profile, and environment-friendly and the possibility of being recycled are the broad range of useful characteristics in various applications. Favorable formate brine and higher compatibility are driving its demand from various oil and gas applications, including drilling & completion fluid. Environmentally safe formate brines are gaining attention from the oil & gas players worldwide. Globally, oil and gas companies are using formate brines to minimize the risk associated with high temperature and pressure. In the oil and gas industry, formate brines are the main ingredients of drilling and completion fluids used for reservoir sections in high-pressure, high-temperature (HPHT) drilling.
The drilling and completion fluids used in conventional drilling are unsuitable for HPHT drilling. Apart from the oil and gas industry, demand for formate brines also increases from chemicals, pharmaceuticals, food and beverage, and leather industries globally. Formate brines are used as a raw material for various chemical applications like de-Icing agents of runways. Moreover, formate brines are chloride-free and urea clear deicing chemicals and a better alternative to chloride-based salts, which are the most used agents for ice melts. Potassium Formate is a water-based low-temperature heat transfer fluid engineered to deliver the best heat and cold transfer performance in food and beverage plants with a temperature ranging from -50°C to +218°C.
Achieving tanned leather for its application in enhancing design pizzazz of automotive interiors, footwear, garments, and furniture, has been among the key boosters to calcium formate demand.
Calcium formate, ammonium formate, and the combination of Potassium & Sodium Formate and Cesium & Potassium Formate come under other segments.
Sodium and Potassium Formate brines can be blended in densities from 11.0 lb/gal to 13.1 lb/gal. Blends lower than 11.0 lb/gal is made when lower TCTs are needed and/or additional shale inhibition is required. Potassium and Cesium Formate brines can be blended in densities from 13.1 lb/gal to 19.2 lb/gal. The fluids are blended to achieve the required density and TCT/PCT. Blending the cesium formate with potassium formate also reduces cost. The role of calcium formate as a de-icing agent has been significant. Application of urea-mixed calcium formate as a de-icer allows for effective ice melting with relatively reduced corrosion of cement and steel surfaces compared to other de-icing agents' efficiency. Consumers' lifestyles and the subsequent inclination towards premium products have led to a notable rise in calcium formate demand. Moreover, as the automotive industry remains highly influenced by increasing passenger safety regulations, calcium formate sales will likely surge in line with the growing need to produce voluminous gas to be filled in airbags. In contrast to the traditionally used prophylactic antibiotics in disease prevention and growth promotion in pig and poultry feedstock, calcium formate has emerged as an effective feed additive. Progressive rise in the construction activities for commercial, industrial, and residential purposes in developing and developed countries is likely to offer an impetus to the demand for calcium formate in the global market. Ammonium formate has been used as a buffer solution during LC-MS/MS analysis to screen drugs and exogenous compounds. It may be used as a catalytic hydrogen transfer agent to reduce aliphatic and aromatic nitro compounds.
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