Formate Brines Market Size, Share and Forecast (2019-2026)

SKU: DPC400 | Last Updated On: 2019-08-16 | No. of Pages: 245 | Available Formats

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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.

Formate Brines Market

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 solution of sodium, potassium, and cesium based formate in water. Various types of formates have different degree 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.

The global Formate Brines market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.

Market Dynamics

Broad range useful characteristics of formate brines in various application and increasing oil and gas drilling activities are the major impacting drivers for the growth of the market.

Extensive useful characteristics of formate brines 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 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 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.

High price of raw materials is the major restraint hampering the growth of the market worldwide.

 

Segmentation Analysis

By type, the formate brines market is segmented into potassium formate, sodium formate, cesium formate and others. The global formate brines market by potassium formate was valued at USD XX billion in 2018 and it is expected to reach USD XX billion by 2026, growing at a CAGR of XX% in the forecast period.

Potassium Formate is a useful chemical compound in the production of potassium metal and in the oil and gas industry, often in aqueous solution to yield a high-density, environmentally-friendly brine that can be used as a heat transfer fluid. It is available in both solid and solution form. The fluid properties of the potassium formate system were very stable during the drilling operation. Potassium formate fluids can reach 1.57 sg (13.1 ppg) at saturation. It is 76% w/w soluble in water. Traditional divalent chloride and bromide brines are not as soluble, +/- 50% w/w. The growing interest for atmosphere friendly formate brines as a drilling fluid for oil and gas drilling projects continues to drive the demand for potassium formate.

Companies are focusing to drill high temperature gas wells using potassium formate based system. For instance, Potassium formate brines have been used as packer fluids in HPHT wells in the Gulf of Mexico since 2002. Furthermore, Mobil Oil Germany had been drilling high temperature, slimhole gas wells in low permeability sandstone in the Walsrode Field with KCl/gel/carbonate fluids, with good success. Because of the long time needed to drill these wells (5-6 months typically), they were interested in trying a potassium formate-based system, because of the low solids content and polymer stability under high temperature.

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 a 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.

 

Why Purchase the Report?

  • Visualize the composition of the Formate Brines in terms of various types and their applications highlighting the key commercial assets and players.
  • Identify commercial opportunities in Formate Brines market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of Formate Brines market - level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

 

Target Audience

  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

 

  1. Global Formate Brines Market Methodology and Scope

    1. Research Methodology
    2. Research Objective and Scope of the Report
  2. Global Formate Brines Market – Market Definition and Overview

  3. Global Formate Brines Market – Executive Summary

    1. Market Snippet by Type
    2. Market Snippet by Application
    3. Market Snippet by Region
  4. Global Formate Brines Market Dynamics

    1. Market Impacting Factors
      1. Drivers
        1. Broad range useful characteristics of formate brines in various application
        2. Increasing oil and gas drilling activities
      2. Restraints
        1. High prices of raw materials
      3. Opportunity
      4. Impact Analysis
  5. Global Formate Brines Market – Industry Analysis

    1. Porter's Five Forces Analysis
    2. Regulatory Analysis
    3. Supply Chain Analysis
    4. Pricing Analysis
  6. Global Formate Brines Market – By Type

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      2. Market Attractiveness Index, By Type
    2. Potassium Formate*
      1. Introduction
      2. Market Size Analysis, USD Million, 2016-2025 and Y-o-Y Growth Analysis (%), 2018-2026
    3. Sodium Formate
    4. Cesium Formate
    5. Others (Potassium and Sodium Formate, Cesium and Potassium Formate)
  7. Global Formate Brines Market – By Application

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      2. Market Attractiveness Index, By Application
    2. Oil and Gas*
      1. Introduction
      2. Market Size Analysis, USD Million, 2016-2025 and Y-o-Y Growth Analysis (%), 2018-2026
    3. Chemicals
    4. Pharmaceuticals
    5. Food and Beverages
    6. Others (Pulp and Paper, Leather)
  8. Global Formate Brines Market - By Region

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region
      2. Market Attractiveness Index, By Region
    2. North America
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. U.S.
        2. Canada
        3. Mexico
    3. Europe
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. Germany
        2. U.K.
        3. France
        4. Italy
        5. Spain
        6. Rest of Europe
    4. South America
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
    5. Asia Pacific
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. China
        2. India
        3. Japan
        4. Australia
        5. Rest of Asia Pacific
    6. Middle East and Africa
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
  9. Global Formate Brines Market Competitive Landscape

    1. Competitive Scenario
    2. Market Positioning/Share Analysis
    3. Mergers and Acquisitions Analysis
  10. Global Formate Brines Market Company Profiles

    1. American Elements *
      1. Company Overview
      2. Product Portfolio and Description
      3. Key Highlights
      4. Financial Overview
    2. Global Drilling Fluids and Chemicals Limited
    3. Tetra Technologies
    4. ADDCON
    5. Dynalene, Inc.
    6. Cabot Corporation
    7. Mudanjiang Fengda Chemicals Co., Ltd.
    8. Central Drug House.
    9. Perstorp Holding AB
    10. ICL
    11. Zibo Evergreen Chemical Co., Ltd
  11. Global Formate Brines Market – DataM

    1. Appendix
    2. About Us and Services
    3. Contact Us

LIST OF TABLES:

Table 1 Global Formate Brines Market Value, By Type, 2018,2022 & 2026 (USD Million)

Table 2 Global Formate Brines Market Value, By Applications, 2018,2022 & 2026 (USD Million)

Table 3 Global Formate Brines Market Value, By Region, 2018,2022 & 2026 (USD Million)

Table 4 Global Formate Brines Market Value, By Type, 2018,2022 & 2026 (USD Million)

Table 5 Global Formate Brines Market Value, By Type, 2017-2026 (USD Million)

Table 6 Global Formate Brines Market Value, By Applications, 2018,2022 & 2026 (USD Million)

Table 7 Global Formate Brines Market Value, By Applications, 2017-2026 (USD Million)

Table 8     Global Formate Brines Market Value, By Region, 2018,2022 & 2026 (USD Million)

Table 9 Global Formate Brines Market Value, By Region, 2017-2026 (USD Million)

Table 10  North America Formate Brines Market Value, By Type, 2017-2026 (USD Million)

Table 11  North America Formate Brines Market Value, By Applications, 2017-2026 (USD Million)

Table 12  North America Formate Brines Market Value, By Country, 2017-2026 (USD Million)

Table 13  South America Formate Brines Market Value, By Type, 2017-2026 (USD Million)

Table 14  South America Formate Brines Market Value, By Applications, 2017-2026 (USD Million)

Table 15  South America Formate Brines Market Value, By Country, 2017-2026 (USD Million)

Table 16  Europe Formate Brines Market Value, By Type, 2017-2026 (USD Million)

Table 17  Europe Formate Brines Market Value, By Applications, 2017-2026 (USD Million)

Table 18  Europe Formate Brines Market Value, By Country, 2017-2026 (USD Million)

Table 19  Asia-Pacific Formate Brines Market Value, By Type, 2017-2026 (USD Million)

Table 20  Asia-Pacific Formate Brines Market Value, By Applications, 2017-2026 (USD Million)

Table 21  Asia-Pacific Formate Brines Market Value, By Country, 2017-2026 (USD Million)

Table 22  Middle East & Africa Formate Brines Market Value, By Type, 2017-2026 (USD Million)

Table 23  Middle East & Africa Formate Brines Market Value, By Applications, 2017-2026 (USD Million)

Table 24  American Elements: Overview

Table 25  American Elements: Product Portfolio

Table 26  American Elements: Key Developments

Table 27  Global Drilling Fluids and Chemicals Limited: Overview

Table 28  Global Drilling Fluids and Chemicals Limited: Product Portfolio

Table 29  Global Drilling Fluids and Chemicals Limited: Key Developments

Table 30  Tetra Technologies: Overview

Table 31  Tetra Technologies: Product Portfolio

Table 32  Tetra Technologies: Key Developments

Table 33  ADDCON: Overview

Table 34  ADDCON: Product Portfolio

Table 35  ADDCON: Key Developments

Table 36  Dynalene, Inc.: Overview

Table 37  Dynalene, Inc.: Product Portfolio

Table 38  Dynalene, Inc.: Key Developments

Table 39  Cabot Corporation: Overview

Table 40  Cabot Corporation: Product Portfolio

Table 41  Cabot Corporation: Key Developments

Table 42  Mudanjiang Fengda Chemicals Co., Ltd.: Overview

Table 43  Mudanjiang Fengda Chemicals Co., Ltd.: Product Portfolio

Table 44  Mudanjiang Fengda Chemicals Co., Ltd.: Key Developments

Table 45  Central Drug House.: Overview

Table 46  Central Drug House.: Product Portfolio

Table 47  Central Drug House.: Key Developments

Table 48  Perstorp Holding AB: Overview

Table 49  Perstorp Holding AB: Product Portfolio

Table 50  Perstorp Holding AB: Key Developments

Table 51  ICL: Overview

Table 52  ICL: Product Portfolio

Table 53  ICL: Key Developments

LIST OF FIGURES:

Figure 1  Global Formate Brines Market Share, By Type, 2018 & 2026 (%)

Figure 2  Global Formate Brines Market Share, By Applications, 2018 & 2026 (%)

Figure 3  Global Formate Brines Market Share, By Region, 2018 & 2026 (%)

Figure 4  Global Formate Brines Market Value, 2017-2026 (USD Million)

Figure 5  Global Formate Brines Market Y-o-Y Growth, By Type, 2018-2026 (%)

Figure 6  Potassium Formate: Global Formate Brines Market Value, 2017-2026 (USD Million)

Figure 7  Sodium Formate: Global Formate Brines Market Value, 2017-2026 (USD Million)

Figure 8  Cesium Formate: Global Formate Brines Market Value, 2017-2026 (USD Million)

Figure 9   Others: Global Formate Brines Market Value, 2017-2026 (USD Million)

Figure 10  Global Formate Brines Market Y-o-Y Growth, By Applications, 2018-2026 (%)

Figure 11  Oil and Gas: Global Formate Brines Market Value, 2017-2026 (USD Million)

Figure 12  Pharmaceuticals: Global Formate Brines Market Value, 2017-2026 (USD Million)

Figure 13  Chemicals: Global Formate Brines Market Value, 2017-2026 (USD Million)

Figure 14  Food and Beverages: Global Formate Brines Market Value, 2017-2026 (USD Million)

Figure 15  Others: Global Formate Brines Market Value, 2017-2026 (USD Million)

Figure 16  Global Formate Brines Market Y-o-Y Growth, By Region, 2018-2026 (%)

Figure 17  North America Formate Brines Market Value, 2017-2026 (USD Million)

Figure 18  North America Formate Brines Market Share, By Type, 2018 & 2026 (%)

Figure 19  North America Formate Brines Market Share, By Applications, 2018 & 2026 (%)

Figure 20  North America Formate Brines Market Share, By Country, 2018 & 2026 (%)

Figure 21  South America Formate Brines Market Value, 2017-2026 (USD Million)

Figure 22  South America Formate Brines Market Share, By Type, 2018 & 2026 (%)

Figure 23  South America Formate Brines Market Share, By Applications, 2018 & 2026 (%)

Figure 24  South America Formate Brines Market Share, By Country, 2018 & 2026 (%)

Figure 25  Europe Formate Brines Market Value, 2017-2026 (USD Million)

Figure 26  Europe Formate Brines Market Share, By Type, 2018 & 2026 (%)

Figure 27  Europe Formate Brines Market Share, By Applications, 2018 & 2026 (%)

Figure 28  Europe Formate Brines Market Share, By Country, 2018 & 2026 (%)

Figure 29  Asia-Pacific Formate Brines Market Value, 2017-2026 (USD Million)

Figure 30  Asia-Pacific Formate Brines Market Share, By Type, 2018 & 2026 (%)

Figure 31  Asia-Pacific Formate Brines Market Share, By Applications, 2018 & 2026 (%)

Figure 32  Asia-Pacific Formate Brines Market Share, By Country, 2018 & 2026 (%)

Figure 33  Middle East & Africa Formate Brines Market Value, 2017-2026 (USD Million)

Figure 34  Middle East & Africa Formate Brines Market Share, By Type, 2018 & 2026 (%)

Figure 35  Middle East & Africa Formate Brines Market Share, By Applications, 2018 & 2026 (%)

Figure 36  American Elements: Financials

Figure 37  Global Drilling Fluids and Chemicals Limited: Financials

Figure 38  Tetra Technologies: Financials

Figure 39  ADDCON: Financials

Figure 40  Dynalene, Inc.: Financials

Figure 41  Cabot Corporation: Financials

Figure 42  Mudanjiang Fengda Chemicals Co., Ltd.: Financials

Figure 43  Central Drug House.: Financials

Figure 44  Perstorp Holding AB: Financials

Figure 45  ICL: Financials

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