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Formate Brines Market Analysis by Type (Sodium Formate, Potassium Formate, Cesium Formate and Others); by Application (Drilling Fluids, De-icing Heat, Transfer Fluids and Others); and by End-User (Oil & Gas Industry, Chemicals Industry, Pharmaceuticals Industry, Leather Industry, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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  • July, 2018: TETRA Technologies, Inc. and Halliburton, two giants in oil service industry, signed an agreement by announcing their commencement into global joint marketing and development, driving the sales and distribution of TETRA CS Neptune i.e., TETRA’s propriety of completion fluids. This collaboration agreement will raise innovative bars in development for oil and & gas drilling and completion fluids market.  

  • May, 2022: Perstorp Holding AB, has undertaken a Securities Purchase Agreement which states, Perstorp Group’s acquisition by PETRONAS Chemical Group Berhard (PCG). This acquisition provides strong market position to PCG in the specialty chemical industry and contribute benefits to the economy in the coming period while maintaining sustainability goals.

Global Formate Brines Market Overview

Formic acid in reaction with cesium hydroxide, potassium hydroxide and sodium hydroxide produces liquid cesium formate, potassium formate and sodium formate brine. There can be two types of brines – single salt, formate blends which are composed of only one-salt and multi-salt blends. Formate brines are used for drilling and completion fluids, for reservoir sections in high-temperature high-pressure drilling. As such they are in high demand in the oil & gas industry, pharmaceuticals, food & beverage and leather industry.

Global Formate Brines Market Size, Forecast, and Trends Highlights Over 2022 - 2031

Formate Brines Market Forecast & CAGR By 2031

The global formate brines market is estimated to garner a revenue of ~USD 800 million by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Further, the market generated an approximate revenue of USD 510 million in the year 2021. The market is estimated to grow on the back of continuous demand for formate brines in the oil and gas sector, and various research and development activities in the oil field sector are propelling further growth. According to the India Brand Equity Foundation, in India, oil demand is projected to increase by 11 million barrels per day by the end of 2045. Hence, continuous growth and oil consumption are anticipated to result in growth in the formate brine market. Formate brines provide high environmental compatibility with a reduction in the operating cost.

Formate Brines Market Global Overview

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The global formate brines market is also estimated to witness growth on account of increasing adoption of sodium foramte brines as an application in food additives and the aerospace industry. Sodium formate is a form of brine and is mostly preferred by companies in terms of sustainable development. It is in huge demand in the aerospace industry as an anti-corrosion and deicing material. For instance, in 2019, the US aerospace industry generated sales revenue of approximately USD 390 billion, which is approximately 1.5% of the United States GDP. Moreover, the system-based industry has registered an 8% growth in sales as compared to 2018. Therefore, the growth in the aerospace industry is anticipated to increase the demand for sodium formate brine in the coming years. Some of the key characteristics of formate brines that make them more acceptable for industrial purposes include low corrosive property, eco-friendly and safe for use, non-critical health and recyclable nature.

Global Formate Brines Market: Growth Drivers and Challenges

Growth Drivers

  • Increased Development Drilling Activities - According to the India Brand Equity Foundation, in 2019, onshore development drilling activities in India increased to 649, up from 338 in 2018.
  • Increased Research and Development Expenditure – According to data by the World Bank, global research and development expenditure in terms of GDP (Gross Domestic Product) increased from 2.33% in 2019 to 2.63% in 2020.
  • Growth of Textile and Printing Industry – Increasing adoption of sodium formate brine in the textile and printing industries to improve color in printing fabrics. For instance, global revenue from print advertising grew by over 17% from 2019 to 2020. Furthermore, the global printing industry is projected to exceed a valuation of ~USD 815 by the end of 2022.
  • Expansion of Chemical Industry Cesium formate brines in the chemical industry can also act as semiconducting crystals for photovoltaic solar cells that are highly efficient and powerful.  As per data by India Brand Equity Foundation, the Indian Chemical Industry is expected to rise with a CAGR of 9.3% and expected to reach the valuation of ~USD 304 billion by the end of 2025.
  • Increasing growth of Leather Industry – Sodium formate has properties to induce chrome penetration therefore, it is applied in leather tanning formulations and enhances the quality of the final product. As per data by India Brand Equity Foundation, in India, leather goods exports were valued at USD 1.29 billion in the years 2021-2022, an increase of 36.3% over the previous year.


  • Lack of Consumer Awareness about the Benefits of Formate Brines
  • High Cost of Raw Materials
  • The Hygroscopic Nature of Sodium Formate Results in the Need for Special Handling and Care

The formate brines market is segmented and analyzed for demand and supply by type into sodium formate, potassium formate, cesium formate, and others. Out of these segments, the potassium formate segment is anticipated to garner the largest revenue by the end of 2031, backed by the rising demand for potassium formate in the oil and gas industry as a conventional drilling fluid as well as used in the production of potassium metals. According to data from the India Brand Equity Foundation, by the end of 2030, India plans to increase its refining capacity to 450-500 million tons, which is projected to increase demand for potassium formate. In addition, potassium formate brines are environmentally friendly and are also used as heat transfer fluids. Such factors are expected to boost segment growth.

Major Macro-Economic Indicators Impacting the Market Growth

Formate Brines Market Size

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Formate Brines Market Regional Synopsis

Regionally, the global formate brines market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031, backed by the exploration of the oil and gas industry and increasing demand for environmentally friendly drilling fluids. Rising awareness and demand for ecologically harmless completion fluid options are also contributing to the growth of the formate brines market in the region. According to the U.S. Energy Information Administration (EIA), in 2019, oil production in the United States exceeded 12 million barrels per day, with natural gas extraction reaching nearly 115 billion cubic feet per day in the same year. In addition, potassium formate is expected to see the highest growth for its application in drilling operations, with increased R & D in the segment expected to drive major growth opportunities for the market in the North American region.

Furthermore, the market in Europe is also anticipated to register significant growth during the forecast period, owing to the new policies and regulations by the government. Chemical industry monitoring rules are expected to raise the bar for market growth in Europe. For instance, REACH is a European regulation that aims to make chemical use safer for human health and the environment while also encouraging innovation and competitiveness in the regional market. Other secondary factors, such as growing demand in de-icing applications and capacity to formate brines to handle high temperatures and pressure, are collectively expected to provide better market growth in the respective region.

Formate Brines Market Share

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The global formate brines market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global formate brines market includes the following segments:

Formate Brines Market Regional Segmentation

Top Featured Companies Dominating the Global Formate Brines Market

  • American Elements
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • TETRA Technologies, Inc.
  • Cabot Corporation
  • Schlumberger Limited
  • Perstorp Holding AB (PETRONAS Chemicals Group)
  • Gelest, Inc.
  • Dynalene, Inc.
  • Mudanjiang Fengda Chemical Co., Ltd.
  • Hawkins, Inc.


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