This Formate Brines market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Formate Brines market.
Global Formate Brines Market Introduction
Formate brines are solution of sodium, potassium, and cesium based formates in water. Formate brines are getting more attention by for its application in oil & gas exploration and deicing of fluids. Different types of formates have different degree of solubility in water. Formates also show solubility in other non-aqueous solvents. Of late, the Oil & gas industry has been using formate brine in significant amount for applications related to well intervention and drilling. The numerous advantages associated with formates are making them a preferred choice in drilling fluids. Continuous research & development in this field by several manufacturers of oilfield chemicals is pushing the use of formate brines in oil & gas industry. Formate brines are favored in the oil & gas industry because of its characteristics which includes wide range of clear fluid densities, low crystallization temperature, biodegradable, high compatibility, low corrosion potential, gas hydrate inhibitors, and recyclable.
Formate brines are also used as deicing liquids. Less environmental impact of the formate brines than that of chlorides and urea, is pushing the demand for formate brines as deicing solutions. Though deicing fluids market is led by traditional salt brines, formate brine use is expected to grow during the future due to its less environmental impact and low corrosive nature. Formate brines can also be used in cooling applications in wide range of industries including chemical, pharmaceuticals, and others.
Market Growth Analysis
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
Market Dynamics of Formate Brines Market
Increasing penetration in oil & gas industry and other applications
Wide range of useful characteristics of formate brines are driving the demand for formate brines in oil & gas drilling fluids applications. Environmentally safe formate brines are gaining attention from the oil & gas players. Oil & gas industry is going through a tough time due to global competition, therefore sustainable solutions of drilling along with cost saving is preferred by oil and gas players. Favorable properties of formate brines and higher compatibility are driving its demand from various applications including drilling fluid, completion fluid. With the sustained exploration activities in new and existing oilfields and wells, the demand of formate brines is expected to gain traction in the long run.
Changing waste management laws and standards all over the globe
European regulations by REACH on the chemicals used in drilling in European countries need to be taken into accounting by the oil & gas players. Additionally, increasing regulations on chemical disposal globally may impact the potential growth of the formate brines market. However, new developments in the brine market is expected to counter the impacts of environmental regulations by developing improved and ecofriendly formate brines.
Formate brines market trends: Innovation, Research and New Product Developments
Leading manufacturing companies of formate brines are developing and testing new formate brine combinations for various applications including drilling fluids, completion fluids, cooling liquids, deicing agents and others. Expansions are followed the growth in demand for formate brines, in the recent years. Key players are focusing on expanding their capacities along with the expansion of their geographical footprints, through a proper distribution channel.
Formate Brines Market: Regional Outlook
North American market leads in formate brine market with significant oil & gas exploration and presence of snow fall in many states. Increasing preference for environmentally safe options for drilling fluids in North America and Europe can be attributed to their large market share globally. Europe follows North America in terms of demand for formate brines. Increasing acceptance of formate brines from deicing applications is expected to boost its demand in European countries. Asia Pacific follows Europe in terms of demand for demand for formate brines. Rising Exploration activities in the region along with the large industrial base is expected to push the formate brine market in the coming years. Middle East & Africa accounts for a significant share of the global formate brine market, due to large number of drilling activities in the region. Latin America holds a smaller share compared to other regions, however significant growth in the demand is expected from the region with the increase in the applications of formate brines in various industries.
Global Formate brines Market Participants
Some of the market participants identified across the value chain of global Formate brines market are:
- American Elements
- Perstorp Holding AB
- GELEST, INC.
- TOMIYAMA PURE CHEMICAL INDUSTRIES
- Dynalene, Inc.
- Global Drilling Fluids and ChemicalsLimited
- Central Drug House.
- Honeywell International Inc.
- TETRA Technologies, Inc.
- ZIBO SHUANGCHEN CHEMICAL CO., LTD
- ProChem, Inc
- Zibo Evergreen Chemical Company
- FENG DA Chemical Corp.
The global market research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The global market research report provides analysis and information according to market segments such as geographies, application and industry.
The global formate brines market report covers exhaustive analysis on:
- Formate Brines Market Segments
- Formate Brines Market Dynamics
- Formate Brines Market Size
- Formate Brines Supply & Demand
- Formate Brines Current Trends/Issues/Challenges
- Formate Brines Competition & Companies Involved
- Formate Brines Technology
- Formate Brines Value Chain
The Global Formate Brines Market: Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordics)
- Eastern Europe (Russia, Poland, CIS)
- Asia-Pacific (China, India, ASEAN, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The global market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The global market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The global market report also maps the qualitative impact of various market factors on market segments and geographies.
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Global Formate Brines Market Segmentation
On the basis of type, the global formate brines market can be segmented as:
- Sodium Formate
- Potassium Formate
- Cesium Formate
On the basis of Applications, the global formate brines market can be segmented as:
- Drilling Fluids
- Heat Transfer Fluids
- Others Industrial Application
On the basis of End Use Industry, the global formate brines market can be segmented as:
- Oil & gas
- Other Industrial
The Global Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Frequently Asked Questions
What research methodology is used to develop the Formate Brines Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Formate Brines Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
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How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.