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(EstateNewsWire.com, October 17, 2019 ) 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 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.
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.
High price of raw materials is the major restraint hampering the growth of the market worldwide.
Market Segmentation:
By type, the formate brines market is segmented into potassium formate, sodium formate, cesium formate and others.
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.
Geographical Analysis:
By geography, the Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
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.
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.
Competitive Analysis:
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.
View full report: https://www.datamintelligence.com/research-report/formate-brines-market
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DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
Source: EmailWire.Com 
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