Formate Brines Market Share

North America Market Forecast

North America industry is predicted to hold largest revenue share by 2037, 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 America region.

Europe Market Forecast

Furthermore, the market in Europe region is also anticipated to register significant growth during the forecast period, owing to the new policies and regulations by the government. Moreover, chemical industry monitoring rules are expected to raise the bar for market growth in Europe region. 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 the capacity to formate brines to handle high temperatures and pressure, are collectively expected to provide better market growth in the respective region.