Formate Brines Market Size

Formate Brines Market size was over USD 553.32 Million in 2023 and is projected to cross USD 968.46 Million by the end of 2036, growing at more than 4.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of formate brines is estimated at USD 575.23 Million. 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. 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 global formate brine market. Furthermore, formate brines provide high environmental compatibility with a reduction in operating costs.

The global formate brines market is also estimated to witness growth on account of the increasing adoption of sodium formate brines as an application in food additives and the aerospace industry. Moreover, 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 brine that make them more acceptable for industrial purposes include low corrosive properties, eco-friendly and safe for use, non-critical health, and recyclable nature.