Formate Brines Market Trends

Growth Drivers

Increased Development in Drilling Activities – including both exploration and production drilling, as well as drilling new wells and re-drilling existing wells. Therefore, increased drilling activity for development raises the demand for formate brines, and it is predicted to rise the market’s growth. 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 – Increased R&D spending on formate brines can result in the creation of new and improved formate brine products and uses, which can enhance the effectiveness and efficiency of oil and gas drilling operations. According to data from 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, and it is anticipated to surge the growth of the market. For instance, global revenue from print advertising grew by over 17% from 2019 to 2020.
Increasing growth of the 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.

Challenges

Lack of Consumer Awareness about the Benefits of Formate Brines
High Cost of Raw Materials
Hygroscopic Nature of Sodium Formate Results in the Need for Special Handling and Care - Since sodium formate is a hygroscopic material, it quickly absorbs moisture from the air. This makes it difficult to handle and store since it can clump or cake if it becomes too wet. To avoid this, additional precautions must be taken when storing and handling sodium formate.

Formate Brines Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	4.4%
Base Year Market Size (2023)	USD 553.32 Million
Forecast Year Market Size (2036)	USD 968.46 Million
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of formate brines is estimated at USD 575.23 Million.

The 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. The increasing demand for formate brines in the oil and gas industry for drilling operations, along with its adoption in the chemical and pharmaceutical industry are some of the major factors estimated to drive the growth of the market.

North America is anticipated to account for majority industry share by 2036, driven by exploration of the oil and gas industry and increasing demand for environmentally friendly drilling fluids.

American Elements, TETRA Technologies, Inc., Cabot Corporation, Schlumberger Limited, Perstorp Holding AB (PETRONAS Chemicals Group), ADDCON GmbH, Gelest, Inc., Dynalene, Inc., Mudanjiang Fengda Chemical Co., Ltd., Hawkins, Inc.

Formate Brines Market Trends