Formate Brine Market Growth, Development Factors, Business Insights, Value Chain and Sales Channels Analysis 2029
The global formate brine market size is predicted to witness monumental growth in the forthcoming years. Formate brine is utilized in various applications like transfer fluids, de-icing heat, drilling fluids, etc., and experiences surging demand from these applications. Fortune Business Insights™ has presented this information in an upcoming report titled, “Formate Brine Market, 2021-2029”.
The market is experiencing immense traction due to its mounting demand from the oil and gas industry. Formate brine is used in drilling and exploration activities and benefits the oil and gas industry immensely. The bullish growth of the oil and gas industry is expected to support the formate brine market growth.
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Key Players in the Global Formate Brine Market are:
- TETRA Technologies Inc.
- BASF Intermediates
- Schlumberger Limited
- Hawkins Inc.
- American Elements
- Central Drug House
- Cabot Corporation
- Perstorp Group
- Global Drilling Fluids and Chemicals Limited
On the basis of type, the market trifurcates into cesium formate, potassium formate, and sodium formate. On the basis of application, the market segments into transfer fluids, de-icing fluids, drilling fluids, etc. On the basis of end-use, the market divides into pharmaceuticals, oil & gas chemicals, etc. Geographically, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- The report presents information on the micro and macro aspects of the prospected market.
- The report provides a holistic overview of the prospected market.
- The report focuses on primary and secondary drivers promoting market growth.
- The report contains information on the trending innovations, new product launches, key player rankings, etc.
- The report highlights the different segments of the prospected market, such as type, application, end-use, etc.
Drivers & Restraints
Oil & Gas Industry to Bestow Momentum
Industries are looking for eco-friendly and cost-effective solutions to the inefficiencies experienced during drilling and exploration activities; formate brine is expected to witness steep demand due to its compatibility and favorable properties. The product helps in reducing operational costs and maximizing hydrocarbon yields. It is also environmentally friendly, which is a prominent factor driving its demand. A swift rise in oil and gas exploration and drilling activities is also expected to bestow momentum to the market growth. The market is likely to experience a growth spurt due to its growing application in de-icing and transfer fluid applications.
However, low cognizance of the product is expected to hinder the market growth.
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North America to Hold the Largest Share
Surging product demand by the oil and gas industry for drilling fluid application is likely to help North America emerge as a leader in global formate brine market share.
With countries like Germany and UK as leaders, the mounting demand in de-icing heat applications is anticipated to propel growth in Europe. Asia Pacific is expected to witness swift growth due to heavy demand for potassium formate brine in transfer fluid application. The growing pharmaceutical industry and the growing product acquisition are projected to help the Middle East & Africa witness substantial growth in the upcoming years.
Key Players Focus on Inorganic Growth Strategies
Technological developments, new product launches, increasing research and development activities are key growth strategies adopted by the major players operating in the market. Inorganic growth strategies like partnerships, acquisitions, mergers, etc., are likely to create several growth opportunities for the market players. The Sinomine Resource Group recently announced the acquisition of a specialty fluids company called Cabot Corporation in February 2019. The deal worth USD 135 million is anticipated to amplify market growth.
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