Potassium formate is widely used in the field of oil exploration and my country has become one of the major producing countries in the world.

Potassium formate is an organic salt with the chemical formula CHKO2. It appears as a white solid, non-toxic and non-corrosive, easily absorbs moisture, can react with strong oxidants, is soluble in water and ethanol, and is insoluble in ether. Potassium formate is an important chemical raw material with broad application prospects in petroleum, chemical industry, leather, printing and dyeing, mining, agriculture and other fields.

Specifically, in the petroleum field, potassium formate can be used as drilling fluid, completion fluid and workover fluid in oil field mining scenarios; in the leather field, potassium formate can be used as a camouflage acid in leather manufacturing scenarios; in the printing and dyeing field, potassium formate It can be used as a reducing agent in fabric dyeing and finishing, printing, finishing and other processes; in the agricultural field, potassium formate can be used as a foliar fertilizer in crop planting scenarios.

According to the “Potassium Formate Industry Market In-depth Research and Investment Prospects Forecast Analysis Report 2023-2028” released by the Industrial Research Center, among which The petroleum field is the main application field of potassium formate. Drilling fluids, completion fluids and workover fluids prepared using potassium formate have excellent temperature resistance, pressure resistance, anti-fouling properties, compatibility, environmental protection and other characteristics. They can improve drilling rates and maintain stability in oil field exploitation. Well wall stability and other functions.

Oil and natural gas are important basic energy sources and can be widely used in automobiles, heating, industry, aviation and other fields. As the demand for oil and gas resources continues to increase in various industries around the world, oil exploration continues to increase, which in turn drives the demand for drilling fluids and its key raw material potassium formate to increase. The global market size of oil drilling and natural gas extraction will exceed US$480 billion in 2022. Against this background, the global potassium formate market size in 2022 will be approximately US$620 million, a year-on-year increase of 5.8%.

Since the late 1990s, potassium formate has been used in drilling fluids and completion fluids abroad. The industry started relatively early. Therefore, in the early days, the global market was dominated by foreign companies, including British Exec, Swedish Perstorp et al. my country started late in the development and research of potassium formate. However, driven by demand growth and the improvement of the technical level of local enterprises, the development speed of the industry continues to accelerate, and it has gradually become one of the major producers of potassium formate in the world. The main domestic potassium formate manufacturers include Dongying Shuntong Chemical Group, Chongqing Chuandong Chemical Group, Hebei Huayun Hongye Chemical, Mianyang Venus Phosphate Chemical, etc.

Industry analysts said that potassium formate is an important type of fine chemical product and can be widely used in petroleum , chemical industry, printing and dyeing, leather and other fields. Among them, petroleum is the main application field of potassium formate. With the current increasing intensity of global oil exploration, its demand is increasing, and the industry shows good development prospects. From the perspective of the domestic market, my country’s potassium formate industry started late, but it has developed rapidly. It has now become one of the major producing countries in the world, and the industry development trend is good.