Dubai, United Arab Emirates, January 19, 2022 (GLOBE NEWSWIRE) – The global potassium formate market Estimated size to be evaluated 716.4 million US dollars In 2022. The increasing demand for environmentally friendly products for de-icing and drilling fluid applications is expected to increase sales at a steady rate. 4.2% Compound annual growth rate between 2022 and 2029. Against this background, the market valuation is set on top 952.3 million US dollars by 2029.
Future Market Insights’ new market research report shows that this is global Potassium formate market It is likely to experience significant growth from 2022 to 2029 on the back of increased applications in drilling fluids, de-icing, and heating fluids. Valued at $513 million in 2018, global revenue is likely to grow at a compound annual growth rate of 4.2%, over the forecast period 2022-2029.
Demand has also been positively impacted by a growing preference for environmentally sustainable products, particularly in drilling, de-icing, and heating fluids. The report finds that a combination of macroeconomic and industry-specific factors will drive demand in the form of potassium over the forecast period.
|Potassium formate market size 2022||716.4 million US dollars|
|Compound annual growth (CAGR) on the basis of Potassium Borate Market Value (2022-2029)||~ 4.2%|
|Potassium formate market forecast size in 2029||952.3 million US dollars|
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South Asia and East Asia remain profitable
According to the study, new oil and gas exploration projects in Asia are fueling the demand for drilling fluids, which in turn creates sustainable opportunities for stakeholders across the potassium formate value chain. Potassium formate is gaining momentum in the oil and gas sector, due to its favorable properties and environmental viability.
South Asia and East Asia combined accounted for more than 26% of the current global potassium formate market, and the report’s authors don’t see the status quo changing anytime soon. The broader push by governments in the region, and the over-reliance on the oil economy is likely to create sustainable opportunities for players in the potassium formate market throughout the forecast period.
|Historical data available for||2014-2021|
|market analysis||Units of volume and million dollars of value|
|Main areas covered||North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa|
|Main countries covered||United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, North, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, other countries .|
|Main Market Segments Covered||Model, applications and area|
|An overview of the main companies||• BASF SE
• Evonik . Industries
• Honeywell International Company
• Cabot Company
• Addcon GmbH
• Dynalene Inc.
• Perstorp Holding AB
• Gillist, INC
• Tomiyama Pure Chemical Industries, Ltd.
• TETRA Technologies, Inc.
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Drilling fluid is likely to remain a major application
The potassium formate market has been segmented on the basis of form, application, and region.
- The brine (liquid) of potassium formate formed a large share of the total potassium formate demand, in 2018. The ease of handling, storage and ease of use of brine due to its liquid form, can be attributed to its large share in the total potassium formate market.
- The use of drilling fluid is expected to lead the application segment in the potassium formate market. Potassium formate is used in drilling fluids and is more popular due to its favorable compatibility and properties. Conventional salts are being replaced by potassium formate in various applications including drilling fluid application.
- North America and Europe led the demand for potassium formate market in 2018. The presence of large oil and gas industry and also more snowfall countries in these regions is attributed to its larger share. However, growth is expected from Asian countries during the forecast period.
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Potassium Formate Market: Vendor Insights
The report highlights the prominent key market players who have proven their niche in the global Potassium Formate Market. Examples of major players in this potassium formate value chain are BASF, ADDCON, Perstorp, Cabot, Evonik, Honeywell and ICL among others.
Market players provide outstanding customer services, technical support and a wide range of potassium formate products in order to serve small and large customers across different industries and increase their market presence by adapting new strategies including new product development and joint ventures. Players are strategically focused on building new partnerships and a strong client base. Some of the major players are pushing the sale of potassium formate in de-icing applications due to its environmental feasibility and preferred properties.
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