Potassium Formate Market valuation is set to top US$ 952.3

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.

Describe details
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.

Report scope

Describe details
prediction period 2022-2029
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.
• ICL
• 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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Explore FMI’s on-going comprehensive coverage of the chemicals field

Potassium Hydrogen Sulfate Market – Potassium hydrogen sulfate has a wide application from food industry to leather industry. The global potassium hydrogen market is primarily driven by the growth in the end use industry.

Potassium Alum Market – Global sales of Potassium Alum is mostly driven by increasing usage across the water, waste treatment, pharmaceutical and cosmetic industries. Potassium alum is still widely used in the purification of industrial processes and drinking water as well as the treatment of sewage in lakes.

Potassium Humate Market – Potassium humate is a type of potassium salt derived from humic acid. It is commercially manufactured by extracting brown coal (lignite). Extraction is carried out in an alkaline medium produced by adding potassium hydroxide (KOH) to water.

Potassium Cryolite Market – The global Potassium Cryolite Market is set to witness a massive rise with a compound annual growth rate of between 3% and 5% during the forecast period.

Potassium Fluborate Market – According to the latest research, the demand for potassium fluborate is expected to grow at a convincing growth rate of around 3.0% to 5.0% between the upcoming evaluation period 2021-2031.

Potassium Fluoride Market – According to a research conducted, Potassium Fluoride sales are expected to grow at a compound annual growth rate of 3.0% to 5.0% during the upcoming evaluation period of 2021 and 2031.

Zirconium Potassium Fluoride Market – According to the latest research, the zirconium potassium fluoride market is set to experience significant growth during 2021-2031, with a compound annual growth rate of 4% to 5% within the decade. Zirconium potassium fluoride is a white crystalline solid.

Potassium Hydrogen Fluoride Market – According to the latest research, the demand for potassium hydrogen fluoride is expected to grow at a convincing growth rate of about 4.0% to 6.0% between the upcoming evaluation period 2021-2031.

Sodium Formate Market – Sodium formate is a sodium-based formic acid salt. It is generally available in its physical form as a white powder. Sodium formate is a key chemical due to its multiple applications across a variety of industries, such as oil and gas, textiles, printing, aviation, among others.

Brine Formate Market – This Brine Formate Market study provides a comprehensive analysis of the business models, key strategies, and market shares of some of the most prominent players in this landscape.

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