Potassium formate market valuation expected to reach USD 952.3

DUBAI, United Arab Emirates, Jan. 19, 2022 (GLOBE NEWSWIRE) — The global potassium formate market the size is estimated at US$716.4 million in 2022. Growing demand for environmentally friendly products for de-icing applications and drilling fluids is expected to drive sales at a steady pace 4.2% CAGR between 2022 and 2029. In this context, market valuation is at the top US$952.3 million by 2029.

The new market research report from Future Market Insights opines that Potassium Formate Market is likely to experience significant growth from 2022 to 2029 with increasing applications in drilling, de-icing and heating fluids. Valued at nearly US$513 million in 2018, global revenue is expected to grow at a CAGR of 4.2%, during the forecast period 2022 to 2029.

Demand was also positively influenced by the growing preference for environmentally friendly products, particularly in drilling, de-icing and heating fluids. The report estimates that a combination of macroeconomic and industry-specific factors will drive the demand for potassium format during the forecast period.

Attribute Details
Potassium Formate Market Size 2022 US$716.4 million
CAGR Based on Potassium Formate Market Value (2022-2029) ~4.2%
Projected size of the potassium formate market in 2029 US$952.3 million

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South Asia and East Asia continue to be lucrative

According to the study, new oil and gas drilling projects in Asia are fueling the demand for drilling fluids, which, in turn, creates sustainable opportunities for stakeholders in the potassium formate value chain. Potassium formate is gaining momentum in the oil and gas sector, due to its favorable properties and environmental feasibility.

South Asia and East Asia collectively account for more than 26% of the current global potassium formate market, and the report’s authors don’t see the status quo changing any time soon. The broader push by governments in the region and overreliance on the oil economy are likely to create lasting opportunities for potassium formate market players throughout the forecast period.

Report scope

Attribute Details
Forecast period 2022-2029
Historical data available for 2014-2021
Market analysis Units for volume and US$ Mn for value
Key regions covered North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA
Main countries covered United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic countries, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, Africa North, South Africa, others .
Key Market Segments Covered Form and applications and region
Profiled Key Companies • BASF SE
• Evonik Industries
• Honeywell International Inc.
• Cabot Corporation
• Addcon GmbH
• Dynalene Inc.
• Perstorp Holding AB
• Tomiyama Pure Chemical Industries, Ltd.
• TETRA Technologies, Inc.

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Drilling fluid is likely to remain a key application

The potassium formate market has been segmented based on form, application, and region.

  • The brine (liquid) form of potassium formate accounted for most of the global potassium formate demand in 2018. The ease of handling and storage of brines and its ease of use due to its liquid form can be attributed to its important part in the whole potassium formate. Marlet.
  • The drilling fluid application is expected to dominate the application segment of the potassium formate market. Potassium formate is used in drilling fluids and is becoming increasingly popular due to its compatibility and favorable properties. Traditional salts are being replaced by potassium formate in various applications including drilling fluid application.
  • North America and Europe dominated the potassium formate market demand in 2018. The presence of large oil and gas industry and also more snowy countries in these regions is attributed to its greater part. However, growth is expected from Asian countries during the forecast period.

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Potassium Formate Market: Vendor Insights

The report highlights the major market players who are prominent and have established their position in the global Potassium Formate market. Examples of key players in this potassium formate value chain are BASF, ADDCON, Perstorp, Cabot, Evonik, Honeywell, and ICL, among others.

The market players provide premium customer services, technical support and an extensive range of potassium formate products to serve small and large customers across different industries and expand their market presence by adapting new new strategies, including new product development and a joint venture. Players are strategically focused on building new partnerships and a strong customer base. Some of the major players are pushing the sale of potassium formate in deicing applications owing to its environmental feasibility and favorable properties.

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Learn about FMI’s extensive ongoing coverage in chemicals and materials

Potassium Hydrogen Sulfite Market – Potassium Hydrogen Sulfite has wide application ranging from food industry to leather industry. The global potassium hydrogen market is mainly driven by the growth of the end-use industry.

Potassium Alum Market – Global sales of potassium alum are primarily driven by increasing use in water and waste treatment and in the pharmaceutical and cosmetic industry. Potassium alum is still widely used in the purification of industrial processes and drinking water as well as in the treatment of lake effluents.

Potassium Humate Market – Potassium humate is a type of potassium salt derived from humic acid. It is synthesized commercially by mining lignite (lignite). The extraction is carried out in an alkaline medium created by adding potassium hydroxide (KOH) to water.

Potassium Cryolite Market – The global potassium cryolite market is expected to witness a significant increase with a CAGR of between 3% and 5% during the forecast period.

Potassium Fluoroborate Market – According to the latest research, the demand for Potassium Fluoroborate is expected to surge with a compelling growth rate of around 3.0% to 5.0% between the next assessment period of 2021-2031.

Potassium Fluoride Market – According to a study conducted, the sales of Potassium Fluoride is expected to increase with a CAGR of 3.0% to 5.0% during the next assessment period of 2021 and 2031.

Potassium Zirconium Fluoride Market – According to the latest research, the Potassium Zirconium Fluoride market is expected to witness significant growth during the period 2021-2031, growing at a CAGR of 4%-5% during the period. decade. Potassium zirconium fluoride is a white crystalline solid.

Potassium Hydrogen Fluoride Market – According to latest research, the demand for Potassium Hydrogen Fluoride is expected to surge with a compelling growth rate of around 4.0% to 6.0% between the next assessment period from 2021-2031.

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

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

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