The Potassium Formate Market is experiencing steady growth, driven by its wide-ranging applications across various industries. Potassium formate, with the chemical formula HCOOK, is the potassium salt of formic acid and is commercially produced as a white crystalline solid. Its unique properties and versatility make it a popular choice in multiple sectors, including oil and gas, de-icing, agriculture, and chemical manufacturing.
Future Market Insights’ new market research report opines that global potassium formate market is likely to witness significant growth during 2022 to 2029 on back of growing applications in drilling fluids, de-icing, and heating fluids. Valued at nearly US$ 716.4 Million in 2022, global revenues are likely to grow at a CAGR of 4.2%, during the forecast period 2022 to 2029. Demand has also been positively influenced by growing preference for environmentally-sustainable products, especially in drilling fluids, de-icing, and heating fluids. The report opines that a combination of macroeconomic and industry-specific factors will drive potassium format demand during the course of the forecast period.
The demand for potassium formate is geographically diverse, with North America, Europe, and Asia Pacific being the primary consumption regions. North America and Europe are major markets due to the well-established oil and gas industry and the implementation of stringent environmental regulations promoting eco-friendly de-icing solutions. In contrast, the Asia Pacific region is witnessing significant growth due to the expanding chemical and agriculture sectors and the development of infrastructure.
Stay Ahead of the Curve – Download Our Industry Overview Sample and Seize Growth Opportunities! https://www.futuremarketinsights.com/reports/sample/rep-gb-9834
South Asia and East Asia Continue to be Lucrative
According to the study, new oil and gas drilling projects in Asia are fuelling demand for drilling fluids, which in turn, is creating sustained opportunities for stakeholders across the potassium formate value chain. Potassium formate is gaining traction in oil & gas sector, owing to its favorable properties and environmental feasibility. South Asia and East Asia collectively accounted for over 26% of the global potassium formate market current, and the authors of the report do not see the status quo changing anytime soon. The broader push by governments in the region, and over-reliance on oil economy is likely to create sustained opportunities for potassium formate market players throughout the forecast period.
Drilling Fluid Likely to Remain a Key Application
The potassium formate market has been segmented on the basis of form, application, and region.
- Brine (liquid) form of potassium formate accounted for major share of overall potassium formate demand, in 2021. Easy handling and storage of brines and its ease of use due to its liquid form, can be attributed to its large share in the overall potassium formate market
- Drilling fluid application is projected to lead the application segment of the potassium formate market. Potassium formate is used in drilling fluids and is being more 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 led the demand for potassium formate market in 2021. Presence of large oil & gas industry and also more snow falling countries in these regions, is attributed for its larger share. However, the growth is expected from Asian countries during the forecast period.
Potassium Formate Market: Vendor Insights
The report highlights the key market players that are prominent and have established their position in the global potassium formate market. The examples of the key players in this value chain of potassium formate are BASF, ADDCON, Perstorp, Cabot, Evonik, Honeywell and ICL among others. The market players are providing premium customer services, technical support and an extensive range of potassium formate products in order to serve small to large customers across different industries and further expand their market presence by adapting new strategies including new product development and joint venture. The players are strategically focusing on building new partnerships and a strong client base. Some of the leading players are pushing the potassium formate sale in de-icing application due to its environmental feasibility and favorable properties.
Need clarification on the report? Don’t hesitate to reach out! We’re here to provide the answers you need regarding this valuable resource @ https://www.futuremarketinsights.com/ask-question/rep-gb-9834
Potassium Formate Market Taxonomy
By Form
- Brine (Liquid)
- Powder (Solid)
By application
- Drilling Fluid
- De-icing
- Heat Transfer Fluid
- Others(fertilizer, feed)
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com