The North American potassium formate industry is poised for significant growth between 2023 and 2033, with a projected CAGR of 4.9%. Valued at US$ 225.8 million in 2023 and expected to reach US$ 364.3 million by 2033, the market’s expansion is fueled by diverse applications ranging from anti-icing operations in airport runways to water treatment plants. This chloride-free and environmentally safe element not only aids in impurity elimination through water molecules but also finds utility in industrial operations, chemical research, and crop fertilization, reflecting its versatility and widespread adoption across various sectors.
Moreover, the emergence of new brands offering different grades tailored for specific applications is poised to catalyze further market growth. Affordable pricing, effective packaging, and enhanced availability contribute to making potassium formate an increasingly attractive option for industries seeking sustainable solutions. With North America’s robust economic activities, ongoing innovations in agriculture, and the continued development of infrastructure, the potassium formate market is primed to witness sustained expansion in the coming years.
Request Sample Report Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-15455
Key Takeaways
- The United States market leads the North American potassium formate market in terms of market share in North America. The United States region held a strong market share in 2022. The restoration of industrial research has led to the market’s success.
- The growth in this region is attributed to the higher industrial chemical research, expanding oil and gas companies, and higher demand for a constant supply of fuel. The increased number of runways in Airports has also increased the usage of potassium formate as it works as a de-icing solution for the runway base. North America’s market held a market share of 87.8% in 2022.
- Based on the product type, liquid potassium formate leads the market as it held a significant share of 58.9% in 2022. The growth is attributed to the high consumption and effective application in the oil and gas industry.
- Based on the application type, the drilling fluid segment leads the market as it held a prominent market share of 38.7% in 2022.
Competitive Landscape
The key vendors focus on application-specific grades and various product types with different prices. Also, the competitors merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- Cabot Corporation has introduced its clear, colorless liquid of potassium formate with low-temperature heat transfer fluid.
- Dynalene HC/Potassium formate holds a capacity of performing to the optimum levels at any application down to –50 degrees F (-50 degrees C)
Ready to make informed decisions? Purchase the report today and gain a deeper understanding of your industry: https://www.futuremarketinsights.com/checkout/15455
Key Players Profiled in the Market
- BASF SE
- Evonik Industries
- Honeywell International Inc.
- Cabot Corporation
- Addiction GmbH
- Dynalene Inc.
- Perstorp Holding AB
- Gelest Inc.
- Hawkins Inc.
- Tomiyama Pure Chemical Industries
- Industrial Chemical (ICL)
- Tetra Technologies Inc.
- Spectrum Chemical MFG Corp
- Proviron
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube