The global potassium formate industry share is anticipated to attain a valuation of USD 746.13 million in 2023 and is projected to accumulate over USD 1190 million by 2033, exhibiting a CAGR of 4.7% during the forecast period.
The surging demand for safe and eco-friendly heat transfer fluids is propelling potassium formate’s significance in the growing refrigeration industry, leading to substantial market growth during the forecast period.
Producers are now prioritizing heat transfer fluids based on potassium formate for refrigeration systems, replacing calcium chloride and other brine solutions due to their premium quality. Moreover, governments are also taking initiatives to support the refrigeration industry, promoting access to sustainable cooling solutions.
In March 2019, the government of India launched the India Cooling Action Plan (ICAP), outlining measures to reduce cooling demand, transition to better refrigerants, improve energy efficiency, and adopt advanced technology over 20 years. Potassium formate-based refrigerated systems are gaining traction in the commercial sector due to their non-toxic and non-hazardous properties, offering a promising technology option.
The market growth for potassium formate is driven by the continuous pressure on end-use industries to reduce operating costs, enhance efficiency, and boost productivity. This pressure impacts the supply chain, pushing end-use suppliers to invest in research and development to meet customer demands.
Key requirements from end-users, such as divergent needs for protection, agility, and efficacy of drilling fluids, lead to the incorporation of smooth fluids and high chemical strength in the drilling process.
The demand for potassium formate brine solutions is increasing due to their ability to effectively remove snow from aircraft surfaces without posing hazards, making them preferable over other alternatives on the market. Consequently, the growing demand for potassium formate in various applications acts as a driving force behind the market’s expansion.
Key Takeaways
- The demand for potassium formate in China is projected to rise with a promising CAGR of 4.9% during the forecast period.
- The market in North America is expected to thrive with a CAGR of 4.6% during the forecast period.
- The United Kingdom market is anticipated to expand at a CAGR of 4.3% during the forecast period.
“Increasing pressure on end-use industries to reduce operating costs, enhance efficiency, and boost productivity is expected to drive the demand for potassium formate during the forecast period,”-comments an FMI Analyst
Competitive Landscape
The market for potassium formate is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.
Key Companies Profiled
- BASF SE
- Evonik Industries
- Honeywell International Inc
- Cabot Corporation
- Addcon GmbH
- Dynalene Inc.
- Perstorp Holding AB
- GELEST, INC
- Tomiyama Pure Chemical Industries, Ltd.
- ICL
- TETRA Technologies, Inc.
Recent Developments in the Potassium Formate Market
- In September 2022, OCOchem, a developer of innovative electrochemical technologies, received an extension of its US$ 1.1 million contract from the United States Army.
- In 2021, BASF SE launched a new range of potassium formate-based fluids for aviation de-icing and anti-icing applications, offering superior performance and environmental advantages over conventional sodium formate or potassium acetate fluids.
- In August 2021, Perstorp Potassium Formate obtained fertilizer certification, meeting all the regulations outlined in EC 2002/2003.
- In 2021, Merck KGaA introduced the Calsalix range, a new line of potassium formate-based fluids designed for the oil and gas industry’s drilling and completion applications.
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global potassium formate market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the potassium formate market, the market is segmented based on form, application, and region.
Key Segments Profiled in the Potassium Formate Market Industry Survey
By Form:
- Brine (Liquid)
- Powder (Solid)
By Application:
- Drilling Fluid
- De-icing
- Heat Transfer Fluid
- Others (fertilizer, feed)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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