Potassium Formate Market valuation is set to top US$ 952.3 Million by 2029 - Comprehensive Research Report by FMI

Potassium Formate Market - Analysis, Outlook, Growth, Trends, Forecasts

DUBAI, United Arab Emirates, Jan. 19, 2022 (GLOBE NEWSWIRE) -- The global potassium formate market size is estimated to be valued at US$ 716.4 Mn in 2022. Growing demand for eco-friendly products for de-icing applications and drilling fluid is expected to boost sales at a steady 4.2% CAGR between 2022 and 2029. Against this backdrop, the market valuation is set to top US$ 952.3 Mn by 2029.

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$ 513 Mn in 2018, 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.

AttributeDetails
Potassium Formate Market Size 2022US$ 716.4 Mn
Potassium Formate Market Value-based CAGR (2022-2029)~4.2%
Potassium Formate Market Projected Size in 2029US$ 952.3 Mn

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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 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.

Scope of the Report

AttributeDetails
Forecast Period2022-2029
Historical Data Available for2014-2021
Market AnalysisUnits for Volume and US$ Mn for Value
Key Regions CoveredNorth America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA
Key Countries CoveredUnited States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, others.
Key Market Segments CoveredForm and Applications and Region
Key Companies ProfiledBASF SE
•  Evonik Industries
•  Honeywell
• Cabot Corporation
• Addcon GmbH
• Dynalene Inc.
• Perstorp Holding AB
• GELEST, INC
• Tomiyama Pure Chemical Industries, Ltd.
• ICL
• TETRA Technologies, Inc.

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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 2018. 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 2018. 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.

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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.

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Explore FMI’s Extensive ongoing Coverage on Chemicals & Materials Domain 

Potassium Hydrogen Sulphite Market - The potassium hydrogen sulphite has a wide application from the food industry to leather industrial. The global potassium hydrogen market is primarily driven by the growth in the end use industry.

Potassium Alum Market - The global sales of the potassium alum is predominantly driven by the growing utilization across water & waste treatment and pharmaceutical & cosmetics industry. Potassium alum is still being extensively used in the purification of industrial process and drinking water as well as effluent treatment of lakes.

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

Potassium Cryolite Market - Global potassium cryolite market is all set to witness significant rise with a CAGR ranging between 3% and 5% during the forecast period.

Potassium Fluoborate Market - According to the latest research, the demand for Potassium Fluoborate is anticipated to grow with a compelling growth rate of about 3.0% to 5.0% in between the coming assessment period of 2021-2031.

Potassium Fluoride Market - As per a research conducted, sales of potassium fluoride is anticipated to grow with a CAGR of 3.0% to 5.0% during the coming assessment period of 2021 and 2031.

Potassium Zirconium Fluoride Market - According to latest research, Potassium Zirconium Fluoride market is set to witness significant growth during 2021-2031, with CAGR of 4% to 5% during the decade. Potassium Zirconium Fluoride is a crystalline white solid.

Potassium Hydrogen Fluoride Market - According to the latest research, the demand for Potassium hydrogen fluoride is anticipated to grow with a compelling growth rate of about 4.0% to 6.0% in between the coming assessment period of 2021-2031.

Sodium Formate Market - Sodium formate is a sodium-based salt of formic acid. 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 diverse range of industries, such as oil & gas, textile, printing, aviation and others.

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

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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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