The global potassium formate market is projected to attain a valuation of USD 746.13 million in 2023 and is expected to reach USD 1190 million by 2033, expanding at a CAGR of 4.7% during the forecast period.
Superior functional properties and sustainability of potassium permeate liquids are driving their applications in the oil & gas industry as an alternative to conventional drilling fluids. In addition to this, stringent regulations implemented to encourage carbon emission control worldwide are expected to continue pushing sales over the assessment period.
The demand for eco-friendly products growing in various sectors. This has in turn encouraged manufacturers to launch innovative potassium formate solutions. These factors are expected to continue boosting sales in the market over the assessment period.
FMI presents a half-yearly comparison, analytical research, and key market developments for the potassium formate industry. Further, the market has been significantly impacted by global industrialization, the rise of value-added manufacturing, as well as certain macroeconomic factors, including chemical industry growth, an increase in investment in specialty chemicals, etc.
The market's development prospects vary significantly depending on how vibrant the local manufacturing sector is, with China, India, and the Association of Southeast Asian Nations witnessing substantial growth prospects.
According to FMI analysis, the variation between the BPS values observed in the potassium formate market in H1, 2022 - Outlook over H1, 2022 projected reflects the addition of 10 units. While a comparison to H1, 2021, the market is expected to increase by 40 bps in H1 - 2022.
The exploration of new and innovative, significantly expanding applications for potassium formate as a heat transfer liquid is one of the key factors pushing the demand graph upward. Further, numerous demographic and legal changes in the use of de-icing solutions in many nations are also playing a vital role in promoting the demand for potassium formate.
The frigid climate in the area makes Europe a significant consumer of de-icing solutions. Also, sales are rising across the region as a result of tighter regulations in countries that mandate the use of de-icing solutions to normalize transportation.
| Report Attributes | Details |
|---|---|
| Expected Market Value (2023) | USD 746.13 million |
| Anticipated Forecast Value (2033) | USD 1190 million |
| Projected Growth Rate (2023 to 2033) | CAGR 4.7% |
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The market of potassium formate was worth USD 628.6 million in 2018 and it reached a valuation of USD 716.4 million in 2022 while capturing a CAGR of 3.3% during the forecast period.
Companies operating in the oil & gas industry are striving to achieve cost reduction, enhanced quality, and increase productivity in operations. Besides this, the growing need for safety, efficacy, and agility of drilling fluids is spurring demand for smooth fluids with high chemical strength. All these factors are expected to drive sales of potassium formate solutions over the assessment period.
Increasing sales of potassium formate for de-icing at airports worldwide is expected to continue augmenting the growth of the market over the forecast period. Moreover, product innovations by manufacturers are diversifying potassium formate uses across various industries. For instance,
The high quality and eco-friendliness of formic acid, along with the wide acceptance of potassium formate as an alternative to conventional and hazardous chemical-based salts is anticipated to augment the growth of the market, opines Future Market Insights (FMI).
The demand for potassium formate is projected to rise with a CAGR of 4.7% during the forecast period.
Potassium formate finds applications as a heat-transfer liquid in various products. Owing to the growing emphasis on sustainability, demand for eco-friendly alternatives is on the rise, which is pushing sales of the product in heating and cooling applications.
The product offers functional properties, cost-effectiveness, and premium quality, which makes it a viable alternative to be used in refrigerated systems instead of calcium chloride and other brine solutions.
Potassium formate is easily biodegradable and has minimal impact on the environment as compared to conventionally used salts for drilling fluid applications, de-icing, and heating transfer liquids in cold chain storage equipment.
The product is less corrosive than other salts that are used in de-icing airports. Stringent regulations about the usage of harmful chemicals for de-icing across North America and Europe are the primary factors driving applications of potassium formate.
Driven by high demand, manufacturers operating in the market are investing in research and development to diversify the applications of potassium formate solutions. This is expected to continue augmenting the growth of the market in the forthcoming years.
Principal Consultant
Potassium Formate Solutions are Increasingly Preferred for Heat-Transfer Applications
The United States of America is expected to dominate North America’s potassium formate market owing to the growing demand for sustainable alternatives in heating and cooling applications. As per FMI, sales in North America’s market are slated to account for 34.4% of the total market share in 2023. The demand for potassium formate in the region is expected to rise with a CAGR of 4.6% during the forecast period.
Growing demand for packaged and frozen foods is propelling demand for effective cold chain storage solutions across the country. Further, due to stringent regulations regarding carbon emissions and sustainability, potassium formate liquid is being used as a feasible solution in heating and cooling applications.
The high demand for non-toxic and non-hazardous materials in refrigerated systems, along with surging applications of potassium formate for de-icing airports in the United States is expected to continue driving sales in the forthcoming years.
Surging Demand in De-icing Applications to Drive Sales of Potassium Formate Liquid
Stringent regulations implemented in the aerospace industry are mandating the usage of environment-friendly solutions for de-icing applications at airports in the United Kingdom, which in turn is driving sales. Europe’s potassium formate market is projected to account for 24.3% of the total market share in 2023. Further, the region is expected to witness potassium formate sales with a CAGR of 4.3% during the forecast period.
Potassium formate is gradually replacing urea and potassium acetate for de-icing of runways in the United Kingdom Apart from airports, municipal and commercial sectors are also utilizing potassium formate solutions as de-icing agents for roads during winters.
The non-toxic nature of potassium formate liquids is expected to further propel its applications in the aerospace industry, along with roadways and pathways across suburbs and cities. Backed by the aforementioned factors, sales in the United Kingdom are expected to continue gaining momentum over the forecast period.
Surging Applications of Potassium Formate Solutions in the Oil & Gas Industry Expected to Fuel Sales
Growing applications of potassium formulation as a drilling fluid in the oil & gas industry in China has positioned the country as a significant pocket in East Asia. Driven by this, the East Asia potassium formate market is projected to account for 20.8% of the total market share in 2023, finds FMI. Further, the market in this region is anticipated to expand with a significant CAGR of 4.9% during the forecast period.
China is home to one of the large oil & gas sectors worldwide, along with the Middle East. Potassium carbonate is being adopted as a drilling fluid owing to stringent regulations regarding the usage of hazardous chemicals in drilling and mining applications, which in turn is driving sales in China’s market.
Potassium Formate Liquid is Increasingly Used in Drilling and Heat-Transfer Applications
In terms of form, sales of potassium formate brine are expected to remain high during the assessment period. Also, the demand from this segment is expected to rise with a CAGR of 5.2% during the forecast period. Growth can be attributed to increasing applications in drilling applications, particularly in high-temperature (HPHT) oil wells.
Potassium formate-based fluids are environment-friendly and biodegradable. They also improve polymer stability when used as drilling and completion fluids. Besides this, they are being used as de-icers for airports and municipal roadways, which is projected to continue driving the potassium formate market over the assessment period.
Demand for Potassium Formate Solution as Drilling Fluids to Remain High
Based on application, sales of potassium formate in the oil & gas sectors as drilling liquids are expected to continue gaining traction over the forecast period. The demand for potassium formate as drilling fluids is expected to rise with a CAGR of 5.8% during the forecast period. As per FMI, demand in North America, Europe, China, and the Middle East is expected to surge owing to the presence of a well-established oil & gas industry in the region.
Manufacturers are investing in product development to achieve high efficiency, performance, and quality in liquid formulations. This is expected to continue pushing sales of potassium formate liquids in the oil & gas industry over the assessment period.
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Start-ups are crucial in identifying growth prospects and fostering industry growth, thanks to their ability to efficiently convert inputs into outputs and adapt to volatile market conditions. Within the potassium formate market, numerous start-ups are actively involved in manufacturing and offering related services.
The market for potassium formate is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.
The key industry players operating in the market are 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
| Report Attributes | Details |
|---|---|
| Market Value in 2023 | USD 746.13 million |
| Market Value in 2033 | USD 1190 million |
| Growth Rate | CAGR of 4.7% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USS million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By Form, By Application, By Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Countries Profiled | The United States of America, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, India, China, Japan, Malaysia, Singapore, Thailand, South Korea, Australia, New Zealand, South Africa, Israel |
| 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. |
| Customization | Available Upon Request |
The market is expected to flourish at a CAGR of 4.7%.
The market is expected to reach USD 746.13 million in 2023.
China is expected to register a 4.9% CAGR until 2033.
North America is expected to hold a 34.4% share in 2023.
BASF SE, Evonik Industries, and Cabot Corporation are the leading market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form 5.1. Brine (Liquid) 5.2. Powder (Solid) 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Drilling Fluid 6.2. De-icing 6.3. Heat Transfer Fluid 6.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. BASF SE 17.2. Evonik Industries 17.3. Honeywell International Inc 17.4. Cabot Corporation 17.5. Addcon GmbH 17.6. Dynalene Inc. 17.7. Perstorp Holding AB 17.8. GELEST, INC 17.9. Tomiyama Pure Chemical Industries, Ltd. 17.10. ICL 17.11. TETRA Technologies, Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Potassium Formate Market
