Rockville, March 29, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global demand for potassium formate stands at a market valuation of US$ 725.5 million in 2023 and is forecasted to increase steadily at 4.9% CAGR over the next ten years.
The technical method that produces potassium formate comprises a reaction between formic acid and either potassium hydroxide or potassium carbonate. Potassium formate is the potassium salt of formic acid. In its purest form, potassium formate is a crystalline white powder with the chemical name HCOOK or CHKO2.
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Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2032) | US$ 1.17 Billion |
| Growth Rate (2023-2032) | 4.9% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 42 Tables |
| No. of Figures | 88 Figures |
Key Players of Potassium Formate Market
- BASF SE
- Gelest Inc.
- Cabot Corporation
- Dynalene Inc.
- Honeywell International Inc.
- Evonik Industries
- ADDCON GmbH
- Tomiyama Pure Chemical Industries Ltd.
- Hangzhou Focus Chemical Co. Ltd.
- Hawkins Inc.
- Oxea Corporation
- Perstorp Specialty Chemicals AB
The global potassium formate market is driven by several factors, including:
- Potassium formate is used as a de-icing agent in aviation and road transportation. With the increase in air and road traffic, the demand for de-icing agents such as potassium formate is also rising.
- Growing demand for potassium formate in the oil and gas industry: Potassium formate is widely used in the oil and gas industry as a drilling fluid and completion fluid. With the increase in exploration and production activities, the demand for potassium formate in this industry is also increasing.
- Rising demand for environmentally friendly de-icing agents: Potassium formate is a more environmentally friendly alternative to other de-icing agents such as sodium chloride and calcium chloride. With the increasing focus on sustainable and eco-friendly practices, the demand for potassium formate as a de-icing agent is expected to grow.
- Increasing demand for animal feed: Potassium formate is used as a feed additive for animals, as it helps improve the digestive health of animals and promotes their growth. With the growing demand for animal feed, the demand for potassium formate as a feed additive is also rising.
- Growing demand for food preservatives: Potassium formate is used as a preservative in the food industry to extend the shelf life of food products. With the increasing demand for processed and packaged food products, the demand for potassium formate as a preservative is also expected to increase.
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Key Market Trends:
- The global demand for shale gas is increasing, which is driving the demand for drilling fluids and completion fluids, such as potassium formate. This trend is expected to continue in the coming years, especially in regions with significant shale gas reserves.
- Surge in demand for animal feed is witnessed due to the growing global population and increasing demand for animal-based products. Potassium formate is used as a feed additive for animals, and this trend is expected to continue, especially in regions with large animal farming industries.
- Potassium formate is finding new applications in various industries such as leather tanning, textile processing, and cementing fluids. This trend is expected to continue as new applications for potassium formate are discovered.
- More efficient and cost-effective production processes are being adopted for potassium formate. This is expected to increase the availability of potassium formate and reduce its production costs.
Restraints:
The global potassium formate market also faces several restraints, including:
- Potassium formate is more expensive than other de-icing agents such as sodium chloride and calcium chloride. This can limit its adoption in some industries, especially in regions where cost is a significant factor.
- The raw materials required for the production of potassium formate are not readily available in all regions. This can lead to supply chain disruptions and increase the cost of production.
- The production and use of potassium formate are subject to stringent regulations, especially in the food industry. This can limit its adoption in some applications and increase the cost of compliance.
Recent Market Developments:
The global potassium formate market is highly competitive, with several major players competing for market share.
Many leading companies in the market are focusing on various strategies such as product innovation, partnerships, collaborations, and mergers & acquisitions to strengthen their market position and expand their customer base.
- For instance, In September 2022, OCOchem developed novel electrochemical technologies and the company has been awarded an extension of US $ 1.1 Mn to manufacture a non-corrosive deicer for the United States army equipment.
- Evonik, a leading German specialty chemicals manufacturer, acquired Porocel, a chemical company, for US$ 210 million in August 2020. This acquisition was done to accelerate Evonik’s catalyst business by using Porocel’s expertise and production facilities.
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Key Segments of Potassium Formate Industry Research
- By Delivery Form :
- Dry Solid/Non-Caking Powder
- Brine Solutions
- <75%
- >75%
- By Application :
- De-icing
- Drilling Fluids
- Heat Transfer Fluids
- Anti-freeze
- Agricultural Products
- Lubricants & Greases
- Others
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
Explore More Related Studies Published by Fact.MR Research:
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Potassium Permanganate Market Size: The global sales of potassium permanganate in 2021 were held at US$ 845 Million. The projected market growth during 2022 - 2032 is expected to be 9.1%.
Potassium Silicate Market Trends: The global potassium silicate market is set to enjoy a valuation of US$ 2.9 billion in 2023 and further expand at a CAGR of 3.7% to reach US$ 4.2 billion by the end of 2033.
Silicon Carbide Market Outlook: The global silicon carbide market to registered a Y-o-Y increase worth 16.3%. From 2022 to 2032.
Key Questions Covered in the Potassium Formate Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Potassium Formate Market sales grow until 2033?
- Which are the factors hampering the Potassium Formate Market demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Potassium Formate Market during the forecast period?
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global Potassium Formate Market, presenting forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on Delivery Form (Dry Solid/Non-Caking Powder, Brine Solutions), By Application (De-icing, Drilling Fluids, Heat Transfer Fluids, Anti-freeze, Agricultural Products, Lubricants & Greases), and Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more.
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