The global potassium formate market was valued at 600 Million USD in 2018 and is further expected to be valued at 839.3 Million USD in 2027 at a CAGR of 2.4%. The report covers forecast and analysis for the Potassium Formate market on a global and regional level. The study offers a wide-ranging valuation of the market, competition, opportunities, emerging trends, and industry-validated market figures. The study provides historic data of 2016 to 2018 along with a forecast from 2019 to 2026 based revenue (USD Million).
Potassium formate is the potassium salt of formic acid and is highly soluble in water. Potassium formate has various industrial applications, including de-icing, a heat transfer fluid, fertilizers, and others. The increasing need for effective de-icing on runways is fueling the market in aerospace industry. Moreover, the is driving market growth. On the other hand, slump in the consumption of formic acid has been seen over the years. In addition to this, seasonal demand for potassium formate has been hampering the market value.
Based on the form, the global potassium formate market has been classified into brine (liquid), and powder (solid). The brine (liquid) segment has accredited for the largest market share in 2018. Potassium brine is a high-density clear liquid and is extensively used in the form of brine. Potassium formate in solid form is white crystalline powder that is hygroscopic in nature but its use is very limited as compared to liquid form. Therefore, the liquid form of potassium formate is more preferable which is further stimulating the market growth.
The global potassium formate market is categorized into drilling fluid, de-icing, heat transfer fluid, and others which is based on the mode of application. In the global potassium formate market, the heat transfer fluid segment has been accounted for the largest market share in 2018. Increasing focus of manufacturers on potassium formate-based heat transfer fluids to be employed in refrigeration system instead of calcium chloride brine solution is steadily gaining momentum.
In terms of revenue, the Europe market has accounted for the largest share in 2018. There has been an increase in the formation facilities of oil and gas industry in this region. High demand for potassium formate in oil and gas industry is projected to witness substantial growth in the region. North America and Asia-Pacific region have also shown remarkable growth over the years owing to increasing investments in oil and gas sector.
Some of the developments by key players have contributed to the growth of potassium formate market. In 2017, SynaTek Solutions have used BASF potassium formate for the de-icing of airports. In 2018, Evonik Industries collaborated to manufacture chlorine and potassium hydroxide with potassium formate.
The global potassium formate market is associated with major players including Tetra Technologies, Inc., ICL, Tomiyama Pure Chemicals, Ltd., Gelest, Inc., Perstorp Holding AB, Dynalene, Inc., Addcon GmbH, Cabot Corporation, Honeywell International, Inc., Evonik Industries, and BASF SE. The major approaches implemented by these leading companies in the market are new Form launches, recent developments, collaborations, and mergers & acquisitions. These companies are focusing more on making an investment in advancements, partnerships, and expansions to increase their market share.
The report segments the global potassium formate market as follows:
Potassium Formate Market: Form Segment Analysis
Potassium Formate Market: Application Segment Analysis
Potassium Formate Market: Regional Segment Analysis