Potassium Formate Market is set for a Rapid Growth and Is Expected to Reach around USD 1,143.14 Million by 2032

Zion Market Research has published a new report titled “Potassium Formate Market By Form (Brine (Liquid), And Powder (Solid)), By Application (Drilling Fluid, De-Icing, Heat Transfer Fluid, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024–2032’’ According to the report, global demand for potassium formate market was valued at around USD 380 Million in 2018 and is expected to reach approximately USD 749.63 million in 2023 and is predicted to grow to around USD 1,143.14 million by 2032 with a CAGR of roughly 4.80% between 2024 and 2032.

Browse the full “Potassium Formate Market By Form (Brine (Liquid), And Powder (Solid)), By Application (Drilling Fluid, De-Icing, Heat Transfer Fluid, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024–2032?” Report at https://www.zionmarketresearch.com/report/potassium-formate-market

Potassium formate is the salt of formic acid which is highly soluble in water. It has a wide range of industrial applications such as heat transfer fluid, de-icing, fertilizers, and others. The growing need for effective de-icing on runways is one of the major factors that are supporting the growth of the market in the aerospace industry. 

The potassium formate is estimated to grow at a moderate growth rate in the forecast period as the contenders in the potassium formate market are increasing in number, and the strength of market competition is likely to increase over the next period. Key manufacturers are prioritizing strategic developments, such as capacity expansion, material processing, collaborations, product innovation, and acquisitions, to improve their position in the global market. These strategic steps taken by the key players are supporting the growth of the market in the upcoming period.

The end-user of the drilling industry are under constant pressure to reduce operational costs, maintain quality and increase productivity. This pressure reaches up to the value chain wherein manufacturers of drilling fluids are constantly engaged in R&D to accommodate consumer demand. Among the divergent needs, safety, agility, and efficacy of the drilling fluids are the prominent requirements generated from the end-users’ end. Among the changes that are actively integrated into the drilling process, development of smooth fluids and incorporation of high chemical strength are trending.

Asia Pacific region is likely to hold a substantial share in the global potassium formate market during the estimate period. This can be owed to increased oil and gas drilling projects in the region, which is likely to raise the demand for potassium formate. It also has a strong foothold in oil and gas industry, due to its environmental feasibility and useful properties. Moreover, North America and Latin America are anticipated to account for major market share, due to increasing oil and gas drilling activities in the Gulf of Mexico.

Some of the major players operating in the global Potassium Formate market are 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 report segments the global potassium formate market as follows:

Potassium Formate Market:  Form Segment Analysis

• Solid
• Liquid

Potassium Formate Market:  Application Segment Analysis

• Oil Drilling
• De-icing
• Others

Potassium Formate Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

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