Potassium Formate Market Size, Share, And Trends 2032

Potassium Formate Market: Size

The global potassium formate market size was worth around USD 749.63 million in 2023 and is predicted to grow to around USD 1,143.14 million by 2032 with a compound annual growth rate (CAGR) of roughly 4.80% between 2024 and 2032.

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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 2018 to 2022 along with a forecast from 2024 to 2032 based revenue (USD Million).

Potassium Formate Market: Overview

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.

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Potassium Formate Market: Segmentation

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 2023. 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.

Based on the mode of application, the global potassium formate market is categorized into drilling fluid, de-icing, heat transfer fluid, and others. 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.

Potassium Formate Market: Regional Analysis

In terms of revenue, the Europe market has accounted for the largest share in 2023. 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.

Potassium Formate Market: Report Scope

Potassium Formate Market: Major Players

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
• 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

• 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