USD 750.2 million
Potassium Formate Market Size, Share, Growth Analysis, By Application(Hypermarkets/Supermarkets, Specialty Stores, Independent Small Stores, Online Sales Channel), By End-Use Industry(Oil and Gas Industry, De-icing Agents, Food Industry, Others (including Leather Tanning), By Form(Liquid, Powder), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2409 |
Region:
Global |
Published Date: March, 2024
Pages:
157
|Tables:
93
|Figures:
76
Potassium Formate Market Insights
Global Potassium Formate Market size was valued at USD 750.2 million in 2022 and is poised to grow from USD 790.8 million in 2023 to USD 1000.17 billion by 2031, growing at a CAGR of 5.11% in the forecast period (2024-2031)
The global potassium formate market has been witnessing steady growth, driven by way of numerous elements. Potassium formate is a versatile chemical compound utilized in diverse industries, consisting of oil and fuel, de-icing, and meals processing.
Additionally, Potassium formate is typically used as a drilling fluid additive inside the oil and fuel enterprise. Its ability to face up to high temperatures and its compatibility with different drilling fluids make it a preferred desire. Increasing exploration and manufacturing sports inside the oil and gas sector, specifically in areas with harsh environmental situations, contribute to the demand for potassium formate. Potassium formate is utilized as a de-icing agent for runways and roads, particularly in areas where conventional salts may also have environmental concerns. The call for environmentally pleasant de-icing solutions has pushed the adoption of potassium formate in numerous countries, impacting the market positively.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Oil and Gas Industry
Fastest Growth
De-icing Agents
Growth Rate
5.11% CAGR
Global Potassium Formate Market ($ Bn)
Country Share for North America Region (%)
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Potassium Formate Market Segmental Analysis
The global Potassium Formate market is segmented into four major segments i.e. by By Application, End-Use Industry, Form, and region. Based on Application, it is divided into Oil and Gas Industry, De-icing Agents, Food Industry, Others (including Leather Tanning, Pharmaceuticals). Based on End-Use Industry, it is bifurcated as Oil and Gas, Aerospace and Aviation, Food and Beverages, Chemicals, Construction, Others. Based on Form it is segregated into, Liquid, Powder. Based on region, the market is segmented into United States, Canada, and Mexico.
Analysis by Application
The oil and fuel industry has traditionally been a massive patron of potassium formate, specifically in drilling, crowning glory, and workover fluids. The compound's precise houses, consisting of excessive-temperature balance and compatibility with other drilling fluids, make it a favored choice in challenging drilling environments. With the non-stop international call for strength and ongoing exploration activities in harsh situations, the oil and fuel sector is likely to dominate the potassium formate marketplace. Exploration in deep-sea drilling and unconventional reserves regularly calls for advanced drilling fluids, wherein potassium formate performs an essential position.
The de-icing application segment is expected to be the fastest-growing due to growing issues about environmental effects related to traditional de-icing retailers like street salts. Potassium formate is taken into consideration as an environmentally pleasant opportunity, presenting powerful de-icing residences without the destructive consequences on soil and water fine related to chloride-based salts. As regulatory pressure for eco-friendly de-icing solutions increases, potassium formate's demand in this section is in all likelihood to grow swiftly.
Analysis by Form
Liquid potassium formate is frequently favored in numerous programs, which include oil and gasoline drilling fluids. Its liquid form makes it less difficult to address and mix with different fluids, supplying better homogeneity in the drilling process. In the oil and fuel industry, where potassium formate is usually used, the liquid form is fantastic for its ease of use in formulating drilling fluids. Its stability in liquid shape under a number of temperatures contributes to its dominance in this utility.
The powdered form of potassium formate may additionally revel in quicker increase due to its advantages in certain packages. Powdered potassium formate can be less complicated to shop, ship, and take care of in comparison to liquid paperwork. Industries that require a greater solid and without difficulty portable model of potassium formate can also display a multiplied choice for the powdered form. Additionally, the powdered shape might locate applications in industries inclusive of food processing and chemical production.
Global Potassium Formate Market By Application
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Potassium Formate Market Regional Insights
North America and Europe were widespread markets for potassium formate, pushed by way of the well-installed oil and gasoline enterprise and the use of de-icing marketers in chillier climates. The mature and expanding oil and fuel sector, specifically in the United States, the North Sea location, and Russia, contributes to the demand for potassium formate. Additionally, the use of potassium formate as a de-icing agent in the winter season in addition boosts its call for in those areas.
Asia-Pacific has the potential to be the fastest-growing market for potassium formate. This boom can be attributed to increasing industrialization, infrastructure development, and exploration sports inside the oil and fuel sector. As countries within the Asia-Pacific region preserve to enjoy economic boom, there is a rising call for electricity, mainly to expand exploration and production sports. This, in turn, can power the call for drilling fluids containing potassium formate.
Global Potassium Formate Market By Region
- Largest
- Fastest
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Potassium Formate Market Dynamics
Drivers
Expansion Rate of Oil and Gas Sector
- The increasing oil and gas area, in which potassium formate reveals huge use in drilling, finishing touch, and workover fluids. Its capacity to face up to excessive temperatures and compatibility with other drilling fluids makes it a preferred choice in difficult drilling environments. Additionally, the growing demand for environmentally pleasant de-icing solutions is boosting the market, as potassium formate serves as a green alternative to standard de-icing dealers.
Increasing Emphasis In Environmentally Friendly De-Icing
- The growing emphasis on environmentally friendly de-icing answers similarly propels the demand for potassium formate. Furthermore, its application inside the production of leather-based and textiles, where it serves as a reducing agent in dyeing strategies, contributes to its market growth. The increasing recognition and adoption of environmentally sustainable practices across various industries additionally pressure the call for potassium formate, given its eco-friendly nature compared to opportunity chemical compounds.
Restraints
High Dependency On Oil and Gas Industry
- One of the principal marketplace restraints is the dependency on the oil and fuel enterprise. The market's vulnerability to fluctuations in oil expenses and the general health of the oil and gas area can impact potassium formate demand. Economic uncertainties and geopolitical elements affecting oil production and exploration sports can introduce volatility to the market.
Rise in Demand for Unique Feedstocks
- The dependency on unique feedstocks can lead to volatility in production prices, impacting the general competitiveness of potassium formate within the marketplace. Regulatory hurdles and compliance standards also pose demanding situations, because the enterprise must navigate via various rules throughout exceptional regions, affecting the convenience of marketplace get entry to.
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Potassium Formate Market Competitive Landscape
The aggressive surroundings of the Potassium Formate marketplace is dynamic and characterised with the aid of the presence of several key players striving for marketplace dominance. Leading agencies within the industry are engaged in strategic initiatives such as mergers and acquisitions, product innovations, and partnerships to bolster their market role. The competitive situation is encouraged by the numerous applications of potassium formate, with a selected consciousness on its utilization within the oil and gasoline zone, de-icing agents, and food processing.
Top Player’s Company Profiles
- 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.
- Hangzhou Focus Chemicals Co. Ltd.
- Hawkins Inc.
- Oxea GmbH
- Chongqing Chuandong Chemical (Group)Co., Ltd.
- Kemira Oyj
- NACHURS ALPINE SOLUTIONS Industrial (NASi)
- Wintersun Chemical
- Zibo Qingxin Chemicals Co. Ltd.
- Merck KGaA
Recent Developments
- October 2023: During the SEPAWA Congress in Berlin from October 25 to 27, BASF will show off its newest answers for the house care, business and institutional cleansing, and private care markets. These services are indispensable to BASF's Care Chemicals Initiative.
- October 2022: The variant between the BPS values discovered inside 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 marketplace is anticipated to grow through 40 bps in H1 - 2022.
- In September 2022, OCOchem, a developer of revolutionary electrochemical technologies, acquired an extension of its US$ 1.1 million agreement from america Army.
Potassium Formate Key Market Trends
- Rising Emphasis On Sustainable And Eco-Friendly Solutions: The developing emphasis on sustainable and eco-friendly answers, pushed by environmental issues. As regulations tighten, potassium formate, with its green characteristics, is gaining traction, especially within the de-icing utility phase. Another trend is the growing exploration and production sports in the oil and fuel sector, propelling the demand for potassium formate in drilling fluids.
Potassium Formate Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global Potassium Formate marketplace analysis famous a dynamic marketplace with some of standout trends and difficulties. The marketplace is propelled by way of sturdy call for inside the oil and gas region, driven via its efficacy in drilling fluids. However, dependency at the oil enterprise, coupled with economic uncertainties, poses restraints. The market exhibits various product sorts, with liquid paperwork dominating due to ease of use in drilling fluid formulations. Geographically, North America and Europe lead, attributed to mature oil and gas industries. Key tendencies consist of a shift toward eco-friendly solutions, improvements in production methods, and a rising desire for high-purity formulations. These dynamics together shape the potassium formate market's panorama.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 750.2 million |
| Market size value in 2031 | USD 1000.17 billion |
| Growth Rate | 5.11% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Potassium Formate Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Potassium Formate Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Potassium Formate Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Potassium Formate Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Potassium Formate Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Potassium Formate Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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