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

Q: What is the global market size of Potassium Formate Market?

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)

Report ID: SQMIG15A2409 | Region: Global | Published Date: March, 2024
Pages: 157 | Tables: 93 | Figures: 76

Potassium Formate Market News

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 Market Report Snapshots

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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 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. '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'

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.

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.

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.

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