Potassium Formate Market

Potassium Formate Market Analysis by Dry Solid/Non-Caking Powder and Brine Solutions for De-icing, Drilling Fluids, Heat Transfer, Agricultural Products, and Lubricants & Greases from 2023 to 2033

Analysis of Potassium Formate Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Potassium Formate Market Outlook (2023 to 2033)

Global demand for potassium formate stands at a market valuation of US$ 725.5 million in 2023 and is forecasted to increase steadily at 4.9% CAGR over the next ten years. By 2033-end, the global potassium formate market is expected to attain US$ 1.17 billion in revenue.

Potassium formate is the potassium salt of formic acid that is derived from a technical process that involves a reaction between formic acid and potassium hydroxide or potassium carbonate. Potassium formate, in its pure form, is a crystalline white powder and is chemically represented as HCOOK or CHKO2.

Increasing construction activity and growing demand for frozen and packaged foods around the world is anticipated to benefit demand for potassium formate owing to its use as drilling fluid and preservative salts in construction and food industries respectively. Potassium formate is a non-toxic chemical and is sustainable in nature, which is projected to be a key factor influencing its demand in the long run.

Growing adoption of sustainable heat transfer liquids and implementation of stringent environment conservation mandates around the world are projected to create new opportunities for established as well as incoming potassium formate suppliers over the coming years. Rising exploration activity in the oil and gas industry will also influentially augment potassium formate shipments globally over the next ten years.

Growing spending on research and development of sustainable chemical alternatives, increasing use of potassium formate in animal feed manufacturing, growing demand for frozen foods, high demand for sustainable and efficient drilling fluids, and growing chemical manufacturing activity around the world are other aspects that influence potassium formate consumption across the forecast period.

Potassium formate brine solutions are biodegradable in nature and hence are gaining popularity in several industry verticals for various applications.

  • Potassium formate brine solutions accounted for more than 65% of the global market share in 2022.

Growing use of potassium formate salts as a preservative in the food industry and an alternative to salt is also expected to benefit overall market growth through 2033.

On the contrary, volatility in raw material pricing and seasonal trends in potassium formate consumption are projected to be key restraining factors for market development in the future. The increasing availability of competitively priced alternatives is also a challenge that potassium formate companies will have to overcome going forward.

The tightening noose on the production of formic acid and other chemicals through stringent government norms will also create obstructions in the potassium formate market growth path during the forecast period. Furthermore, declining use of formic acid is also expected to hurt potassium formate demand through 2033.

Report Attributes

Details

Potassium Formate Market Size (2023)

US$ 725.5 Million

Projected Market Value (2033F)

US$ 1.17 Billion

Global Market Growth Rate (2023 to 2033)

4.9% CAGR

Market Share of North America (2022)

34%

Europe Market Share (2022)

24%

Key Companies Profiled

  • BASF SE
  • Gelest Inc.
  • Cabot Corporation
  • Dynalene Inc.
  • Honeywell International Inc.
  • Evonik Industries
  • ADDCON GmbH
  • Tomiyama Pure Chemical Industries Ltd.
  • Hangzhou Focus Chemical Co. Ltd.
  • Hawkins Inc.
  • Oxea Corporation
  • Perstorp Specialty Chemicals AB

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Which Key Prospect Will Determine the Future of Potassium Formate Consumption?

“Growing Demand for Eco-friendly Chemicals”

Climate change and global warming have become imminent threats to the environment and are no longer just warning signals to change the way humans live on the planet. Increasing use of eco-friendly and biodegradable drilling fluids in oil and gas explorations is anticipated to promulgate the demand for potassium formate solutions over the next ten years.

Surging demand for sustainable de-icing agents in multiple applications will also benefit potassium formate sales owing to its ability to lower the freezing point to melt snow or ice. Potassium formate brine solutions have a minimal environmental impact and becoming increasingly popular in the manufacturing of heat transfer fluids.

A detailed analytical account expanding your knowledge on market-influencing aspects such as supply chain management, local supply, safety regulations, and other aspects has been listed in this latest potassium formate market research report by Fact.MR, a market research and competitive intelligence provider.

Potassium Formate Market Forecast by Fact.MR

Country-wise Insights

How Will Sales of Potassium Formate Fare in Japan?

“Presence of Robust Chemical Manufacturing Infrastructure to Offer Lucrative Business Scope”

Japan is home to some of the most prominent chemical companies in the world and has a robust chemical manufacturing industry that is projected to create a highly lucrative setting for potassium formate companies in the future.

Rising focus on sustainability, growing demand for eco-friendly chemicals, rapidly increasing industrialization, and the implementation of strict government mandates to reduce the environmental impact of hazardous chemicals are other key factors that are estimated to promote sales of potassium formate in Japan over the coming years.

Changing consumer preferences, growing consumption of frozen foods, and high investments in research and development of sustainable chemicals by prime chemical companies in Japan are other aspects that could determine the future of potassium formate shipments in the long run.

Why Should Potassium Formate Suppliers Invest in the United States?

“Surging Demand for Sustainable Materials in Heating & Cooling Applications”

The United States is projected to emerge as a highly remunerative market for potassium formate companies across the forecast period owing to rising demand for sustainable materials and chemicals. The aerospace and defense sectors are anticipated to have a major influence on potassium formate demand in the country over the coming years as they adopt sustainable de-icing agents.

High demand for frozen food, rising need for cold chain storage solutions, increasing adoption of sustainable refrigerants, and growing consumer preference for non-toxic and eco-friendly materials are other factors that are projected to favor the consumption of potassium formate in the United States going forward.

Increasing government spending on military and defense technology advancement is expected to open up new avenues of opportunity for potassium formate manufacturers in the future.

Which Key Trend Will Augment Potassium Formate Demand in European Countries?

“Increasing Focus on Sustainability to Bolster Potassium Formate Consumption”

Potassium formate is a non-toxic chemical and is being used in several industry verticals as it is sustainability-compliant. Implementation of strict regulations to reduce carbon footprint and growing focus on sustainability in European countries such as Germany, France, Italy, the United Kingdom, etc. are also projected to uplift potassium formate demand in the European region across the forecast period.

Surging use of potassium formate for de-icing in aerospace, municipal, roadways, and commercial sectors is a key aspect that is anticipated to benefit the overall market development in European countries over the next ten years. Growing consumer awareness regarding sustainability, rising demand for oil and gas explorations, and increasing chemical manufacturing activity are other prospects that could augment sales of potassium formate in the aforementioned countries in the future.

  • Shipments of potassium formate in Europe accounted for nearly 24% share of the global market in 2022.

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Category-wise Insights

Where is Potassium Formate Abundantly Used?

“Potassium Formate Solutions Gaining Popularity as Drilling Fluids”

Based on application, the market for potassium formate is segmented into de-icing, drilling fluids, heat transfer fluids, anti-freeze, agricultural products, lubricants & greases, and others.

Potassium formate solutions are extensively utilized as drilling fluids in several industry verticals. Surging demand for new explorations in the oil and gas industry is a key prospect that is anticipated to augment the consumption of potassium formate solutions as drilling fluids over the coming years. The use of potassium formate in drilling fluids reduced the overall fluid maintenance costs and the monovalent nature of potassium formate does not form precipitates and does not interact with reservoir waters to cause damage.

Potassium formate solutions are also thermally stable, which makes them an attractive choice for drilling applications in different industry verticals. Increasing investments in improving the efficiency and performance characteristics of drilling fluids are also projected to promote demand for potassium formate and other chemical products going forward.

Competitive Landscape

Prime potassium formate manufacturers are acquiring new contracts and signing new agreements to fast-track the development and launch of novel potassium formate products over the coming years.

  • In September 2022, OCOchem, a company developing novel electrochemical technologies, announced that had been awarded an extension of its US$ 1.1 million contract for the creation of a chemical process to manufacture a non-corrosive and chlorine-free deicer for the United States army equipment. The company has previously developed potassium formate deicer using clean resources and was expected to deploy the same technology for this contract as well.

Top-tier potassium formate companies are also eyeing mergers, acquisitions, and collaborations to expand their business scope and strengthen their share in the global marketplace going forward.

  • Evonik, a leading German specialty chemicals manufacturer, acquired Porocel, a chemical company, for US$ 210 million in August 2020. This acquisition was done to accelerate Evonik’s catalyst business by using Porocel’s expertise and production facilities.

More insights about new developments by leading potassium formate vendors and how they alter future pricing trends and product standards have been extensively discussed in this Fact.MR research survey.

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Key Segments of Potassium Formate Industry Research

  • By Delivery Form :

    • Dry Solid/Non-Caking Powder
    • Brine Solutions
      • <75%
      • >75%
  • By Application :

    • De-icing
    • Drilling Fluids
    • Heat Transfer Fluids
    • Anti-freeze
    • Agricultural Products
    • Lubricants & Greases
    • Others
  • By Region :

    • North America
    • Latin America
    • Europe
    • APAC
    • MEA

- FAQs -

How big is the potassium formate market at present?

The global potassium formate market accounts for a US$ 725.5 billion valuation in 2023.

What would be the projected potassium formate market valuation?

By 2033-end, potassium formate sales are set to secure a market value of US$ 1.17 billion.

What is the predicted growth rate of the global potassium formate market?

From 2023 to 2033, worldwide demand for potassium formate is predicted to rise steadily at 4.9% CAGR.

What segments are covered in the potassium formate market report?

Delivery form, application, and region are prime segments covered in this Fact.MR research study.

What is the prominent factor driving the potassium formate market ahead?

Increasing demand for sustainable and eco-friendly chemicals is the key driver for market growth.

Who are the top players in the potassium formate market?

BASF SE, Gelest Inc., Cabot Corporation, Dynalene Inc., and Honeywell International Inc. are leading manufacturers of potassium formate.

Potassium Formate Market