Research Nester published a report titled “Potassium Formate Market: Global Demand Analysis & Opportunity Outlook 2027”that delivers detailed overview of the global potassium formate market in terms of market segmentation by form, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The revenue generated by the global potassium formate market crossed USD 300 Million in 2018. The market is estimated to witness notable growth on the back of growing demand for Potassium formate in oil and gas industry which can be attributed to its useful and environment friendly properties. The market is segmented by form into solid and liquid.
The market is further segmented by application into de-icing agent, oil field, heat transfer fluid and others. Increasing applications of potassium formate in the oil and gas industry and rising demand for natural gas and crude oil is expected to propel the growth of the market.
Moreover, studies have shown that potassium formate is a potential de-icing agent on roads and airports. De-icing is an enormous task in winters and potassium formate is widely used in reducing the freezing point of water thus, making it a good de-icing agent. The global potassium formate market is anticipated to witness significant growth by recording a CAGR of around 2% over the forecast period i.e. 2019-2027.
Geographically, the global potassium market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in Asia Pacific region is anticipated to witness significant growth on account of increase in the oil and gas drilling projects in the region.
The increasing demand for preservatives and feed additives is raising the demand for formic acid. Improvements in the living standards with along with its environmental acceptability are some of the notable factors that are leading to an upsurge in the demand for formic acid. Moreover, potassium formate applications in drilling fluids is expected to contribute to the growth of the market.
Furthermore, continuous preference of consumers for customized service and maintenance coupled with increasing demand for superior industrial deicers in order to clear large scale snow from runways over conventional methods that used bulldozers for such processes has created vast opportunities in the market, thereby impelling the market growth.
However, seasonal fluctuations and volatility in the raw material prices are expected to operate as a key restraint to the growth of potassium formate market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global potassium formate market which includes company profiling of BASF, ADDCON, Perstorp, Cabot, Evonik, Honeywell and ICL. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.