According to a recently published report by Research Nester on “Potassium Formate Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the potassium formate market in terms of market segmentation by type, by applications, and by regions.
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 global potassium formate market is segmented based on type into solid potassium formate and liquid potassium formate; by applications into oil fields, deicing agent and others, and by regions. The global potassium formate market is estimated to grow at a CAGR of around 2% over the forecast period i.e. 2019-2027.
Potassium formate has many industrial applications, including heat transfer, de-icing, and as a brine for use in oilfield applications such as drilling and completion operations. It can be used as reduce agent for the production of printing and dyeing, and as intermediate in the manufacturing of potassium diformate. Demand for potassium formate has been positively influenced by growing preference for environmentally-sustainable products, especially in drilling fluids, de-icing, and heating fluids.
North America potassium formate market is projected to witness rapid growth owing to presence of the oil & gas industry in the region. Europe potassium formate market is also estimated to witness significant growth. High snowfall in the Europe region is the key driver to rise potassium formate consumption as a de-icer.
Increasing Applications in Oil Fields
Potassium formate is used in drilling fluids and is being more popular due to its compatibility and favorable properties. Traditional salts are being replaced by potassium formate in different applications including drilling fluid application. This is one of the major factors driving the growth of potassium formate market globally. It is also used as an antioxidant in oil drilling applications. It acts as a tremendous sedimentary rock stabilizer for water sensitive clay or shale formations and clay containing sandstone. Potassium formate also helps in forming thin mud cake and to improve the well cementing quality. All these minor factors contribute towards the growth of potassium formate market positively.
However, the dropping attributes to weak downstream performances, especially in the oil & gas sectors is the major factor hampering the growth of potassium formate market. Potassium formate has wide applications in oil and gas sector such as drilling and completion operations. Dip in oil and gas industry tends to decrease the demand for potassium formate.
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 Perstorp, BASF, ADDCON, Cabot, Evonik, Kemira, Esseco, Shouguang Hengtong Chemical, Honeywell and Other Prominent Players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global potassium formate market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.