Potassium formate is the potassium salt of formic acid and a one-carbon compound with a molar mass of 84.12 g/mol. It derives from a formic acid. This highly water‑soluble product 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 is especially used in high-density drilling and completion fluid system and achieved good results. Drilling fluid system which formulated with potassium formate has outstanding advantages of strong inhibition, good compatibility, environmental protection, reservoir protection. This salt can also be used as reduce agent for the production of printing and dyeing, and as intermediate in the manufacturing of potassium diformate.
The global potassium formate market is anticipated to record a CAGR of around 2% over the forecast period i.e. 2019-2027. This growth is attributed to the fact that potassium formate is proven to be an efficient and safe de-icer. Demand has also been positively influenced by growing preference for environmentally sustainable products, especially in drilling fluids, de-icing, and heating fluids.
Potassium formate is segmented on the basis of type and applications. On the basis of type, potassium formate market is segmented into solid potassium formate and liquid potassium formate. Out of which, liquid potassium formate is estimated to hold significant share attributed to its easy handling and storing characteristics. On the basis of applications, potassium formate market is segmented into oil fields, deicing agent and others. Oil fields segment is anticipated to hold maximum share in the revenue attributed to its use in drilling fluids and is being more popular due to its compatibility and favorable properties. Traditional salts are being replaced by potassium formate in various applications including drilling fluid application.
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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 various 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 anti-oxidant 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 to the growth of potassium formate market positively.
Potassium formate has co-jointly been studied as a possible environmentally friendly deicing salt to be used on roads. As a deicing salt, potassium formate is advantageous in low environmental risk and low health and safety risk. Other factors driving the growth of potassium formate market is that potassium formate provides thermal stability and performs their functions at low temperatures and it causes low corrosion.
The dropping attributes to weak downstream performance, especially 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. Drop in oil and gas market will tend to decrease the demand for potassium formate.
Our-in depth analysis of the global drone market includes the following segments:
On the basis of regional analysis, the global potassium formate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America potassium formate market is anticipated to witness fast growth attributed to strong presence of the oil & gas industry in North America accounts for increasing demand for potassium formate for application in drilling fluids.
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.
Global potassium formate market is further classified on the basis of region as follows:
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