Future Market Insights’ new market research report opines that global potassium formate market is likely to witness significant growth during 2022 to 2029 on back of growing applications in drilling fluids, de-icing, and heating fluids. Valued at nearly US$ 716.4 Mn in 2022, global revenues are likely to grow at a CAGR of 4.2%, during the forecast period 2022 to 2029. Demand has also been positively influenced by growing preference for environmentally-sustainable products, especially in drilling fluids, de-icing, and heating fluids. The report opines that a combination of macroeconomic and industry-specific factors will drive potassium format demand during the course of the forecast period.
Get a Sample Copy of Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-9834
South Asia and East Asia Continue to be Lucrative
According to the study, new oil and gas drilling projects in Asia are fuelling demand for drilling fluids, which in turn, is creating sustained opportunities for stakeholders across the potassium formate value chain. Potassium formate is gaining traction in oil & gas sector, owing to its favorable properties and environmental feasibility. South Asia and East Asia collectively accounted for over 26% of the global potassium formate market current, and the authors of the report do not see the status quo changing anytime soon. The broader push by governments in the region, and over-reliance on oil economy is likely to create sustained opportunities for potassium formate market players throughout the forecast period.
Drilling Fluid Likely to Remain a Key Application
The potassium formate market has been segmented on the basis of form, application, and region.
- Brine (liquid) form of potassium formate accounted for major share of overall potassium formate demand, in 2021. Easy handling and storage of brines and its ease of use due to its liquid form, can be attributed to its large share in the overall potassium formate market
- Drilling fluid application is projected to lead the application segment of the potassium formate market. 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.
- North America and Europe led the demand for potassium formate market in 2021. Presence of large oil & gas industry and also more snow falling countries in these regions, is attributed for its larger share. However, the growth is expected from Asian countries during the forecast period.
Request a Complete TOC of this Report with figures: https://www.futuremarketinsights.com/toc/rep-gb-9834
Potassium Formate Market: Vendor Insights
The report highlights the key market players that are prominent and have established their position in the global potassium formate market. The examples of the key players in this value chain of potassium formate are BASF, ADDCON, Perstorp, Cabot, Evonik, Honeywell and ICL among others. The market players are providing premium customer services, technical support and an extensive range of potassium formate products in order to serve small to large customers across different industries and further expand their market presence by adapting new strategies including new product development and joint venture. The players are strategically focusing on building new partnerships and a strong client base. Some of the leading players are pushing the potassium formate sale in de-icing application due to its environmental feasibility and favorable properties.
Potassium Formate Market Taxonomy
The global potassium formate market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach in front of the reader.
- Brine (Liquid)
- Powder (Solid)
- Drilling Fluid
- Heat Transfer Fluid
- Others(fertilizer, feed)
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Feel free to ask your queries at https://www.futuremarketinsights.com/ask-question/rep-gb-9834
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates