According to Fact.MR, a provider of market research and competitive information, the global potassium formate market is anticipated to reach US$ 725.5 million in 2023 and to develop gradually at a CAGR of 4.9% over the following ten years.
Potassium formate is created chemically by combining formic acid with either potassium hydroxide or potassium carbonate. Potassium formate is the name of formic acid’s potassium salt. In its purest state, potassium formate, also referred to as HCOOK or CHKO2, is a crystalline white powder.
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Key Pioneers
- 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
Key Market Trends:
- The global demand for shale gas is increasing, which is driving the demand for drilling fluids and completion fluids, such as potassium formate. This trend is expected to continue in the coming years, especially in regions with significant shale gas reserves.
- Surge in demand for animal feed is witnessed due to the growing global population and increasing demand for animal-based products. Potassium formate is used as a feed additive for animals, and this trend is expected to continue, especially in regions with large animal farming industries.
- Potassium formate is finding new applications in various industries such as leather tanning, textile processing, and cementing fluids. This trend is expected to continue as new applications for potassium formate are discovered.
- More efficient and cost-effective production processes are being adopted for potassium formate. This is expected to increase the availability of potassium formate and reduce its production costs.
Recent Developments:
The global potassium formate market is highly competitive, with several major players competing for market share.
Many leading companies in the market are focusing on various strategies such as product innovation, partnerships, collaborations, and mergers & acquisitions to strengthen their market position and expand their customer base.
- For instance, In September 2022, OCOchem developed novel electrochemical technologies and the company has been awarded an extension of US $ 1.1 Mn to manufacture a non-corrosive deicer for the United States army equipment.
- 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.
The global potassium formate market is driven by several factors, including:
- Potassium formate is used as a de-icing agent in aviation and road transportation. With the increase in air and road traffic, the demand for de-icing agents such as potassium formate is also rising.
- Growing demand for potassium formate in the oil and gas industry: Potassium formate is widely used in the oil and gas industry as a drilling fluid and completion fluid. With the increase in exploration and production activities, the demand for potassium formate in this industry is also increasing.
- Rising demand for environmentally friendly de-icing agents: Potassium formate is a more environmentally friendly alternative to other de-icing agents such as sodium chloride and calcium chloride. With the increasing focus on sustainable and eco-friendly practices, the demand for potassium formate as a de-icing agent is expected to grow.
- Increasing demand for animal feed: Potassium formate is used as a feed additive for animals, as it helps improve the digestive health of animals and promotes their growth. With the growing demand for animal feed, the demand for potassium formate as a feed additive is also rising.
- Growing demand for food preservatives: Potassium formate is used as a preservative in the food industry to extend the shelf life of food products. With the increasing demand for processed and packaged food products, the demand for potassium formate as a preservative is also expected to increase.
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
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