Drilling Fluids Segment Is Projected To Create An Incremental Opportunity Of More Than 192 Mn By 2029 End

The demand for drilling fluids is estimated to grow at a significant rate. These drilling fluids segment is projected to create an incremental opportunity of more than 192 Mn by 2029 end.

While the demand for potassium formate for drilling fluid applications held a third of revenue shares in 2018, the application for de-icing has been growing at a relatively lower rate. Gradual growth in the de-icing application area has been attributed to infringement from other applications, as its usage falls under weather conditions pertaining to the amount of winter snowfall.

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Estimated to witness moderate rise over 2018, the global potassium formate consumption volume is envisaged to reach ~650 KT in 2019. Fact.MR conveys indispensable insights on the potassium formate market in its recently published report that projects a steady volume growth outlook for the market. The present development trend of the potassium formate market remains highly influenced by an expanding number of industrial applications and increasing demand for efficient de-icers and drilling fluids, across the globe.

Market breakdown by delivery form and by application reveals that Europe, coupled with North America, currently accounts for a sizeable revenue share in the global potassium formate market. The former however holds a fourth of the global market value, according to Fact.MR’s findings. The market attractiveness of East Asia-South Asia-Oceania cluster has been estimated to grow at a healthy rate over the period of next few years, assessing the increasing applicability of potassium formate in drilling and heat transfer fluids.

North America is projected to hold promising growth potential for potassium formate market. While the market in this region is expected to benefit from visibly increasing de-icing operational activities in snow prone airports in the region, it will also remain influenced by the growing preference of manufacturers for potassium formate over other de-icing salts, such as potassium acetate, and sodium formate, among others.

The demand for de-icing salts is predominantly influenced by the winters in the Western Region. Countries, such as the U.S., Canada, and Russia are amongst those that experience heavy snow fall, for instance, the winter of 2017-2018 was higher than expected leading to repeated incidents of snow and sleet, leading to the mobilization of snow fighters from coast-to-coast. Harsh weather conditions across the country were experienced with freezing temperatures and snow storms inflicting havoc on our roads. The same trend was also experienced at airports. The report opines that this further drives the demand for de-icing salts, which are used at almost every airport throughout North America and Europe.

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Key Challenges Facing Manufacturers of Potassium Formate
• The consumption volume of potassium formate remains highly influenced by seasonal fluctuations, including low winter snowfall.
• Widespread availability of competitively priced alternatives of potassium formate will continue to limit sales to a certain extent.
• Volatility of the prices of raw materials utilized in the manufacturing of potassium formate is another strong factor restraining the manufacturers participating in the potassium formate market. While stakeholders in market are facing upward pricing pressure as a result of the tightening supply scenario, a significant dip in the consumption of formic acid that has been observed in the past couple of years will also remain a significant factor posing a negative impact on market growth.
• The report identifies growing stringency of environmental scrutiny over the potassium formate and formic acid industries, particularly in China. The market has thus witnesses the exit of some of the active players from global marketplace. However, tightening regulations and inspections on the production of formic acid, potassium formate, and other similar chemicals in the series, will be an indispensable benefit for the market in terms of long-term growth.

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Competition Analysis
The report, in its concluding section, provides a smart competition dashboard for readers to understand the overall intensity of competition, number of key competitors, and their current status in the industry. The next part of this chapter offers insights on prominent developmental strategies, competition benchmarking, and deep-dive analysis of 10 important companies actively operating in the potassium formate landscape.

Key Question answered in the survey of Potassium Formate market report:
• Market Estimates of Potassium Formate and Forecasts of Potassium Formate
• Market Size of Potassium Formate
• Market Analysis of Potassium Formate
• Statistical analysis of Potassium Formate
• Key Drivers Impacting the Potassium Formate market
• Which are the Key drivers impacted by Potassium Formate market
• Restraints Shaping U.S. Market Growth
• Market Survey of Potassium Formate

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