Potassium Formate Market Future Prospects and Forecast To 2028

The global potassium formate market size was valued at USD 680.1 million in 2021. It is expected to reach a value of USD 919.3 million by 2028, growing at a CAGR of 4.5% from 2022 to 2028. The chemical compound potassium formate, commonly known as HCO2K, HCOOK, or CHKO2, is the potassium salt of formic acid. It is a one-carbon chemical and potassium salt mixture that is derived from formic acid and serves as a buffer. Under some circumstances, potassium hydroxide or potassium carbonate immediately combines with formic acid to produce the necessary potassium formate. In a technical procedure, the formic acid and the potassium hydroxide or potassium carbonate are also introduced to a reactor and agitated. This procedure prepares potassium formate by controlling the reaction temperature. It appears as a white, crystalline powder in its purest state. In the cement business, potassium formate is typically utilised as an anti-freezing additive to concrete as well as an ingredient to tile adhesives. As a coolant and a de-icing agent, potassium formate is used in industrial freezers. Moreover, it has been employed in the food business as a salt alternative and preservative.

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Potassium Formate Market Growth Factors:
The oil and gas industry's expanding use of potassium formate is anticipated to boost demand for the compound and quicken market expansion in the near future. The market is anticipated to rise as a result of rising demand for natural gas and crude oil, which is also anticipated to raise demand for potassium formate. Moreover, research has been done on potassium formate as a potential deicing agent for airports and roadways. Potassium formate is widely used because it dramatically lowers the freezing point of water, making it an efficient runway deicing agent. Deicing is a huge task in the winter. Throughout the projected period, rising runway deicing agent demand is anticipated to fuel market expansion. During the projection period, market participants in the worldwide potassium formate market should benefit from the economy's over-reliance on oil.

The global potassium formate market segmentation:
1) By Type: Solid Potassium Formate, Liquid Potassium Formate.
2) By Application: Oil Field, De-icing Agent, Drilling Fluids, Heat Transfer Fluids, Anti-freeze, Agricultural Products, Lubricants & Greases, Others.
3) By End User: Chemical & Petrochemical, Oil & Gas, Energy & Power, Agriculture, Healthcare, Others.

Potassium Formate Market Regional Analysis:
Throughout the forecast period, Asia Pacific is anticipated to account for a sizable portion of the global potassium formate market. This is a result of expanding oil and gas drilling initiatives in the area, which are predicted to raise potassium formate demand. Due to its environmental viability and practical qualities, potassium formate has a prominent presence in the oil and gas industry.

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Key player's potassium formate market report is Tomiyama Pure Chemicals Ltd, Tetra Technologies Inc., ICL, Perstorp, Gelest Inc, Evonik, Dynalene Inc, Cabot, BASF, Addcon GmbH, ADDCON

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