Press release
Potassium Formate Market is expected to reach USD 896.4 Million by 2030 : Cognitive Market Research
Potassium Formate Market is expected to reach USD 896.4 Million by 2030 : Cognitive Market Research
- Potassium formate is a white crystalline solid that is highly soluble in water and has a salty taste. Potassium Formate has a wide range of applications in various industries. It is used as a winter runway and road de-icer because it is less corrosive and relatively less harmful to the environment than other salts. It is also used as an additive to drilling fluids in the oil and gas industry as it helps control well pressure and prevent blowouts.
Summary:
• Global Potassium Formate Market Size Was Valued at USD 640.6 Million In 2022 And is Expected to Grow at a CAGR Of 4.2 % During the Forecast Period, Reaching USD 896.4 Million By 2030.
• Asia Pacific is expected to dominate the potassium formate market during the forecast period.
"To know more about The Potassium Formate Market statistics click here: https://www.cognitivemarketresearch.com/potassium-formate-market-report
Market Overview:
- What are the driving factors for the potassium formate market?
The rapid growth of the oil and gas industry along with the increasing demand for de-icing agents is the main driving factor contributing to the growth of the potassium formate market during the forecast period. Potassium formate is increasingly used as a de-icing agent for runways, roads, and bridges, especially in cold climate regions. With the growing need for effective and eco-friendly de-icing agents, the demand for potassium formate is expected to grow in near future. Additionally, growing environmental concerns has driven market growth over the forecast period.
However, the wide availability of alternative products can be a significant barrier to the growth of the market in near future. Further, with the increasing focus on environmental sustainability, the demand for potassium formate is expected to rise as it is considered to be a more environmentally friendly alternative. This is likely to create great opportunities for the market during the forecast period.
Market Segmentation Analysis
Type
• Liquid Potassium Formate
• Solid Potassium Formate
The liquid potassium formate segment is a major revenue contributor in terms of type, due to low-density potassium formate having several advantages compared to solid potassium formate. As it is easier to apply and can be sprayed onto surfaces, which can result in more efficient and even distribution of the de-icing agent. Liquid potassium formate also has a lower freezing point compared to solid potassium formate.
Application
• Oil Field
• De-icing agent
• Heat Transfer Fluid
• Drilling Fluid
• Agricultural Product
• Others
Based on the application, the oil field held the largest share in 2022. It is increasingly adapted as a drilling fluid additive in the oil and gas industry, where it helps to control the pressure in oil wells and prevent blowouts. It is a preferred option in oil field applications due to its low toxicity, non-corrosiveness, and high compatibility with other drilling fluids.
The Major Players in Potassium Formate Market are:
Perstorp, OXEA Corporation, ADDCON, NASi, M I Swaco, BASF, Kemira, Esseco, Hawkins, Shouguang Hengtong Chemical, Chongqing Chuandong Chemical, Shuntong Group, Mianyang Aostar Phosphorus Chemical, Hangzhou Focus Chemical, Shanxi Zhaoyi Chemical, Hebei Huayun Hongye Chemical
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Browse here for Full TOC:
Table of Content (Revenue USD Edition), (Enquire about Volume/Consumption Edition Data)
Chapter 1 Industrial Insight and Market Scope
Chapter 2 Research MethodologyReview Complete Research Methodology
Chapter 3 Executive Summary of Potassium Formate Market
• 3.1 Global Potassium Formate Market Size 2018 - 2030, (USD Million)
• 3.2 Global Potassium Formate Value, Absolute & Opportunity Analysis
• 3.3 Global Potassium Formate Market Y-o-Y Growth Rate Projection by Region (2023 - 2030)
• 3.4 Global Potassium Formate Market Statistics 2022: Snapshot
Chapter 4 Global Potassium Formate Market Overview
Chapter 5 Competitive Analysis (Subject to Availability)
Chapter 6 Environmental, Social, and Governance (ESG) Analysis
Chapter 7 Qualitative Analysis
Chapter 8 Company Profiling (Subject to Availability)
Chapter 9 Global Potassium Formate Market by Type Segmentation Analysis (2018-2030)
Chapter 10 Global Potassium Formate Market by Application Segmentation Analysis (2018-2030)
Chapter 11 Global Potassium Formate Market Regional Analysis
Chapter 12 North America Potassium Formate Market Outlook (2018 - 2030)
Chapter 13 Europe Potassium Formate Market Outlook (2018 - 2030)
Chapter 14 Asia Pacific Potassium Formate Market Outlook (2018 - 2030)
Chapter 15 Latin America Potassium Formate Market Outlook (2018 - 2030)
Chapter 16 Middle East and Africa Potassium Formate Market Outlook (2018 - 2030)
Chapter 17 Research Findings
Customize the Report Edition (Is applicable, On Request, Subject to Data Available, At an Additional Cost)
To know more Potassium Formate Market TOC click here: https://www.cognitivemarketresearch.com/potassium-formate-market-report#table_of_contents
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𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
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Illinois, 60602
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Email: sales@cognitivemarketresearch.com
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About Cognitive Market Research Company :
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operating across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
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