Potassium Formate Market

Potassium Formate Market Analysis :

Potassium formate is a hygroscopic white solid that belongs to potassium salt family formed from formic acid. It is a one-carbon compound that is highly soluble in water and serves as a buffer agent. In the formate potash process, potassium formate is an intermediate to produce potassium. Potassium formate in aqueous form is mainly used in the oil & gas industry that helps to manufacture superior-density and natural-friendly brine. This can be further used as a heat transfer fluid.

Potassium formate is accessible in solid as well as in solution form. Attributed to its environment-friendly nature, is can be used as a deicing salt during construction of roads. Moreover, it can be used during fertilizer manufacturing and other industrial applications. 

COVID-19 scenario analysis

COVID-19 pandemic has severely damaged the economy across the globe along with putting a halt on production process as well as hampering the trade cycle around the world. Therefore, the potassium formate market has also been hampered as companies were not able to meet the demand. Moreover, potassium formate has one of the applications in agricultural products; however, due to the lockdown, this segment has been hampered, which is likely to restraint the potassium formate market as well.

Top impacting factors: Market scenario analysis, trends, and drivers

Potassium formate has been continuously favored over other salts for applications such as drilling and de-icing. This factor has impacted positively on the market growth. Many leading manufacturers are highly focusing on strategic developments, such as partnerships, collaborations, joint ventures, acquisitions, capacity expansion, and product innovation, to improve their position in the international market and take the advantage of opportunities. For instance, a lot of companies are trying to take advantage of the opportunities occurring in the heat transfer fluids sector. Further, SynaTek Solutions launched a variety of airport de-icing solutions in 2017, with BASF’s potassium formate. Evonik also collaborated for potassium formate manufacturing.

The potassium formate market has been categorized into brine (liuid) segment and powder (solid) segment, where potassium brine is a superior-density clear liquid and is significantly used in the form of brine. Potassium formate in solid from is a white crystal clear powder that is hygroscopic in type, but its use is quite narrow compared to liquid form. Therefore, making liquid form of potassium formate is more appealing and creates more opportunities in the market for revenue generation.

Moreover, the growing requirement for efficient de-icing on runways is driving the market in aerospace industry, and this is likely to boost the potassium formate market in the projected time frame. However, decrease in the use of formic acid has been witnessed in the past few years. Moreover, seasonal demand for potassium formate also hinders the market value.

Regional analysis

The global potassium formate market is studied across major four regional markets, including North America, Europe, Asia-Pacific, and LAMEA. Europe is expected to be the largest market over the coming years in response to the rise in construction facilities of oil & gas industry in this region. In addition, huge demand for potassium formate in the oil & gas industry is further expected to complement the growth of this region. North America and Asia-Pacific are also expected to register significant growth due to rise in investments in the oil & gas sector. 

Key benefits of the report:

• This study presents the analytical depiction of the global potassium formate market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global potassium formate market share.
• The current market is quantitatively analyzed to highlight the global potassium formate market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the potassium formate market research report:

• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Potassium Formate Market Report Highlights