The demand for eco-friendly products growing in various sectors. This has in turn encouraged manufacturers to launch innovative potassium formate solutions.
Future Market Insights’ new market research report opines that global potassium formate market is likely to witness significant growth during 2022 to 2029 on back of growing applications in drilling fluids, de-icing, and heating fluids. Valued at nearly US$ 716.4 Mn in 2022, global revenues are likely to grow at a CAGR of 4.2%, during the forecast period 2022 to 2029.
Demand has also been positively influenced by growing preference for environmentally-sustainable products, especially in drilling fluids, de-icing, and heating fluids. The report opines that a combination of macroeconomic and industry-specific factors will drive potassium format demand during the course of the forecast period.
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South Asia and East Asia Continue to be Lucrative
According to the study, new oil and gas drilling projects in Asia are fuelling demand for drilling fluids, which in turn, is creating sustained opportunities for stakeholders across the potassium formate value chain. Potassium formate is gaining traction in oil & gas sector, owing to its favorable properties and environmental feasibility. South Asia and
East Asia collectively accounted for over 26% of the global potassium formate market current, and the authors of the report do not see the status quo changing anytime soon. The broader push by governments in the region, and over-reliance on oil economy is likely to create sustained opportunities for potassium formate market players throughout the forecast period.
Drilling Fluid Likely to Remain a Key Application
The potassium formate market has been segmented on the basis of form, application, and region.
Potassium Formate Market: Vendor Insights
The report highlights the key market players that are prominent and have established their position in the global potassium formate market. The examples of the key players in this value chain of potassium formate are BASF, ADDCON, Perstorp, Cabot, Evonik, Honeywell and ICL among others.
The market players are providing premium customer services, technical support and an extensive range of potassium formate products in order to serve small to large customers across different industries and further expand their market presence by adapting new strategies including new product development and joint venture. The players are strategically focusing on building new partnerships and a strong client base. Some of the leading players are pushing the potassium formate sale in de-icing application due to its environmental feasibility and favorable properties.
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Potassium Formate Market Taxonomy
The global potassium formate market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach in front of the reader.
By Form
By application
Region
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jan 31, 2023