Potassium Formate Market is Projected to Witness Healthy Growth During the Forecast Period Owing to High Demand in the Oil & Gas Industry

Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Potassium Formate Market.

Market Summary

The Potassium Formate Market was valued at over USD 700 million in 2022 and is expected to exhibit a CAGR of over 4% during the review period. The global demand for potassium formate is majorly driven by the increasing demand for efficient oil drilling and completion fluids in the oil & gas industry. The high demand for energy across the globe and increasing shale gas exploration are likely to fuel the demand for potassium formate and propel the global market growth in the years to follow.

Market Segmentation

The global potassium formate market has been segregated on the basis of form, application, and region.

By form, the global potassium formate market has been segmented into liquid (brine) and powder. The liquid (brine) segment accounted for the largest share of the market and is projected to be the leading segment during the forecast period. High density with solid-free formulation, monovalent ions in solution, compatibility with most metals and elastomer, good compatibility with reservoir minerals and formation fluids, resistance to scale formation, and high thermal and specific heat capacity are some of the key characteristics of the product, owing to which it is widely used as drilling fluid, refrigerant, and de-icing agent. The potassium formate powder is mainly used as a reducing agent in the printing & dyeing industry, as a coagulator in the production of cement, and the manufacturing of carbon black.

Based on application, the global potassium formate market has been categorized into oilfield, de-icing and anti-icing agents, refrigerants, industrial, and others. Potassium formate finds extensive application in oilfields, wherein it is used as a reservoir drilling and completion fluid and well suspension and packer fluid. The increasing demand for these fluids in the oil & gas industry to enhance the oil production process is expected to boost the demand for potassium formate in the years to follow.

Competitive Analysis

The prominent players in the global potassium formate market are Eastman Chemical Company (US), ADDCON GmbH (Germany), Evonik Industries AG (Germany), Clariant (Switzerland), Nachurs Alpine Solutions (US), Hawkins, Inc (US), Shouguang Hengtong Chemical Co., Ltd (China), TETRA Technologies, Inc (US), Proviron (Belgium), American Elements (US), and Hangzhou Focus Chemical Co., Ltd (China).

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