Potassium Formate Market Report - Global Forecast till 2027

Global Potassium Formate Market: Information by Form (Liquid [Brine] and Powder), Application (Oilfield, De-icing and Anti-Icing Agents, Refrigerants & Industrial and Others) and Region (North America, Asia-Pacific, Europe, Latin America and Middle East & Africa) - Forecast till 2027

ID: MRFR/CnM/6704-HCR | February 2021 | Region: Global | 111 pages

Potassium Formate Market Overview


The potassium formate market is projected to reach USD 700 million and register a CAGR of over 4% during the forecast period, 20192025.


Potassium formate, the salt of formic acid, is commercially available in both liquid and solid forms. The potassium formate solid is a white crystal with excellent moisture-absorbing ability, non-toxic and non-corrosive nature, and easy solubility in water. This strongly hygroscopic solid is produced as an intermediate in the formate potash process for use in the production of potassium. The potassium formate liquid is a colorless and clear saturated solution with a density of 1.58 g/cm3 and is a non-corrosive organic monovalent fluid with a number of performance benefits over the traditional divalent brines. Potassium formate exhibit high density, excellent thermal stability, and good lubricity as well as have a good eco-profile and are solid free. Potassium formate is widely used in various industries such as oil & gas, construction, fertilizers, and refrigeration owing to these characteristics.


The prominent factor driving the growth of the global market is increasing oil & gas exploration activities across the globe to meet the growing demand for energy. Potassium formate is mainly used as a non-damaging reservoir drilling and completion fluid, enabling the construction of long horizontal wellbores without the need of well stimulation. The solid-free potassium formate brine (formate-based mud) is capable of drilling long horizontals in shales much faster as compared to the oil-based muds. Moreover, the environmental impact is lower as compared to oil-based muds as well as are easy to recycle for reuse. Additionally, the excellent compatibility of formate brines with metals and elastomers makes them perfectly suitable for use as long-term well suspension and packer fluid, particularly for high-temperature, high-pressure (HPHT) wells where conventional brine and mud may lead to problems. Over the past few years, natural gas production & extraction from shale formations has increased in the oil & gas industry. The share of shale gas in total natural gas withdrawal was about 22% in 2010 and increased to about 62% by the end of 2017. With technological advancements and the development of unconventional natural gas resources in the US, the landscape of the gas sector in the recent years has changed significantly, and the trend is expected to continue in the future. This is expected to boost the demand for potassium formate in the industry and favor the growth of the global market in the years to follow. Likewise, the increasing use of the product as an efficient alternative to potassium acetate for runway de-icing is further expected to fuel the product demand in the coming years. It has a lower chemical oxygen demand (COD) that helps reduce wastewater treatment costs, minimizes harmful environmental effects, thus ensuring a sustainable environment.


However, volatile prices of raw materials are expected to be the key factor hampering the market growth during the assessment period.


Key Players


ADDCON GmbH (Germany), Clariant (Switzerland), Eastman Chemical Company (US), Evonik Industries AG (Germany), Nachurs Alpine Solutions (US), Hawkins, Inc (US), Shouguang Hengtong Chemical Co., Ltd (China), TETRA Technologies, Inc (US), Hangzhou Focus Chemical Co., Ltd (China), American Elements (US), and Proviron (Belgium).


Potassium Formate Market Share, by Application, 2018 (%)  Potassium Formate Market


Source: MRFR Analysis


Regional Analysis


The global potassium formate market has been analyzed for five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. In 2018, North America was the largest regional market, by value, with the US being the major contributor to the growth. The increasing adoption of the product in the oil & gas industry is the key factor driving the regional market growth. The market in Asia-Pacific is projected to register a healthy CAGR during the review period on account of expanding oil & gas industry in the region.


The European is expected to witness steady growth considering the growing use of the product in the de-icing applications at the airports due to the high snowfall in the region. Moreover, the stringent environmental regulations pertaining to the waste generation and high emphasis on the sustainable environment are also expected to fuel the growth of the regional market.


 Market Segmentation


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


Based on form, the global potassium formate market has been classified into liquid (brine) and powder. The liquid (brine) segment is projected to be the leading and the fastest growing segment during the forecast period. This is attributed to its widespread use in the oil & gas industry.


The application segments of the global potassium formate market are oilfield, de-icing and anti-icing agents, refrigerants, industrial, and others. The oilfield segment held the largest market share in 2018 and is expected to be dominant during the assessment period.


The regions covered under the scope of the global potassium formate market are Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.


Intended Audience



  • Potassium formate manufacturers

  • Traders and distributors of potassium formate

  • Research and development institutes

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratories



Frequently Asked Questions (FAQ) :


The market valuation would be USD 700 million by 2025.

The potassium formate market would grow with a 4% CAGR during the forecast period (2019 to 2025).

Unstable raw material prices can bog down the market.

The increase in oil & gas exploration activities to influence market growth.

North America would enjoy its upper hand in the potassium formate market.

Table of Contents

1 Executive Summary

2 Market Introduction

2.1 Market Definition

2.2 Scope of the Study

2.3 Assumptions & Limitations

2.4 Market Structure

2.5 Key Takeaways

3 Market Insights

4 Research Methodology

4.1 Research Process

4.2 Primary Research

4.3 Secondary Research

4.4 Market Size Estimation

4.5 Forecast Model

5 Market Dynamics

5.1 Introduction

5.2 Drivers

5.3 Restraints

5.4 Opportunities

5.5 Challenges

5.6 Trends

6 Market Factor Analysis

6.1 Supply Chain Analysis

6.1.1 Raw Material Suppliers

6.1.2 Manufacturers/Producers

6.1.3 Distributors/Retailers/Wholesalers/E-Commerce Merchants

6.1.4 End-Users

6.2 Porter’s Five Forces Analysis

6.2.1 Threat of New Entrants

6.2.2 Intensity of Competitive Rivalry

6.2.3 Threat of Substitutes

6.2.4 Bargaining Power of Suppliers

6.2.5 Bargaining Power of Buyers

6.3 Pricing Analysis

7. Global Potassium Formate Market, by Form

7.1 Introduction

7.2 Liquid (Brine)

7.2.1 Market Estimates & Forecast, 2020–2027

7.2.2 Market Estimates & Forecast, by Region, 2020–2027

7.3 Powder

7.3.1 Market Estimates & Forecast, 2020–2027

7.3.2 Market Estimates & Forecast, by Region, 2020–2027

8. Global Potassium Formate Market, by Application

8.1 Introduction

8.2 Oilfield

8.2.1 Market Estimates & Forecast, 2020–2027

8.2.2 Market Estimates & Forecast, by Region, 2020–2027

8.3 De-icing Agent

8.3.1 Market Estimates & Forecast, 2020–2027

8.3.2 Market Estimates & Forecast, by Region, 2020–2027

8.4 Refrigerants

8.4.1 Market Estimates & Forecast, 2020–2027

8.4.2 Market Estimates & Forecast, by Region, 2020–2027

8.5 Industrial

8.5.1 Market Estimates & Forecast, 2020–2027

8.5.2 Market Estimates & Forecast, by Region, 2020–2027

8.6 Others

8.6.1 Market Estimates & Forecast, 2020–2027

8.6.2 Market Estimates & Forecast, by Region, 2020–2027

9. Global Potassium Formate Market, by Region

9.1 Introduction

9.2 North America

9.2.1 Market Estimates & Forecast, 2020–2027

9.2.2 Market Estimates & Forecast, by Form, 2020–2027

9.2.3 Market Estimates & Forecast, by Application, 2020–2027

9.2.4 US

9.2.4.1 Market Estimates & Forecast, 2020–2027

9.2.4.2 Market Estimates & Forecast, by Form, 2020–2027

9.2.4.3 Market Estimates & Forecast, by Application, 2020–2027

9.2.5 Canada

9.2.5.1 Market Estimates & Forecast, 2020–2027

9.2.5.2 Market Estimates & Forecast, by Form, 2020–2027

9.2.5.3 Market Estimates & Forecast, by Application, 2020–2027

9.3 Europe

9.3.1 Market Estimates & Forecast, 2020–2027

9.3.2 Market Estimates & Forecast, by Form, 2020–2027

9.3.3 Market Estimates & Forecast, by Application, 2020–2027

9.3.4 Germany

9.3.4.1 Market Estimates & Forecast, 2020–2027

9.3.4.2 Market Estimates & Forecast, by Form, 2020–2027

9.3.4.3 Market Estimates & Forecast, by Application, 2020–2027

9.3.5. France

9.3.5.1 Market Estimates & Forecast, 2020–2027

9.3.5.2 Market Estimates & Forecast, by Form, 2020–2027

9.3.5.3 Market Estimates & Forecast, by Application, 2020–2027

9.3.6 Italy

9.3.6.1 Market Estimates & Forecast, 2020–2027

9.3.6.2 Market Estimates & Forecast, by Form, 2020–2027

9.3.6.3 Market Estimates & Forecast, by Application, 2020–2027

9.3.7 Spain

9.3.7.1 Market Estimates & Forecast, 2020–2027

9.3.7.2 Market Estimates & Forecast, by Form, 2020–2027

9.3.7.3 Market Estimates & Forecast, by Application, 2020–2027

9.3.8 UK

9.3.8.1 Market Estimates & Forecast, 2020–2027

9.3.8.2 Market Estimates & Forecast, by Form, 2020–2027

9.3.8.3 Market Estimates & Forecast, by Application, 2020–2027

9.3.9 Russia

9.3.9.1 Market Estimates & Forecast, 2020–2027

9.3.9.2 Market Estimates & Forecast, by Form, 2020–2027

9.3.9.3 Market Estimates & Forecast, by Application, 2020–2027

9.3.10 Poland

9.3.10.1 Market Estimates & Forecast, 2020–2027

9.3.10.2 Market Estimates & Forecast, by Form, 2020–2027

9.3.10.3 Market Estimates & Forecast, by Application, 2020–2027

9.4 Asia-Pacific

9.4.1 Market Estimates & Forecast, 2020–2027

9.4.2 Market Estimates & Forecast, by Form, 2020–2027

9.4.3 Market Estimates & Forecast, by Application, 2020–2027

9.4.4 China

9.4.4.1 Market Estimates & Forecast, 2020–2027

9.4.4.2 Market Estimates & Forecast, by Form, 2020–2027

9.4.4.3 Market Estimates & Forecast, by Application, 2020–2027

9.4.5 India

9.4.5.1 Market Estimates & Forecast, 2020–2027

9.4.5.2 Market Estimates & Forecast, by Form, 2020–2027

9.4.4.3 Market Estimates & Forecast, by Application, 2020–2027

9.4.6 Japan

9.4.6.1 Market Estimates & Forecast, 2020–2027

9.4.6.2 Market Estimates & Forecast, by Form, 2020–2027

9.4.6.3 Market Estimates & Forecast, by Application, 2020–2027

9.4.7 Australia

9.4.7.1 Market Estimates & Forecast, 2020–2027

9.4.7.2 Market Estimates & Forecast, by Form, 2020–2027

9.4.7.3 Market Estimates & Forecast, by Application, 2020–2027

9.4.8 New Zealand

9.4.8.1 Market Estimates & Forecast, 2020–2027

9.4.8.2 Market Estimates & Forecast, by Form, 2020–2027

9.4.8.3 Market Estimates & Forecast, by Application, 2020–2027

9.4.9 Rest of Asia-Pacific

9.4.9.1 Market Estimates & Forecast, 2020–2027

9.4.9.2 Market Estimates & Forecast, by Form, 2020–2027

9.4.9.3 Market Estimates & Forecast, by Application, 2020–2027

9.5 Middle East & Africa

9.5.1 Market Estimates & Forecast, 2020–2027

9.5.2 Market Estimates & Forecast, by Form, 2020–2027

9.5.3 Market Estimates & Forecast, by Application, 2020–2027

9.5.4 Turkey

9.5.4.1 Market Estimates & Forecast, 2020–2027

9.5.4.2 Market Estimates & Forecast, by Form, 2020–2027

9.5.4.3 Market Estimates & Forecast, by Application, 2020–2027

9.5.5 Israel

9.5.5.1 Market Estimates & Forecast, 2020–2027

9.5.5.2 Market Estimates & Forecast, by Form, 2020–2027

9.5.5.3 Market Estimates & Forecast, by Application, 2020–2027

9.5.6 South Africa

9.5.6.1 Market Estimates & Forecast, 2020–2027

9.5.6.2 Market Estimates & Forecast, by Form, 2020–2027

9.5.6.3 Market Estimates & Forecast, by Application, 2020–2027

9.5.7 GCC

9.5.7.1 Market Estimates & Forecast, 2020–2027

9.5.7.2 Market Estimates & Forecast, by Form, 2020–2027

9.5.7.3 Market Estimates & Forecast, by Application, 2020–2027

9.5.8 Rest of the Middle East & Africa

9.5.8.1 Market Estimates & Forecast, 2020–2027

9.5.8.2 Market Estimates & Forecast, by Form, 2020–2027

9.5.8.3 Market Estimates & Forecast, by Application, 2020–2027

9.6 Latin America

9.6.1 Market Estimates & Forecast, 2020–2027

9.6.2 Market Estimates & Forecast, by Form, 2020–2027

9.6.3 Market Estimates & Forecast, by Application, 2020–2027

9.6.4 Brazil

9.6.4.1 Market Estimates & Forecast, 2020–2027

9.6.4.2 Market Estimates & Forecast, by Form, 2020–2027

9.6.4.3 Market Estimates & Forecast, by Application, 2020–2027

9.6.5 Argentina

9.6.5.1 Market Estimates & Forecast, 2020–2027

9.6.5.2 Market Estimates & Forecast, by Form, 2020–2027

9.6.5.3 Market Estimates & Forecast, by Application, 2020–2027

9.6.6 Mexico

9.6.6.1 Market Estimates & Forecast, 2020–2027

9.6.6.2 Market Estimates & Forecast, by Form, 2020–2027

9.6.6.3 Market Estimates & Forecast, by Application, 2020–2027

9.6.7 Rest of Latin America

9.6.7.1 Market Estimates & Forecast, 2020–2027

9.6.7.2 Market Estimates & Forecast, by Form, 2020–2027

9.6.7.3 Market Estimates & Forecast, by Application, 2020–2027


10. Competitive Landscape

10.1 Introduction

10.2 Key Market Strategy Analysis

10.3 Key Development Analysis

(Expansions/Mergers & Acquisitions/Joint Ventures/New Product Developments/Agreements/Investments)

11. Company Profiles

11.1 ADDCON GmbH

11.1.1 Company Overview

11.1.2 Financial Overview

11.1.3 Product/Business Segment Overview

11.1.4 Key Developments

11.1.5 SWOT Analysis

11.1.6 Key Strategies

11.2 Nachurs Alpine Solutions

11.2.1 Company Overview

11.2.2 Financial Overview

11.2.3 Product/Business Segment Overview

11.2.4 Key Developments

11.2.5 SWOT Analysis

11.2.6 Key Strategies

11.3 Clariant

11.3.1 Company Overview

11.3.2 Financial Overview

11.3.3 Product/Business Segment Overview

11.3.4 Key Developments

11.3.5 SWOT Analysis

11.3.6 Key Strategies

11.4 Eastman Chemical Company

11.4.1 Company Overview

11.4.2 Financial Overview

11.4.3 Product/Business Segment Overview

11.4.4 Key Developments

11.4.5 SWOT Analysis

11.4.6 Key Strategies

11.5 Evonik Industries AG

11.5.1 Company Overview

11.5.2 Financial Overview

11.5.3 Product/Business Segment Overview

11.5.4 Key Developments

11.5.5 SWOT Analysis

11.5.6 Key Strategies

11.6 Hawkins, Inc

11.6.1 Company Overview

11.6.2 Financial Overview

11.6.3 Product/Business Segment Overview

11.6.4 Key Developments

11.6.5 SWOT Analysis

11.6.6 Key Strategies

11.7 Shouguang Hengtong Chemical Co., Ltd

11.7.1 Company Overview

11.7.2 Financial Overview

11.7.3 Product/Business Segment Overview

11.7.4 Key Developments

11.7.5 SWOT Analysis

11.7.6 Key Strategies

11.8 TETRA Technologies, Inc

11.8.1 Company Overview

11.8.2 Financial Overview

11.8.3 Product/Business Segment Overview

11.8.4 Key Developments

11.8.5 SWOT Analysis

11.8.6 Key Strategies

11.9 Hangzhou Focus Chemical Co., Ltd

11.9.1 Company Overview

11.9.2 Financial Overview

11.9.3 Product/Business Segment Overview

11.9.4 Key Developments

11.9.5 SWOT Analysis

11.9.6 Key Strategies

11.10 Proviron

11.10.1 Company Overview

11.10.2 Financial Overview

11.10.3 Product/Business Segment Overview

11.10.4 Key Developments

11.10.5 SWOT Analysis

11.10.6 Key Strategies

11.11 American Elements

11.11.1 Company Overview

11.11.2 Financial Overview

11.11.3 Product/Business Segment Overview

11.11.4 Key Developments

11.11.5 SWOT Analysis

11.11.6 Key Strategies

12. Appendix


LIST OF TABLES

Table 1 Global Potassium Formate Market, by Region, 2020–2027

Table 2 North America: Potassium Formate Market, by Country, 2020–2027

Table 3 Europe: Potassium Formate Market, by Country, 2020–2027

Table 4 Asia-Pacific: Potassium Formate Market, by Country, 2020–2027

Table 5 Middle East & Africa: Potassium Formate Market, by Country, 2020–2027

Table 6 Latin America: Potassium Formate Market, by Country, 2020–2027

Table 7 Global Potassium Formate Market, for Form, by Region, 2020–2027

Table 8 North America: Potassium Formate Market, for Form, by Country, 2020–2027

Table 9 Europe: Potassium Formate Market, for Form, by Country, 2020–2027

Table 10 Asia-Pacific: Potassium Formate Market, for Form, by Country, 2020–2027

Table 11 Middle East & Africa: Potassium Formate Market, for Form, by Country, 2020–2027

Table 12 Latin America: Potassium Formate Market, for Form, by Country, 2020–2027

Table 13 Global Potassium Formate Market, for Application, by Region, 2020–2027

Table 14 North America: Potassium Formate Market, for Application, by Country, 2020–2027

Table 15 Europe: Potassium Formate Market, for Application, by Country, 2020–2027

Table 16 Asia-Pacific: Potassium Formate Market, for Application, by Country, 2020–2027

Table 17 Middle East & Africa: Potassium Formate Market, for Application, by Country, 2020–2027

Table 18 Latin America: Potassium Formate Market, for Application, by Country, 2020–2027

Table 19 Global Form Market, by Region, 2020–2027

Table 20 Global Application Market, by Region, 2020–2027

Table 21 North America: Potassium Formate Market, by Country, 2020–2027

Table 22 North America: Potassium Formate Market, by Form, 2020–2027

Table 23 North America: Potassium Formate Market, by Application, 2020–2027

Table 24 Europe: Potassium Formate Market, by Country, 2020–2027

Table 25 Europe: Potassium Formate Market, by Form, 2020–2027

Table 26 Europe: Potassium Formate Market, by Application, 2020–2027

Table 27 Asia-Pacific: Potassium Formate Market, by Country, 2020–2027

Table 28 Asia-Pacific: Potassium Formate Market, by Form, 2020–2027

Table 29 Asia-Pacific: Potassium Formate Market, by Application, 2020–2027

Table 30 Middle East & Africa: Potassium Formate Market, by Country, 2020–2027

Table 31 Middle East & Africa: Potassium Formate Market, by Form, 2020–2027

Table 32 Middle East & Africa: Potassium Formate Market, by Application, 2020–2027

Table 33 Latin America: Potassium Formate Market, by Country, 2020–2027

Table 34 Latin America: Potassium Formate Market, by Form, 2020–2027

Table 35 Latin America: Potassium Formate Market, by Application, 2020–2027


LIST OF FIGURES

FIGURE 1 Global Potassium Formate Market Segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Porter’s Five Forces Analysis of Global Potassium Formate Market

FIGURE 4 Supply Chain Analysis of Global Potassium Formate Market

FIGURE 5 Share of Potassium Formate Market, by Country, 2020 (%)

FIGURE 6 Global Potassium Formate Market, 2020–2027

FIGURE 7 Sub-Segments of Form

FIGURE 8 Global Potassium Formate Market Size, by Form, 2020 (%)

FIGURE 9 Share of Global Potassium Formate Market, by Form, 2020–2027

FIGURE 10 Sub-Segments of Application

FIGURE 11 Global Potassium Formate Market Size, by Application, 2020 (%)

FIGURE 12 Share of Global Potassium Formate Market, by Application, 2020–2027