Potassium Formate Business value Competitive Tracking, Growth Trends, Global Size, Share, 2027

Description :

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 2025

Keywords :

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global potassium formate market value Analysis

The Global Potassium Formate Market was valued at over USD 500 million in 2018 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.

By form, the global potassium formate market value 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, 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.

Top Key Players

The prominent players in the global potassium formate market value 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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Regional Analysis

Some of the key players operating in the Global Potassium Formate Market value are Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

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