Potassium Formate Market Analysis, Growth, COVID-19 Overview, Demand and Industry Forecast 2023
Potassium Formate Market Summary
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.
Potassium Formate Market Segmentation
The global potassium
formate industry has been segregated on the basis of form,
application, and region.
By form, the global COVID-19
analysis on potassium formate market report 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.
Based on application, the global potassium
formate market forecast has been categorized
into oilfield, de-icing and anti-icing agents, refrigerants, industrial, and
others. Potassium formate finds extensive application in the 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.
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Potassium Formate Market Competitive Analysis
The prominent players in the global potassium
formate market share 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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its impact on various industry verticals and wherever required we will be
considering covid19 footprints for a better analysis of market and industries.
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