The market for potassium formate is expected to reach US$ 725.5 million in 2023 and grow gradually at a CAGR of 4.9% during the following ten years. The global potassium formate market is anticipated to generate US$ 1.17 billion by 2033’s end.
Due to its use as drilling fluid and preservative salts in the construction and food industries, respectively, rising construction activity and rising demand for frozen and packaged foods globally are predicted to benefit the demand for potassium formate. Given its non-toxic nature and sustainability, potassium formate is expected to have a significant impact on demand in the long run.
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Over the next several years, it is anticipated that increased use of environmentally friendly heat transfer fluids and the implementation of strict environmental protection regulations will open up new business prospects for both current and future potassium formate suppliers. Over the next ten years, increased oil and gas exploration will also significantly increase the global shipments of potassium formate.
Other factors that affect potassium formate consumption over the forecast period include increasing spending on chemical research and development, growing use of potassium formate in the production of animal feed, rising demand for frozen foods, high demand for environmentally friendly and effective drilling fluids, and expanding chemical manufacturing activity globally.
Key Players Covered:
- BASF SE
- Gelest Inc.
- Cabot Corporation
- Dynalene Inc.
- Honeywell International Inc.
- Evonik Industries
- ADDCON GmbH
- Tomiyama Pure Chemical Industries Ltd.
- Hangzhou Focus Chemical Co. Ltd.
- Hawkins Inc.
- Oxea Corporation
- Perstorp Specialty Chemicals AB
Key Segments of Potassium Formate Industry Research
- By Delivery Form :
- Dry Solid/Non-Caking Powder
- Brine Solutions
- By Application :
- Drilling Fluids
- Heat Transfer Fluids
- Agricultural Products
- Lubricants & Greases
- By Region :
- North America
- Latin America
The Potassium Formate Market research report assists companies in defining their own strategies for product creation, future product revisions, sales, marketing, promotion, and distribution in both the existing market and a potential novel market. Businesses may clearly understand what is already available, what the market presumes, the competitive climate, and what can be done to outperform the competition thanks to the research and analysis done for this study with the help of consistent knowledge. Businesses can better understand the various drivers and restraints affecting the market during the forecast period with the aid of the Potassium Formate Market research study.
Some of the important questions covered in this study are as follows:
- What are the prominent growth factors that will harness growth for the Potassium Formate Market during the forecast period?
- Which end-use industry will garner considerable growth for the Potassium Formate Market?
- Which region will emerge as a champion growth contributor during the assessment period?
- What are the obstacles surrounding the Potassium Formate Market?