The report “Potassium Formate Market by Form (Liquid/Brine, Powder). Application (Deicing Agent, Drilling & Completion Fluids, Fertilizer Additives, Heat Transfer Fluids, Preservatives), End-Use Industry – Global Forecast to 2030″ size is expected to reach USD 1.07 billion in 2030 from USD 0.77 billion in 2024, at a CAGR of 6.0% from 2024 to 2030. The demand for potassium formate is driven by several key factors, Demand for potassium formate in the market is fueled by its environmentally friendly characteristics, superior performance in target markets, and rising regulatory pressures on conventional chemicals. Potassium formate is broadly applied as a drilling and completion fluid in the oil & gas sector owing to its high density, low corrosiveness, and biodegradability, usability in HPHT wells and offshore drilling activities. Tight environmental regulations, such as the EU REACH Regulation, U.S. EPA standards, and Norway’s offshore chemical legislation, have pushed the move away from chloride-containing fluids to potassium formate brines. The deicing market is another important driver, with airports, municipalities, and highway authorities increasingly adopting potassium formate-based deicers to minimize infrastructure corrosion and freshwater pollution, particularly in North America and Europe.
Key Market Players
Prominent companies include Perstorp Holding AB (Sweden), Clariant (Switzerland), Thermo Fisher Scientific Inc (US), Eastman Chemical Company (US), Tetra Technologies Inc (US), ADDCON GmbH (Germany), Dynalene, Inc (US), Hawkins (US), American Elements (US), Hangzhou Focus Chemical Co., Ltd. (China), and among others.
Asia Pacific region is expected to register second-highest CAGR both in terms of value and volume during forecasted period
The Asia-Pacific area is estimated to grow with the second-highest CAGR in the potassium formate market owing to increasing oil & gas exploration, growing industrial use, and developing usage in agricultural activities. Countries such as China, India, Australia, and Indonesia are hugely investing in the exploration of energy, especially for deepwater drilling and unconventional wells, thus inducing demand for the use of drilling and completion fluids based on potassium formate. The Asia-Pacific oil & gas market is trending towards environmentally friendly and high-performance brines in line with local environmental regulations for minimizing formation damage and water contamination.
Potassium Formate Market Dynamics
- Drivers: Increasing demand for potassium formate in oil & gas end use industry
- Restraint: High production cost of potassium formate
- Opportunity: Technological advancements in the potassium formate market
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Challenge: Limited awareness in emerging economies
