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North America Potassium Formate Market

Discover How Harsh Winters in the U.S. and Canada Are Influencing Sales of Potassium Formate in FMI’s Report!

North America Potassium Formate Market by Product Type, Application & Region - Forecast 2022 - 2032

North America Potassium Formate Market Outlook (2022-2032)

[148 Pages Report] The North America potassium formate market is set to reach a valuation of US$ 216.3 Mn by 2022. The global market is expected to grow at a CAGR of 4.8% from 2022-2032 and top a valuation of US$ 344.6 Mn by 2032. With growing demand for drilling fluids and eco-friendly de-icing solutions, sales of potassium formate are likely to exhibit significant growth during the forecast period.

The oil and gas sector is using potassium formate liquid as an alternative to traditional drilling fluids due to its superior functional qualities and sustainability. One of the main factors driving the demand graph upward is the emergence of brand-new, cutting-edge, quickly expanding applications of potassium formate as a heat transfer liquid.

Additionally, the market will expand due to the high quality and environmental friendliness of formic acid, as well as the widespread adoption of potassium formate as a safer alternative to salts made of hazardous chemicals.

Key manufacturers operating in the market are more focused on research & development activities to launch new and customized products as per needs of clients. Also, they are aiming to produce different formulations that are being made with the help of potassium formate to cater to the surging demand and meet regulatory standards set by the government.

Attributes

Key Statistics

North America Potassium Formate Market Estimated Size (2022E)

US$ 216.3 Mn

Projected Market Valuation (2032F)

US$ 344.6 Mn

Value-based CAGR (2022-2032)

4.8%

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2017-2021 Global Potassium Formate Demand Outlook Compared to 2022-2032 Forecast

The North America potassium formate market witnessed a CAGR of 1.5% over the historical period of 2017 to 2021. High raw material prices, varying demands for chemicals & specialty materials, altered customer expectations & behaviors associated with chemical products, and rising logistical costs had declined growth during the historical period.

As per the current estimate, the North America potassium formate market is set to exhibit growth at a CAGR of around 4.8% in the forecast period between 2022 and 2032. The market is further anticipated to pick up pace due to ongoing technological advancements in multiple end-use sectors and rising consumption of potassium formate in various formulations.

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Top 3 Trends Bolstering the North America Potassium Formate Market

  • Increasing Demand for Drilling Fluids

North America has various reserves of crude oil and gas. In oil and gas drilling operations, drilling fluid is a heavy, incompressible viscous mixture that is used to cool and lubricate the drill bit. It also transfers rock shavings to the surface. Potassium formate fluids are organic monovalent fluids that are non-corrosive and perform better in many aspects than conventional divalent brines. Over the past few years, there has been a steady rise in the use of biodegradable materials and thus the demand for this chemical is likely to grow in North America.

When used as a drilling fluid, potassium formate brine reduces damage and hole stability problems by preventing reservoir shell hydration and migration. Urgent need for drilling fluids is anticipated to push growth in the market.

The market is also expanding as a result of increased demand for formate brines that are environmentally friendly and can be used as drilling fluids for oil and gas drilling activities. The drilling fluid segment is thus expected to reach about US$ 132.0 Mn by end of the forecast period, says FMI.

  • Urgent Need for Deicing Liquids during Winters

Potassium formate-based brines have been gaining immense popularity as a de-icing agent in comparison to other solutions. It has taken the place of alternative chloride-based solutions as the preferred deicing agent on runways as a result of strict rules revolving around the aerospace industry. The industry requires sustainable and environmentally friendly options for de-icing in North America.

Demand for de-icing salt is greatly influenced by harsh winters in North America. Countries like the U.S. and Canada experience more snowfall than other parts of North America and thus, these countries require smarter deicing solutions for commercial and residential purposes. The U.S. has more than 4 million miles of roads and a 78,000 km interstate highway system. During snowfall, the above-mentioned roads and highways get covered by ice and to melt it down, de-icing salts are required.

Non-toxic properties of potassium formate liquids are also anticipated to significantly propel their use in the aerospace sector, as well as in roads and walkways across suburbs and cities in North America. The de-icing segment is thus expected to reach about US$ 128.9 Mn by end of the forecast period.

  • Demand for Eco-friendly Solutions in the Aerospace Industry

Countries in North America are facing airfield challenges with de-icing solutions. Aircraft maintenance authorities are looking for environmentally friendly de-icing solutions that would be safe for runways, aircraft components, and employees. Various manufacturers are working on the development of a new formulation of potassium formate based on the SAE AMS 1435 D specification that meets requirements of the Federal Aviation Administration.

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Which Factors May Hamper the North America Potassium Formate Market?

Potassium formate is widely used at the industrial level for different applications in which the leading consumer is the oil and gas industry. It is extensively used as a drilling fluid in oil and gas drilling operations. Production of potassium formate involves formic acid. Fluctuations in the price of formic acid have a direct impact on the North America market.

Besides, availability of low-cost alternatives in the market may hamper growth. Rising adoption of alternative anti-icing and de-icing compounds such as sodium chloride and magnesium chloride can hinder the market. Potassium formate is expensive, as compared to other alternative solutions such as rock salt and chloride-based deicers, which may obstruct the market in the forecast period.

Country-wise Insights

What is the U.S. Potassium Formate Market Outlook?

“Requirement of Aircraft Deicing to Push Sales of Potassium Formate Liquid”

The U.S. is considered to be one of the leading countries in the North America potassium formate market. It is one of the largest crude oil producers in the world. Demand for eco-friendly drilling fluids is increasing in the country, which is expected to result in the surging demand for potassium formate.

Apart from that, the U.S. witnesses heavy snowfall, which covers the roads, pathways, walkways, and runways, thereby hindering transportation. Every year, snowfall leads to heavy damage to the infrastructure, vehicles, and ecosystem.

Deicing and anti-icing of aircraft and runway pavement is a major requirement of the Federal Aviation Administration (FAA) for airlines and airports that operate in icy conditions. This guarantees the security & safety of cargo operations and passengers.

For de-icing purposes, potassium formate is employed as it is a smart solution, as compared to other chloride-based products. Owing to the aforementioned factors, the U.S. potassium formate market is expected to grow at a CAGR of 4.9% during the forecast period.

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Category-wise Insights

Which is the Highly Preferred Product Type?

“Liquid Potassium Formate Solutions to Gain Traction in Future”

By product type, the liquid (brine) segment is expected to witness lucrative growth in the upcoming decade as it is being used in various applications, including drilling fluids, de-icing, and heat transfer fluids. Liquid potassium formate is used with various densities according to its applications. These solutions have high purity and find usage in many sectors, including the oil industry, fodder preservation, and deicing sectors.

Competitive Landscape

The North America potassium formate market is fairly consolidated, with major manufacturers controlling a sizable portion of the same. Key market participants are focusing on the development of new products that can meet regulatory standards. They are also focusing on expanding their existing portfolios to maintain a competitive edge in the market.

For instance:

  • In January 2020, Invercon Inc. and NEI Corporation successfully tested their newly developed de-icing system at the NASA Glenn Research Center’s Icing Research Tunnel. The test was observed by scientists and engineers at the Research Center. It met the goal of demonstrating a low power anti-ice system in combination with NEI’s NANOMYTE SuperAi anti-ice coating that eliminates ice accretion on the leading edge of an airfoil.

Scope of Report

Attribute

Details

Estimated Market Size (2022)

US$ 216.3 Mn

Projected Market Valuation (2032)

US$ 344.6 Mn

Value-based CAGR (2022-2032)

4.8%

Forecast Period

2022-2032

Historical Data Available for

2017-2021

Market Analysis

Value (US$ Mn) Volume (Tons)

Key Countries Covered

U.S., Canada

Key Segments Covered

Product Type, Application, and Country

Key Companies Profiled

  • BASF SE
  • Evonik Industries
  • Honeywell International Inc.
  • Cabot Corporation
  • Addcon GmbH
  • Dynalene Inc.
  • Perstorp Holding AB
  • Gelest Inc.
  • Hawkins Inc.
  • Tomiyama Pure Chemical Industries
  • Industrial Chemical (ICL)
  • Tetra Technologies Inc.
  • Spectrum Chemical MFG Corp
  • Proviron

Report Coverage

  • Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Potassium Formate Market Segmentation

By Product Type:

  • Liquid (Brine)
  • Solid (Powder)

By Application:

  • Drilling Fluid
  • De-icing
  • Heat Transfer Fluid
  • Others (Fertilizers, Feed)

By Country:

  • United States
  • Canada

Frequently Asked Questions

The North American potassium formate market size is estimated to reach a valuation of US$ 216.3 Mn in 2022.

The North America potassium formate market is anticipated to witness growth at a CAGR of 4.8% over the forecast period of 2022 and 2032

BASF SE, Evonik Industries, Honeywell International Inc., Cabot Corporation, Addcon GmbH, Dynalene Inc., Perstorp Holding AB, Gelest Inc., and Hawkins Inc.

Key players in the North America potassium formate market are expected to account for about 60-65% of the overall share.

Table of Content

1. Executive Summary

    1.1. North America Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Key Market Trends

    3.1. Key Trends Impacting the Market

    3.2. Innovation / Development Trends

4. Key Success Factors

    4.1. Product Adoption / Usage Analysis

    4.2. Product innovation & Diversification

    4.3. Marketing and Brand management

    4.4. Supply Chain Management

5. North America Potassium Formate Market Demand Analysis 2017-2021 and Forecast, 2022-2032

    5.1. Historical Market Volume (Tons) Analysis, 2017-2021

    5.2. Current and Future Market Volume (Tons) Projections, 2022-2032

    5.3. Y-o-Y Growth Trend Analysis

6. North America Potassium Formate Market - Pricing Analysis

    6.1. Countryal Pricing Analysis By Product Type

    6.2. Pricing Analysis by Countrys

7. North America Potassium Formate Market Demand (in Value or Size in US$ Mn) Analysis 2017-2021 and Forecast, 2022-2032

    7.1. Historical Market Value (US$ Mn) Analysis, 2017-2021

    7.2. Current and Future Market Value (US$ Mn) Projections, 2022-2032

        7.2.1. Y-o-Y Growth Trend Analysis

        7.2.2. Absolute $ Opportunity Analysis

8. Market Background

    8.1. Macro-Economic Factors

    8.2. Forecast Factors - Relevance & Impact

    8.3. Supply-Demand Analysis

    8.4. Value Chain

    8.5. Market Dynamics

    8.6. Impact of COVID – 19 Crisis

    8.7. Porter’s Five Forces & PEST Analysis

9. North America Potassium Formate Market Analysis 2017-2021 and Forecast 2022-2032, by Product Type

    9.1. Introduction / Key Findings

    9.2. Historical Market Size (US$ Mn) and Volume Analysis By Product Type, 2017 - 2021

    9.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Product Type, 2022 - 2032

        9.3.1. Liquid (Brine)

        9.3.2. Solid (Powder)

    9.4. Market Attractiveness Analyses, By Product Type

10. North America Potassium Formate Market Analysis 2017-2021 and Forecast 2022-2032, By Application

    10.1. Introduction / Key Findings

    10.2. Historical Market Size (US$ Mn) and Volume Analysis By Application, 2017 - 2021

    10.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Application, 2022 - 2032

        10.3.1. Drilling Fluid

        10.3.2. De-icing

        10.3.3. Heat Transfer Fluid

        10.3.4. Others (Fertilizers, Feed)

    10.4. Market Attractiveness Analysis By Application

11. North America Potassium Formate Market Analysis 2017-2021 and Forecast 2022-2032, by RegionCountry

    11.1. Introduction

    11.2. Historical Market Size (US$ Mn) and Volume Analysis By Country, 2017 - 2021

    11.3. Current Market Size (US$ Mn) and Volume Analysis and Forecast By Country, 2022 - 2032

        11.3.1. United States

        11.3.2. Canada

    11.4. Market Attractiveness Analysis By Country

12. United States Potassium Formate Market Analysis 2017-2021 and Forecast 2022-2032

    12.1. Introduction

    12.2. Pricing Analysis

    12.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2017 - 2021

    12.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022 - 2032

        12.4.1. By Product Type

        12.4.2. By Application

        12.4.3. By Country

            12.4.3.1. Northeast

            12.4.3.2. Midwest

            12.4.3.3. South

            12.4.3.4. West

    12.5. Market Attractiveness Analysis

        12.5.1. By Product Type

        12.5.2. By Application

        12.5.3. By Country

13. Canada Potassium Formate Market Analysis 2017-2021 and Forecast 2022-2032

    13.1. Introduction

    13.2. Pricing Analysis

    13.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2017 - 2021

    13.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022 - 2032

        13.4.1. By Product Type

        13.4.2. By Application

        13.4.3. By Country

            13.4.3.1. The Atlantic Provinces

            13.4.3.2. Central Canada

            13.4.3.3. The West Coast

            13.4.3.4. The Northern Territories

    13.5. Market Attractiveness Analysis

        13.5.1. By Product Type

        13.5.2. By Application

        13.5.3. By Country

14. Market Structure Analysis

    14.1. Market Analysis by Tier of Companies [Potassium Formate]

    14.2. Market Concentration

    14.3. Market Share Analysis of Top Players

    14.4. Market Presence Analysis

15. Competition Analysis

    15.1. Competition Dashboard

    15.2. Primary Survey Analysis

    15.3. Competition Deep Dive

        15.3.1. BASF SE

            15.3.1.1. Overview

            15.3.1.2. Product Portfolio

            15.3.1.3. Key Financials

            15.3.1.4. Sales Footprint

            15.3.1.5. Strategy Overview

        15.3.2. Evonik Industries AG

            15.3.2.1. Overview

            15.3.2.2. Product Portfolio

            15.3.2.3. Key Financials

            15.3.2.4. Sales Footprint

            15.3.2.5. Strategy Overview

        15.3.3. Honeywell International

            15.3.3.1. Overview

            15.3.3.2. Product Portfolio

            15.3.3.3. Key Financials

            15.3.3.4. Sales Footprint

            15.3.3.5. Strategy Overview

        15.3.4. Cabot Corporation

            15.3.4.1. Overview

            15.3.4.2. Product Portfolio

            15.3.4.3. Key Financials

            15.3.4.4. Sales Footprint

            15.3.4.5. Strategy Overview

        15.3.5. Addcon GmbH

            15.3.5.1. Overview

            15.3.5.2. Product Portfolio

            15.3.5.3. Key Financials

            15.3.5.4. Sales Footprint

            15.3.5.5. Strategy Overview

        15.3.6. Dynalene LLC

            15.3.6.1. Overview

            15.3.6.2. Product Portfolio

            15.3.6.3. Key Financials

            15.3.6.4. Sales Footprint

            15.3.6.5. Strategy Overview

        15.3.7. Perstorp Holding AB

            15.3.7.1. Overview

            15.3.7.2. Product Portfolio

            15.3.7.3. Key Financials

            15.3.7.4. Sales Footprint

            15.3.7.5. Strategy Overview

        15.3.8. GELEST, INC.

            15.3.8.1. Overview

            15.3.8.2. Product Portfolio

            15.3.8.3. Key Financials

            15.3.8.4. Sales Footprint

            15.3.8.5. Strategy Overview

        15.3.9. Tomiyama Pure Chemical Industries, Ltd.

            15.3.9.1. Overview

            15.3.9.2. Product Portfolio

            15.3.9.3. Key Financials

            15.3.9.4. Sales Footprint

            15.3.9.5. Strategy Overview

        15.3.10. ICL

            15.3.10.1. Overview

            15.3.10.2. Product Portfolio

            15.3.10.3. Key Financials

            15.3.10.4. Sales Footprint

            15.3.10.5. Strategy Overview

        15.3.11. TETRA Technologies, Inc.

            15.3.11.1. Overview

            15.3.11.2. Product Portfolio

            15.3.11.3. Key Financials

            15.3.11.4. Sales Footprint

            15.3.11.5. Strategy Overview

        15.3.12. Hawkins Inc.

            15.3.12.1. Overview

            15.3.12.2. Product Portfolio

            15.3.12.3. Key Financials

            15.3.12.4. Sales Footprint

            15.3.12.5. Strategy Overview

        15.3.13. Proviron

            15.3.13.1. Overview

            15.3.13.2. Product Portfolio

            15.3.13.3. Key Financials

            15.3.13.4. Sales Footprint

            15.3.13.5. Strategy Overview

        15.3.14. Spectrum Chemical

            15.3.14.1. Overview

            15.3.14.2. Product Portfolio

            15.3.14.3. Key Financials

            15.3.14.4. Sales Footprint

            15.3.14.5. Strategy Overview

16. Assumptions and Acronyms Used

17. Research Methodology

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List of Tables

Table 01: North America Potassium Formate Market Size Volume (Tons) and Value (US$ Mn) Forecast By Product Type, 2017-2032

Table 02: North America Potassium Formate Market Size Volume (Tons) and Value (US$ Mn) Forecast By Application, 2017-2032

Table 03: North America Potassium Formate Market Size Volume (Tons) and Value (US$ Mn) Forecast By Country, 2017-2032

Table 04: United States Potassium Formate Market Size Volume (Tons) and Value (US$ Mn) Forecast By Product Type, 2017-2032

Table 05: United States Potassium Formate Market Size Volume (Tons) and Value (US$ Mn) Forecast By Application, 2017-2032

Table 06: United States Potassium Formate Market Size Volume (Tons) and Value (US$ Mn) Forecast By Country, 2017-2032

Table 07: Canada Potassium Formate Market Size Volume (Tons) and Value (US$ Mn) Forecast By Product Type, 2017-2032

Table 08: Canada Potassium Formate Market Size Volume (Tons) and Value (US$ Mn) Forecast By Application, 2017-2032

Table 09: Canada Potassium Formate Market Size Volume (Tons) and Value (US$ Mn) Forecast By Country, 2017-2032

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List of Charts

Figure 01: North America Potassium Formate Market Historical Volume (Tons), 2017 - 2021

Figure 02: North America Potassium Formate Market Current and Forecast Volume (Tons), 2022 - 2032

Figure 03: North America Potassium Formate Market Historical Value (US$ Mn), 2017 - 2021

Figure 04: North America Potassium Formate Market Current and Forecast Value (US$ Mn), 2022 - 2032

Figure 05: North America Potassium Formate Market Incremental $ Opportunity (US$ Mn), 2022 - 2032

Figure 06: North America Potassium Formate Market Share and BPS Analysis By Product Type– 2022 & 2032

Figure 07: North America Potassium Formate Market Y-o-Y Growth Projections By Product Type, 2022 - 2032

Figure 08: North America Potassium Formate Market Attractiveness Analysis By Product Type, 2022 - 2032

Figure 09: North America Potassium Formate Market Absolute $ Opportunity by Liquid (Brine) Product Type Segment, 2017-2032

Figure 10: North America Potassium Formate Market Absolute $ Opportunity by Solid (Powder) Product Type Segment, 2017-2032

Figure 11: North America Potassium Formate Market Share and BPS Analysis By Application– 2022 & 2032

Figure 12: North America Potassium Formate Market Y-o-Y Growth Projections By Application, 2022 - 2032

Figure 13: North America Potassium Formate Market Attractiveness Analysis By Application, 2022 - 2032

Figure 14: North America Potassium Formate Market Absolute $ Opportunity by Drilling Fluid Segment, 2017-2032

Figure 15: North America Potassium Formate Market Absolute $ Opportunity by De-icing Segment, 2017-2032

Figure 16: North America Potassium Formate Market Absolute $ Opportunity by Heat Transfer Fluid Segment, 2017-2032

Figure 17: North America Potassium Formate Market Absolute $ Opportunity by Others (Fertilizer, Feed) Segment, 2017-2032

Figure 18: North America Potassium Formate Market Share and BPS Analysis By Country– 2022 & 2032

Figure 19: North America Potassium Formate Market Y-o-Y Growth Projections By Country, 2022 - 2032

Figure 20: North America Potassium Formate Market Attractiveness Analysis By Country, 2022 - 2032

Figure 21: North America Potassium Formate Market Absolute $ Opportunity by North America Segment, 2017-2032

Figure 22: North America Potassium Formate Market Absolute $ Opportunity by Latin America Segment, 2017-2032

Figure 23: United States Potassium Formate Market Share and BPS Analysis By Product Type– 2022 & 2032

Figure 24: United States Potassium Formate Market Y-o-Y Growth Projections By Product Type, 2022 - 2032

Figure 25: United States Potassium Formate Market Attractiveness Analysis By Product Type, 2022 - 2032

Figure 26: United States Potassium Formate Market Share and BPS Analysis By Application– 2022 & 2032

Figure 27: United States Potassium Formate Market Y-o-Y Growth Projections By Application, 2022 - 2032

Figure 28: United States Potassium Formate Market Attractiveness Analysis By Application, 2022 - 2032

Figure 29: United States Potassium Formate Market Share and BPS Analysis By Country– 2022 & 2032

Figure 30: United States Potassium Formate Market Y-o-Y Growth Projections By Country, 2022 - 2032

Figure 31: United States Potassium Formate Market Attractiveness Analysis By Country, 2022 - 2032

Figure 32: Canada Potassium Formate Market Share and BPS Analysis By Product Type– 2022 & 2032

Figure 33: Canada Potassium Formate Market Y-o-Y Growth Projections By Product Type, 2022 - 2032

Figure 34: Canada Potassium Formate Market Attractiveness Analysis By Product Type, 2022 - 2032

Figure 35: Canada Potassium Formate Market Share and BPS Analysis By Application– 2022 & 2032

Figure 36: Canada Potassium Formate Market Y-o-Y Growth Projections By Application, 2022 - 2032

Figure 37: Canada Potassium Formate Market Attractiveness Analysis By Application, 2022 - 2032

Figure 38: Canada Potassium Formate Market Share and BPS Analysis By Country– 2022 & 2032

Figure 39: Canada Potassium Formate Market Y-o-Y Growth Projections By Country, 2022 - 2032

Figure 40: Canada Potassium Formate Market Attractiveness Analysis By Country, 2022 - 2032

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North America Potassium Formate Market