Analysis of the North America Potassium Formate Market by Liquid and Solid Type
Advanced Chemical Research, a Wide Range of Application, and Industrial Expansion in the Region is Expected to Garner the Market Growth. FMI Taps the Data
The North America potassium formate market is anticipated to flourish at an average CAGR of 4.9% between 2023 and 2033. The market is expected to hold a market share of US$ 364.3 million by 2033 while the market is likely to reach a value of US$ 225.8 million in 2023.
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 key 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.
The market is likely to expand due to the high quality and environmental friendliness of formic acid, as well as the widespread adoption of potassium formate as a safe alternative to salts made of hazardous chemicals.
Key manufacturers operating in the market are focused on research & development activities to launch new and customized products as per the 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
Details
North America Potassium Formate Market CAGR (2023 to 2033)
4.9%
North America Potassium Formate Market Size (2023)
US$ 225.8 million
North America Potassium Formate Market Size (2033)
US$ 364.3 million
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
2018 to 2022 Global Potassium Formate Demand Outlook Compared to 2023 to 2033 Forecast
The North America potassium formate market witnessed a CAGR of 2.2% over the historical period of 2018 to 2022. High raw material prices, varying demands for chemicals & specialty materials, altered customer expectations & behaviors associated with chemical products, and rising logistical costs declined the growth during the historical period.
The North America potassium formate market is set to exhibit growth at a CAGR of around 4.9% in the forecast period between 2023 and 2033, as per the current estimate. 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.
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.
Potassium formate brine reduces damage and hole stability problems by preventing reservoir shell hydration and migration when used as a drilling fluid. Also, the 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 environment-friendly and can be used as drilling fluids for oil and gas drilling activities. Furthermore, the drilling fluid segment is thus expected to reach about US$ 132.0 million by the 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. Additionally, the industry requires sustainable and environment-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 United States of America and Canada experience snowfall compared to other parts of North America. Thus, these countries require smart deicing solutions for commercial and residential purposes. The United States of America 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. Also, the de-icing segment is thus expected to reach about US$ 128.9 million by the 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 environment-friendly de-icing solutions that might be safe for runways, aircraft components, and employees. In addition, various manufacturers are working on the development of a new formulation of potassium formate based on the SAE AMS 1435 D specification that meets the requirements of the Federal Aviation Administration.
Find your sweet spots for generating winning opportunities in this market.
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. Also, fluctuations in the price of formic acid have a direct impact on the North America market.
The availability of low-cost alternatives in the market may hamper growth. Further, the 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 United States Potassium Formate Market Outlook?
Requirement of Aircraft Deicing to Push Sales of Potassium Formate Liquid
The United States 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. Moreover, the demand for eco-friendly drilling fluids is increasing in the country, which is expected to result in a surging demand for potassium formate.
The United States 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 significant 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 United States of America’s potassium formate market is expected to thrive at a CAGR of 4.8% during the forecast period.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need and save 40%!
Category Analysis
Category
By Product Type
Leading Segment
Liquid Potassium Formate
Market Share% (2022)
58.9%
Category
By Application Type
Leading Segment
Drilling Fluid
Market Share% (2022)
38.7%
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 significant 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 leading manufacturers controlling a sizable portion of the same. Moreover, 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.
Recent Developments:
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.
Evonik Industries has introduced its potassium derivatives such as potassium carbonate hydrate, potassium carbonate solution, potassium hydrogen carbonate, and potassium hydroxide solution.
BASF SE has introduced its potassium formate with effective ice control and friction for aircraft on runways. The product offers lower COF for efficient degradation and affordable wastewater treatment costs.
Key Players Profiled in the Market
BASF SE
Evonik Industries
Honeywell International Inc.
Cabot Corporation
Addiction 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
Key Segments Covered
By Product Type:
Liquid (Brine)
Solid (Powder)
By Application:
Drilling Fluid
De-icing
Heat Transfer Fluid
Others (Fertilizers, Feed)
By End-Use Industry:
Food & Beverage
Cosmetic & Personal Care
Pharmaceutical
Chemicals
Others (Homecare, etc.)
Key Regions Covered:
North America
The United States
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Europe
Germany
The United Kingdom
France
Spain
Russia
Rest of Europe
Japan
Asia Pacific Excluding Japan
China
India
Malaysia
Singapore
Australia
Rest of Asia Pacific Excluding Japan (APEJ)
The Middle East and Africa
GCC Countries
Israel
South Africa
The Middle East and Africa (MEA)
Frequently Asked Questions
What is the market value in 2023?
In 2023, the market is valued at US$ 225.8 million.
What is the market value for 2033?
By 2033, the market will reach US$ 364.3 million.
What is the CAGR for North America Potassium Formate?
Organic onions will expand at an 4.9% CAGR through 2033.
Who are some key manufacturers?
BASF SE, Gelest Inc., and Hawkins Inc. are some key players.
What is the market’s historical performance?
From 2018 to 2022, the market registered a 2.2% CAGR.
Table of Content
1. Executive Summary
1.1. North America Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Countries
3.10. Country wise Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Tons) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Product Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Product Type, 2023 to 2033
5.3.1. Liquid (Brine)
5.3.2. Solid (Powder)
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
6. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Application, 2023 to 2033
6.3.1. Drilling Fluid
6.3.2. De-icing
6.3.3. Heat Transfer Fluid
6.3.4. Others (Fertilizers, Feed)
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Country, 2018 to 2022
7.3. Current Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Country, 2023 to 2033
7.3.1. USA
7.3.2. Canada
7.4. Market Attractiveness Analysis By Country
8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Product Type
8.2.3. By Application
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Product Type
8.3.3. By Application
8.4. Key Takeaways
9. Key Countries Potassium Formate Market Analysis
9.1. USA
9.1.1. Pricing Analysis
9.1.2. Market Share Analysis, 2022
9.1.2.1. By Product Type
9.1.2.2. By Application
9.2. Canada
9.2.1. Pricing Analysis
9.2.2. Market Share Analysis, 2022
9.2.2.1. By Product Type
9.2.2.2. By Application
10. Market Structure Analysis
10.1. Competition Dashboard
10.2. Competition Benchmarking
10.3. Market Share Analysis of Top Players
10.3.1. By Countries
10.3.2. By Product Type
10.3.3. By Application
11. Competition Analysis
11.1. Competition Deep Dive
11.1.1. BASF SE
11.1.1.1. Overview
11.1.1.2. Product Portfolio
11.1.1.3. Profitability by Market Segments
11.1.1.4. Sales Footprint
11.1.1.5. Strategy Overview
11.1.1.5.1. Marketing Strategy
11.1.1.5.2. Product Strategy
11.1.1.5.3. Channel Strategy
11.1.2. Evonik Industries
11.1.2.1. Overview
11.1.2.2. Product Portfolio
11.1.2.3. Profitability by Market Segments
11.1.2.4. Sales Footprint
11.1.2.5. Strategy Overview
11.1.2.5.1. Marketing Strategy
11.1.2.5.2. Product Strategy
11.1.2.5.3. Channel Strategy
11.1.3. Honeywell International Inc.
11.1.3.1. Overview
11.1.3.2. Product Portfolio
11.1.3.3. Profitability by Market Segments
11.1.3.4. Sales Footprint
11.1.3.5. Strategy Overview
11.1.3.5.1. Marketing Strategy
11.1.3.5.2. Product Strategy
11.1.3.5.3. Channel Strategy
11.1.4. Cabot Corporation
11.1.4.1. Overview
11.1.4.2. Product Portfolio
11.1.4.3. Profitability by Market Segments
11.1.4.4. Sales Footprint
11.1.4.5. Strategy Overview
11.1.4.5.1. Marketing Strategy
11.1.4.5.2. Product Strategy
11.1.4.5.3. Channel Strategy
11.1.5. Addiction GmbH
11.1.5.1. Overview
11.1.5.2. Product Portfolio
11.1.5.3. Profitability by Market Segments
11.1.5.4. Sales Footprint
11.1.5.5. Strategy Overview
11.1.5.5.1. Marketing Strategy
11.1.5.5.2. Product Strategy
11.1.5.5.3. Channel Strategy
11.1.6. Dynalene Inc.
11.1.6.1. Overview
11.1.6.2. Product Portfolio
11.1.6.3. Profitability by Market Segments
11.1.6.4. Sales Footprint
11.1.6.5. Strategy Overview
11.1.6.5.1. Marketing Strategy
11.1.6.5.2. Product Strategy
11.1.6.5.3. Channel Strategy
11.1.7. Perstorp Holding AB
11.1.7.1. Overview
11.1.7.2. Product Portfolio
11.1.7.3. Profitability by Market Segments
11.1.7.4. Sales Footprint
11.1.7.5. Strategy Overview
11.1.7.5.1. Marketing Strategy
11.1.7.5.2. Product Strategy
11.1.7.5.3. Channel Strategy
11.1.8. Gelest Inc.
11.1.8.1. Overview
11.1.8.2. Product Portfolio
11.1.8.3. Profitability by Market Segments
11.1.8.4. Sales Footprint
11.1.8.5. Strategy Overview
11.1.8.5.1. Marketing Strategy
11.1.8.5.2. Product Strategy
11.1.8.5.3. Channel Strategy
11.1.9. Hawkins Inc.
11.1.9.1. Overview
11.1.9.2. Product Portfolio
11.1.9.3. Profitability by Market Segments
11.1.9.4. Sales Footprint
11.1.9.5. Strategy Overview
11.1.9.5.1. Marketing Strategy
11.1.9.5.2. Product Strategy
11.1.9.5.3. Channel Strategy
11.1.10. Tomiyama Pure Chemical Industries
11.1.10.1. Overview
11.1.10.2. Product Portfolio
11.1.10.3. Profitability by Market Segments
11.1.10.4. Sales Footprint
11.1.10.5. Strategy Overview
11.1.10.5.1. Marketing Strategy
11.1.10.5.2. Product Strategy
11.1.10.5.3. Channel Strategy
11.1.11. Industrial Chemical (ICL)
11.1.11.1. Overview
11.1.11.2. Product Portfolio
11.1.11.3. Profitability by Market Segments
11.1.11.4. Sales Footprint
11.1.11.5. Strategy Overview
11.1.11.5.1. Marketing Strategy
11.1.11.5.2. Product Strategy
11.1.11.5.3. Channel Strategy
11.1.12. Tetra Technologies Inc.
11.1.12.1. Overview
11.1.12.2. Product Portfolio
11.1.12.3. Profitability by Market Segments
11.1.12.4. Sales Footprint
11.1.12.5. Strategy Overview
11.1.12.5.1. Marketing Strategy
11.1.12.5.2. Product Strategy
11.1.12.5.3. Channel Strategy
11.1.13. Spectrum Chemical MFG Corp
11.1.13.1. Overview
11.1.13.2. Product Portfolio
11.1.13.3. Profitability by Market Segments
11.1.13.4. Sales Footprint
11.1.13.5. Strategy Overview
11.1.13.5.1. Marketing Strategy
11.1.13.5.2. Product Strategy
11.1.13.5.3. Channel Strategy
11.1.14. Proviron
11.1.14.1. Overview
11.1.14.2. Product Portfolio
11.1.14.3. Profitability by Market Segments
11.1.14.4. Sales Footprint
11.1.14.5. Strategy Overview
11.1.14.5.1. Marketing Strategy
11.1.14.5.2. Product Strategy
11.1.14.5.3. Channel Strategy
12. Assumptions & Acronyms Used13. Research Methodology
List of Tables
Table 1: Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 2: Market Volume (Tons) Forecast by Country, 2018 to 2033
Table 3: Market Value (US$ Million) Forecast by Product Type, 2018 to 2033
Table 4: Market Volume (Tons) Forecast by Product Type, 2018 to 2033
Table 5: Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 6: Market Volume (Tons) Forecast by Application, 2018 to 2033
Table 7: Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 8: Market Volume (Tons) Forecast by Country, 2018 to 2033
Table 9: Market Value (US$ Million) Forecast by Product Type, 2018 to 2033
Table 10: Market Volume (Tons) Forecast by Product Type, 2018 to 2033
Table 11: Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 12: Market Volume (Tons) Forecast by Application, 2018 to 2033
List of Charts
Figure 1: Market Value (US$ Million) by Product Type, 2023 to 2033
Figure 2: Market Value (US$ Million) by Application, 2023 to 2033
Figure 3: Market Value (US$ Million) by Country, 2023 to 2033
Figure 4: Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 5: Market Volume (Tons) Analysis by Country, 2018 to 2033
Figure 6: Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 7: Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 8: Market Value (US$ Million) Analysis by Product Type, 2018 to 2033
Figure 9: Market Volume (Tons) Analysis by Product Type, 2018 to 2033
Figure 10: Market Value Share (%) and BPS Analysis by Product Type, 2023 to 2033
Figure 11: Market Y-o-Y Growth (%) Projections by Product Type, 2023 to 2033
Figure 12: Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 13: Market Volume (Tons) Analysis by Application, 2018 to 2033
Figure 14: Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 15: Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 16: Market Attractiveness by Product Type, 2023 to 2033
Figure 17: Market Attractiveness by Application, 2023 to 2033
Figure 18: Market Attractiveness by Country, 2023 to 2033
Figure 19: Market Value (US$ Million) by Product Type, 2023 to 2033
Figure 20: Market Value (US$ Million) by Application, 2023 to 2033
Figure 21: Market Value (US$ Million) by Country, 2023 to 2033
Figure 22: Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 23: Market Volume (Tons) Analysis by Country, 2018 to 2033
Figure 24: Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 25: Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 26: Market Value (US$ Million) Analysis by Product Type, 2018 to 2033
Figure 27: Market Volume (Tons) Analysis by Product Type, 2018 to 2033
Figure 28: Market Value Share (%) and BPS Analysis by Product Type, 2023 to 2033
Figure 29: Market Y-o-Y Growth (%) Projections by Product Type, 2023 to 2033
Figure 30: Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 31: Market Volume (Tons) Analysis by Application, 2018 to 2033
Figure 32: Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 33: Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 34: Market Attractiveness by Product Type, 2023 to 2033
Figure 35: Market Attractiveness by Application, 2023 to 2033
Figure 36: Market Attractiveness by Country, 2023 to 2033
