Potassium Formate: A Sustainable Solution in Drilling Fluids and De-icing Applications
Superior compatibility and high environmentally feasibility of potassium formate continue to solidify its applicability in the oil & gas and de-icing industries. While preference for potassium formate over other alternatives continues to gain momentum, the low corrosive attributes are particularly uplifting its prospects in de-icing. Additionally, new R&D efforts on innovative combinations of potassium formate with other salts is foreseen to enhance applicability of potassium formate in years to come.
Potassium Formate Market - Key Research Findings
Global potassium formate market size in 2018 – nearly US$ 613 Mn.
The potassium formate market is expected to grow at an approximate CAGR of 4% over 2019-2029.
North America and Europe are expected to remain leading regional markets for potassium formate products.
Strong presence of the oil & gas industry in North America accounts for increasing demand for potassium formate for application in drilling fluids, whereas high snowfall in the European region is the key booster to rising potassium formate consumption for formulation of deicing fluid.
Investments in research & development likely to result in development of high-quality products
Key players in the potassium formate market, such as BASF, ADDCON, Perstorp, Cabot, Evonik, etc., are augmenting R&D investments to extend their offerings for various end use applications.
Leading players are also adopting new marketing strategies to communicate the benefits of potassium formate over other salts, which is expected to drive the market growth during the forecast period.
Drilling fluids are likely to remain the leading application area for potassium formate manufacturers.
The growth of this segment can be primarily attributed to the growth of the global oil & gas industry. Some of the factors, such as cost-effectiveness and rising awareness about the benefits of potassium formate amongst the users are expected to propel the growth of the potassium formate market.
SynaTek Solutions has recently created biodegradable solutions for de-icing applications by using BASF formic acid product. Such developments will boost the potassium formate market growth.
Top 3 Factors Shaping the Potassium Formate Market
Increasing adoption of potassium formate over other salts in drilling fluids and de-icing applications
Key market players such as BASF, ADDCON, Evonik, Perstorp, and Cabot, are focusing on the expansion of the potassium formate market share through adoption of various marketing strategies.
Additionally, new developments by key players is pushing the adoption of potassium formate in various applications including de-icing, drilling fluids, and heat transfer fluids.
In 2017, SynaTek Solutions created solutions for de-icing of airports. In this, it uses BASF potassium formate, which is expected to boost the demand for potassium formate for de-icing application.
In 2018, Evonik started a joint venture to manufacture chlorine and potassium hydroxide, along with potassium formate.
Rising demand for environmental friendly chemicals for various applications
Increasing demand for environmental friendly products is pushing the demand for potassium formate. Potassium formate is easily biodegradable and has very less impact on the environment as compared to other salts used in de-icing and drilling fluid applications. Potassium formate is also less corrosive than other salts used in de-icing the airport. New developments in de-icing products, especially for airports are driving the demand for potassium formate as a sustainable solution.
Increasing issues at airports due to runway icing in Europe and North America
Runway icing is a common problem after snowfall majorly in European and North American countries. De-icing runways is a challenging maintenance task at airports. The chemicals used for de-icing should also comply environmental regulations and standards. Increasing focus on environmental friendly products is boosting the use of potassium formate in de-icing applications at airports.
Potassium Formate Market Structure Analysis
Potassium formate - a type of formate brine is partially fragmented market with the presence of a small number of large market players and many regional players.
Some of the key players in the market are BASF, ADDCON, Perstorp, Cabot, Evonik, Honeywell, and ICL.
Most of the key players maintain a strategic focus on the development of distribution partnerships and joint venture for the global market expansion.
Manufacturers are focusing to manufacture sustainable products to cater to the increasing demand for such products for various applications.
Some of the top manufacturers that contribute a high revenue share in the potassium formate market are
Market Size Set to Grow 1.5X during 2019-2029Prominently influenced by recognized effectiveness of potassium formate in de-icing solutions and drilling fluids, the potassium formate market revenues continue to witness steady growth. FMI analyses that the high sustainability quotient of potassium formate will especially uphold its adoption in the near future.
East Asia's Market Attractiveness Is Ascending
North America continues to reign supreme, whereas Europe will remain a lucrative market on account of proliferating consumption by the de-icing landscape. Looking at the expansion of end-use consumer base for potassium formate, it is more likely that the developing regions will present lucrative opportunities to stakeholders in years to come. China, India, and Mexico are envisaged to register considerable demand for potassium formate. Spearheaded by China, the East Asian region is expected to develop a high potential investment pocket, attracting stakeholders.
* This data is only a representation. Actual data may vary and will be available in report.
The Broader Perspective
New product developments for drilling fluids applications are primarily boosting the growth of global market. Additionally, continuous R&D by key players has been resulting in the status of potassium formate as an effective substitute of traditional de-icing salts.
Potassium formate brines command highest market share
Adoption of powdered/solid potassium formate declining
Use of potassium formate in drilling fluids remains a key revenue generator
De-icing application creating sustained opportunities for stakeholders
How Growth will Unfold
Apart from traditional application areas, the biodegradable attribute of potassium formate is being perceived as the potential booster to existing demand, which may shape the market scenario in the near future.
Drilling Fluids | De-icing | Others Applications
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Potassium Formate Market: Global Industry Analysis 2014-2018 & Opportunity Assessment 2019-2029
A recent market study published by FMI on the Potassium Formate Market includes Global Industry Analysis 2014-2018 & Forecast 2019-2029 and offers a comprehensive assessment of the most important market dynamics. After conducting thorough research on historic and current growth parameters of the potassium formate market, the growth prospects of the market are obtained with maximum precision.
Potassium Formate Market Taxonomy
The global potassium formate market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach in front of the reader.
- Brine (Liquid)
- Powder (Solid)
- Drilling Fluid
- Heat Transfer Fluid
- Others(fertilizer, feed)
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
The report commences with the executive summary of the potassium formate market, which includes a summary of the key findings and key statistics of the market. It also includes the market value (US$ million) estimates of the prominent segments of the potassium formate market.
Readers can find the detailed taxonomy and definition of the potassium formate market in this chapter, which will help them understand the basic information about the potassium formate market. This section also highlights inclusions and exclusions, which helps readers understand the scope of the potassium formate market report.
This section includes the key factors considered to arrive at the projection values of the market. It includes the description about the factors affecting the growth of the market in both positive and negative aspects. It also describes the impact intensity of each factor considered for forecasting the market.
This section explains the global market value analysis and forecast for the potassium formate market between the forecast periods of 2014-2029 is highlighted in this section. This chapter includes detailed analysis of the historical potassium formate market, along with an opportunity analysis of the future. Readers can also find the absolute opportunity for the current year (2019 – 2020), and an incremental opportunity for the forecast period (2019 – 2029).
This section highlights the average price of brine potassium formate and powder potassium formate in the different regions throughout the globe. The pricing benchmark for manufacturer level pricing and distributor level pricing is analysed in this section.
This section explains the global market volume analysis and forecast for the potassium formate market during the forecast period of 2019-2029.
This chapter explains the key macro-economic factors that are expected to influence the growth of the potassium formate market over the forecast period. Along with macroeconomic factors, this section highlights the opportunity analysis for the potassium formate market. This chapter also highlights the key market dynamics of the potassium formate market such as drivers, restraints, and trends. Moreover, readers will understand the key trends followed by the prominent manufacturers in the potassium formate market.
Based on the product form, the potassium formate market is segmented into brine (liquid) potassium formate and powder (solid) potassium formate. In this chapter, readers can find information about the key trends and developments in the potassium formate market, and market attractiveness analysis based on the product form.
This chapter provides details about the potassium formate market on the basis of applications. It has been classified into drilling fluid, de-icing, heat transfer fluid, and others (fertilizer, feed). In this chapter, readers can understand the market attractiveness analysis based on application.
This chapter explains how the potassium formate market will grow across several geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa (MEA).
This chapter includes a detailed analysis of the growth of the North America potassium formate market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on the end users and countries in North America.
Readers can find detailed information about several factors such as regional trends, which are impacting the growth of the Latin America potassium formate market. This chapter also includes the growth prospects of the potassium formate market in the prominent Latin American countries such as Brazil, Mexico, Argentina, and the Rest of Latin America.
Important growth prospects of the potassium formate market based on its end users in several countries such as Germany, the U.K., France, Spain, Italy, Russia, BENELUX, and the Rest of Europe are included in this chapter.
India, Indonesia, Thailand, Malaysia are the prominent countries in the South Asia region that are the prime subjects of assessment to obtain the growth prospects of the South Asia potassium formate market in this chapter. Readers can find detailed information about growth parameters of the South Asia potassium formate market during the period 2019-2029.
This chapter highlights the growth of the potassium formate market in East Asia by focusing on China, Japan, and South Korea. This section also help readers understand the key factors that are responsible for the growth of the potassium formate market in East Asia.
In this chapter, Australia and New Zealand are among the prominent countries in the Oceania region, which are the prime subjects of assessment to obtain the growth prospects of the Oceania potassium formate market.
This chapter provides information about how the potassium formate market will grow in major countries of the MEA region such as GCC Countries, South Africa, Turkey, Northern Africa, and the rest of MEA during the forecast period of 2019 - 2029.
In this chapter, readers can find a detailed information about tier analysis and market concentration of key players in the potassium formate market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the potassium formate market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are BASF, ADDCON, Perstorp, Cabot, Evonik, Honeywell, and ICL, among others.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the potassium formate report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the potassium formate market.
How the research was conducted?
Primary research interview with Key Opinion Leaders and other participants were conducted for data collection and validation of the below information:
- Adaption of potassium formate
- Effects of environmental regulations on the market
- Growing applications of potassium formate
- Adoption of Potassium Formate in drilling fluid application
- Average volume used in each application
- Average Selling Price (US$) and Market Growth
- Key Developments
- Key Trends and Opportunities
- Region wise Dynamics
- Competitive scenario
- Market Share Information
- Key Brands
- Competition & Key Vendor Strategies
- Published Financial Data: Quarterly financial statements, 10-K & 10-Q filings, annual reports, Factiva, Morning Star, Zauba etc., along with company websites and other published financial sources including local newspapers, magazines to determine company wise earnings
- Corporate Communication: Corporate press release specification sheet, price list, catalogs, and financial disclosures provided sales, products and product related information
- Published Trade Data: Publication from trade organizations, associations, and governments, along with ITC trade database and regional / local paid databases
- Other Data Sources: Article from target industry experts, and industry stakeholders, press information and data released by exhibitions conducted by associations etc.
Primary Interview Splits