Global demand for potassium formate stands at a market valuation of US$ 725.5 million in 2023 and is forecasted to increase steadily at 4.9% CAGR over the next ten years. By 2033-end, the global potassium formate market is expected to attain US$ 1.17 billion in revenue.

Potassium formate is the potassium salt of formic acid that is derived from a technical process that involves a reaction between formic acid and potassium hydroxide or potassium carbonate. Potassium formate, in its pure form, is a crystalline white powder and is chemically represented as HCOOK or CHKO2.

Increasing construction activity and growing demand for frozen and packaged foods around the world is anticipated to benefit demand for potassium formate owing to its use as drilling fluid and preservative salts in construction and food industries respectively. Potassium formate is a non-toxic chemical and is sustainable in nature, which is projected to be a key factor influencing its demand in the long run.

The potassium formate market is propelled by increasing exploration activities in the oil and gas industry, where potassium formate is widely used as a drilling and completion fluid. Its biodegradable nature makes it a preferred choice for sustainable drilling operations, particularly in regions with stringent environmental regulations. Additionally, the compound’s application as a de-icing agent in aviation and road transportation is rising due to its lower environmental impact compared to traditional agents like sodium chloride. Growing demand for frozen and packaged foods, coupled with the use of potassium formate as a preservative, further supports market expansion. Emerging applications in leather tanning, textile processing, and animal feed additives are also creating new growth opportunities.

Key Takeaways from Market Study

• Global potassium formate market to reach US$ 1.17 billion by 2033.
• Potassium formate brine solutions segment held over 65% market share in 2022.
• Market in North America expected to dominate throughout the forecast period.
• Market in China projected to reach a valuation of US$ 200 million by 2033.

“Rising adoption of sustainable chemicals, coupled with increasing demand for eco-friendly de-icing and drilling solutions, is set to propel the potassium formate market forward over the next decade,” says a Fact.MR analyst.

Winning Strategy

Leading players in the potassium formate market are focusing on product innovation and strategic partnerships to strengthen their market presence. Companies are investing in research and development to enhance the compound’s properties and explore new applications. For instance:

• BASF SE and Evonik Industries are expanding their portfolios of sustainable chemicals, including potassium formate, to cater to environmentally conscious industries.
• Hawkins Inc. has prioritized the development of high-purity potassium formate for food and industrial applications, targeting emerging markets.

Collaborations with regional distributors and long-term supply agreements are common strategies to penetrate emerging economies and gain a competitive edge.

More Valuable Insights on Offer

Fact.MR presents an unbiased analysis of the global potassium formate market, providing historical demand data (2019–2022) and forecast statistics for the period of 2023–2033. The study offers essential insights into the market based on form (liquid/brine, powder), application (de-icing agent, drilling & completion fluids, heat transfer fluids, fertilizer additives, preservatives, feed additives), and end-use industry (oil & gas, aviation, construction, food & beverages, agriculture), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).

Key Companies Profiled

• 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

Industry News

• In June 2023, a leading chemical manufacturer announced the launch of a new high-efficiency potassium formate-based de-icing solution tailored for aviation applications, emphasizing sustainability and performance.
• In March 2024, a major oil and gas company adopted potassium formate brine as a primary completion fluid in its offshore drilling projects to comply with environmental standards.

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