Sales of potassium formate are set to increase significantly over the projection period as a result of the high demand for drilling fluids and environmentally friendly deicing solutions. The North America potassium formate market is anticipated to reach a valuation of US$ 344.6 Million by the end of 2032.
Increasing use of potassium formate liquid as a drilling fluid in crude oil and gas reserves across North America is projected to aid growth. Organic monovalent fluids like potassium formate are non-corrosive and outperform traditional divalent brines in many ways.
In contrast to other solutions, potassium formate-based brines have been progressively gaining acceptance as a de-icing agent. Winters in North America are set to have a positive impact on the demand for de-icing salt. Owing to increased snowfall in nations like the U.S. and Canada, improved de-icing technologies are needed for both commercial and residential applications.
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Non-toxic characteristics of potassium formate liquids are expected to greatly expand their application in the aerospace industry, as well as in roadways and walkways throughout suburbs and cities.
Major industry players are concentrating more on research & development activities in order to introduce new, specially made products that would meet the surging consumer demand. Additionally, rising emphasis on various formulations that are created by using potassium formate to meet regulatory requirements established by the government is likely to bolster growth.
“High demand for biodegradable and eco-friendly drilling fluids & de-icing solutions is expected to boost growth in the North America potassium formate market,” says a FMI analyst.
Key Takeaways: Potassium Formate Market
- The North American potassium formate market is projected to witness a CAGR of 8% between 2022 and 2032.
- The U.S. potassium formate market is expected to reach approximately US$ 271.6 Million by the end of 2032.
- By product type, the liquid (brine) segment is set to expand at a CAGR of 6% during the forecast period.
- By application, the drilling fluid segment is thus expected to reach nearly US$ 132.0 Million by the end of the forecast period.
- The de-icing segment is expected to reach about US$ 128.9 Million by the end of the assessment period.
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Competitive Landscape: Potassium Formate Market
The market for potassium formate in North America is fairly consolidated with major manufacturers controlling a sizable portion of it. Key market participants are focusing on the development of new products, which can meet stringent regulatory standards.
According to FMI, 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, and Proviron are some of the key manufacturers in the North America potassium formate 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.
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
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