The North America Potassium Formate Market is anticipated to strive at an average CAGR of 4.9% between 2023 and 2033. The market is expected to have a market share of US$ 364.3 million by 2033 while it is likely to be valued at US$ 225.8 million in 2023
The North American market for potassium formate is experiencing robust growth, driven by a diverse range of applications, the region’s thriving economic activities, significant oil consumption, and innovative agricultural practices. The market is also benefiting from the establishment of new airports and runways, where potassium formate is utilized for efficient runway deicing.
The versatile nature of potassium formate plays a crucial role in anti-icing operations, making it a valuable asset for water treatment plants. Its unique property of being chloride-free and environmentally safe contributes to the purification of water by effectively eliminating impurities through water molecules.
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The market expansion is further fueled by the increasing industrial operations across North America. Potassium formate finds applications not only in industrial settings but also in chemical research and as a crop fertilizer, adding to its market demand.
Key Takeaways
- The United States market leads the North American potassium formate market in terms of market share in North America. The United States region held a strong market share in 2022. The restoration of industrial research has led to the market’s success.
- The growth in this region is attributed to the higher industrial chemical research, expanding oil and gas companies, and higher demand for a constant supply of fuel. The increased number of runways in Airports has also increased the usage of potassium formate as it works as a de-icing solution for the runway base. North America’s market held a market share of 87.8% in 2022.
- Based on the product type, liquid potassium formate leads the market as it held a significant share of 58.9% in 2022. The growth is attributed to the high consumption and effective application in the oil and gas industry.
- Based on the application type, the drilling fluid segment leads the market as it held a prominent market share of 38.7% in 2022.
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Competitive Landscape
The key vendors focus on application-specific grades and various product types with different prices. Also, the competitors merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- Cabot Corporation has introduced its clear, colorless liquid of potassium formate with low-temperature heat transfer fluid.
- Dynalene HC/Potassium formate holds a capacity of performing to the optimum levels at any application down to –50 degrees F (-50 degrees C)
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
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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.)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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