The North America potassium formate industry is poised for significant growth, projected to achieve a robust compound annual growth rate (CAGR) of 4.9% from 2023 to 2033. With an estimated market value of USD 225.8 million in 2023, the market is expected to expand substantially, reaching approximately USD 364.3 million by 2033. This growth can be attributed to increasing demand across various applications, including de-icing agents in winter maintenance, drilling fluids in the oil and gas industry, and as a food additive, further solidifying potassium formate’s role in diverse industrial sectors.
- The wide range of applications, North America’s high economic activities, oil consumption, and agricultural innovations are serving the market. Furthermore, the settlements of new airports and runways are also helping the market grow as potassium formate is used for runway deicing.
- The process helps in anti-icing operations and makes it perfect for water treatment plants. Also, the chloride-free and environmentally safe element helps in eliminating the impurities through water molecules.
- The expanding industrial operations around the North American region along with the usage of potassium formate in chemical research and as a crop fertilizer is garnering the market growth.
- New brands launching different grades of potassium formate for application-specific usage is likely to flourish the market growth. Alongside this, the affordable pricing, effective packaging, and high availability are projected to garner the market growth
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.
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
Get the Insights You Need – Connect with Sales to Secure Your Copy of the North America Potassium Formate Industry
Key Segmentation of the North America Potassium Formate Industry
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.)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
