The global potassium formate market is anticipated to attain a valuation of US$ 746.13 million in 2023 and is projected to accumulate over US$ 1190 million by 2033, exhibiting a CAGR of 4.7% during the forecast period.
Potassium formate is gaining attention as a heat-transfer liquid in various industries. Also, the growing emphasis on sustainability has prompted end-use sectors to explore viable solutions for heating and cooling processes, making potassium formate a promising alternative.
Producers are now prioritizing heat transfer fluids based on potassium formate for refrigeration systems, replacing calcium chloride and other brine solutions due to their premium quality. Moreover, governments are also taking initiatives to support the refrigeration industry, promoting access to sustainable cooling solutions.
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In March 2019, the government of India launched the India Cooling Action Plan (ICAP), outlining measures to reduce cooling demand, transition to better refrigerants, improve energy efficiency, and adopt advanced technology over 20 years. Potassium formate-based refrigerated systems are gaining traction in the commercial sector due to their non-toxic and non-hazardous properties, offering a promising technology option.
The surging demand for safe and eco-friendly heat transfer fluids is propelling potassium formate's significance in the growing refrigeration industry, leading to substantial market growth during the forecast period.
The market growth for potassium formate is driven by the continuous pressure on end-use industries to reduce operating costs, enhance efficiency, and boost productivity. This pressure impacts the supply chain, pushing end-use suppliers to invest in research and development to meet customer demands.
Key requirements from end-users, such as divergent needs for protection, agility, and efficacy of drilling fluids, lead to the incorporation of smooth fluids and high chemical strength in the drilling process.
The demand for potassium formate brine solutions is increasing due to their ability to effectively remove snow from aircraft surfaces without posing hazards, making them preferable over other alternatives on the market. Consequently, the growing demand for potassium formate in various applications acts as a driving force behind the market's expansion.
Key Takeaways
· The demand for potassium formate in China is projected to rise with a promising CAGR of 4.9% during the forecast period.
· The market in North America is expected to thrive with a CAGR of 4.6% during the forecast period.
· The United Kingdom market is anticipated to expand at a CAGR of 4.3% during the forecast period.
“Increasing pressure on end-use industries to reduce operating costs, enhance efficiency, and boost productivity is expected to drive the demand for potassium formate during the forecast period,”-comments an FMI Analyst
Competitive Landscape
The market for potassium formate is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.
Recent Developments in the Potassium Formate Market
· In September 2022, OCOchem, a developer of innovative electrochemical technologies, received an extension of its US$ 1.1 million contract from the United States Army.
· In 2021, BASF SE launched a new range of potassium formate-based fluids for aviation de-icing and anti-icing applications, offering superior performance and environmental advantages over conventional sodium formate or potassium acetate fluids.
· In August 2021, Perstorp Potassium Formate obtained fertilizer certification, meeting all the regulations outlined in EC 2002/2003.
· In 2021, Merck KGaA introduced the Calsalix range, a new line of potassium formate-based fluids designed for the oil and gas industry's drilling and completion applications.
Key Companies Profiled
BASF SE
Evonik Industries
Honeywell International Inc
Cabot Corporation
Addcon GmbH
Dynalene Inc.
Perstorp Holding AB
GELEST, INC
Tomiyama Pure Chemical Industries, Ltd.
ICL
TETRA Technologies, Inc.
Key Segments Profiled in the Potassium Formate Industry Survey
By Form:
Brine (Liquid)
Powder (Solid)
By Application:
Drilling Fluid
De-icing
Heat Transfer Fluid
Others (fertilizer, feed)
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
The Middle East and Africa