Potassium Formate Market valuation is set to top US$ 952.3 Million by
Potassium Formate Market – Analysis, Outlook, Growth, Trends, Forecasts
DUBAI, United Arab Emirates, Jan. 19, 2022 (GLOBE NEWSWIRE) — The global potassium formate market size is estimated to be valued at US$ 716.4 Mn in 2022. Growing demand for eco-friendly products for de-icing applications and drilling fluid is expected to boost sales at a steady 4.2% CAGR between 2022 and 2029. Against this backdrop, the market valuation is set to top US$ 952.3 Mn by 2029.
Future Market Insights’ new market research report opines that global Potassium Formate Market is likely to witness significant growth during 2022 to 2029 on back of growing applications in drilling fluids, de-icing, and heating fluids. Valued at nearly US$ 513 Mn in 2018, global revenues are likely to grow at a CAGR of 4.2%, during the forecast period 2022 to 2029.
Demand has also been positively influenced by growing preference for environmentally-sustainable products, especially in drilling fluids, de-icing, and heating fluids. The report opines that a combination of macroeconomic and industry-specific factors will drive potassium format demand during the course of the forecast period.
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Attribute |
Details |
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Potassium Formate Market Size 2022 |
US$ 716.4 Mn |
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Potassium Formate Market Value-based CAGR (2022-2029) |
~4.2% |
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Potassium Formate Market Projected Size in 2029 |
US$ 952.3 Mn |
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South Asia and East Asia Continue to be Lucrative
According to the study, new oil and gas drilling projects in Asia are fuelling demand for drilling fluids, which in turn, is creating sustained opportunities for stakeholders across the potassium formate value chain. Potassium formate is gaining traction in oil & gas sector, owing to its favorable properties and environmental feasibility.
South Asia and East Asia collectively accounted for over 26% of the global potassium formate market current, and the authors of the report do not see the status quo changing anytime soon. The broader push by governments in the region, and over-reliance on oil economy is likely to create sustained opportunities for potassium formate market players throughout the forecast period.
Scope of the Report
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Attribute |
Details |
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Forecast Period |
2022-2029 |
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Historical Data Available for |
2014-2021 |
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Market Analysis |
Units for Volume and US$ Mn for Value |
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Key Regions Covered |
North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA |
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Key Countries Covered |
United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, others. |
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Key Market Segments Covered |
Form and Applications and Region |
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Key Companies Profiled |
• BASF SE |
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