Potassium Formate Market Size And Forecast
The Global Potassium Formate Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Potassium Formate Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.
Potassium Formate Market was valued at USD 615 Million in 2019 and is projected to reach USD 909.57 Million by 2027, growing at a CAGR of 5.0 % from 2020 to 2027.
What is Potassium Formate?
Potassium Formate has a molar mass of 84.12g/mol. It is a potassium salt of formic acid. Potassium formate is a highly water-soluble product and finds many industrial applications in the field of heat transfer, de-icing. It is also used as brine for oilfield applications such as completion and drilling operations. For the production of printing and dyeing, Potassium formate can also be used as a reducing agent. It also acts as intermediate in the production of potassium diformate.
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Global Potassium Formate Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Potassium formate has biodegradable properties and is highly sought after material across a range of industries. Most manufacturers are investing heavily in the research and development to manufacture potassium formate at a large scale and it is driving the demand for potassium formate in a drilling and de-icing application, which will further contribute to the growth of the market. Stringent government regulations in Europe have replaced urea and potassium acetate completely with the potassium formate for the operation of de-icing and it continues to dominate the market. However, the volatility in the prices of raw material for the production of potassium formate and season demands may limit the growth of the market over the forecast period.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The “Global Potassium Formate Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.
Global Potassium Formate Market Competitive Landscape
The “Global Potassium Formate Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Tetra Technologies Inc., ICL, Tomiyama Pure Chemicals Ltd., Gelest Inc., Perstorp Holding AB, Dynalene Inc., Addcon GmbH, Cabot Corporation, Honeywell International Inc., Evonik Industries, and BASF SE. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
Potassium Formate Market, By Form
Potassium Formate Market, By Application
• Oil and Gas
• Heat Transfer
Potassium Formate Market, By Geographic Scope
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Rest of the World