Global Potassium Formate Market
Global Potassium Formate Market was valued US$ XX Mn. in 2019 and is expected to reach US$ XX Mn. by 2027, at a CAGR of 2.2 % during a forecast period.
Global Potassium Formate Market
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Potassium formate is highly soluble in water. It has various industrial applications like de-icing, a heat transfer fluid, fertilizers, and others. Potassium Formate fluids are ideal as base fluids in a number of industries. The non- corrosive organic monovalent fluids offer benefits over traditional brines. Potassium formates when mixed with cesium and/or sodium formate that helps to cover the entire density range.
Global Potassium Formate Market, Dynamics:
Potassium formate is widely used as an anti-freezing additive to concrete and additive to the tile adhesives. It is a coolant for industrial freezers, which is used as deicing agent. It is also used as a preservative and salt substitute in the food industry. Currently, potassium formate is engaged in its liquid form in reconstruction and drilling of boreholes. It offers benefits, which is extremely important in areas with high levels of environmental protection. The drilling solution with the potassium formate has no adverse effect on the collector. On the other hand, drop in the consumption of formic acid and seasonal demand for potassium formate are expected to limit the global potassium formate market.
Global Potassium Formate Market, Segment Analysis:
The liquid segment is expected to grow at a XX% rate of CAGR during the forecast period. It is a high-density clear liquid and is widely used in the form of brine. Potassium formate in solid form is hygroscopic in nature. It has a limited use over liquid form. liquid form of potassium formate offers physical characteristics like monovalent composition, low crystallization temperatures, high transition temperatures of polymers that is expected to drive the global market growth.
Global Potassium Formate Market, Regional Analysis:
North America region is expected to dominant position in the global potassium formate market. The demand for the potassium formate is mainly dependent on the drilling activities in the oil and gas sector. The region is expected to contribute XX% growth in the global market. The growth in the market is attributed to the factors like shale boom and growing offshore drilling activities in the developed countries. An increase in finding untapped oil and gas reserves is expected to drive the regional market growth during the forecast period.
The presence of large reserves of unconventional hydrocarbon reserves in the form of shale gas, tight oil, and oil sands coupled with high investments from multinational oil and gas key players like Suncor Energy, Husky Energy, Shell, Imperial Oil, Cenovus, and ExxonMobil are some of the prominent factors behind the North America potassium formate market growth. The U.S. government has invested in several unconventional oil and gas drilling projects to boost economic production from fossil fuels. For instance, in 2018, the United States Department of energy directed funds worth US$XX Mn for R&D activities for unconventional shale development.
On the other hand, Governments in various countries like Indonesia, China, and Australia are taking initiatives to explore untapped oil resources. For instance, the Indonesian government offers favorable trade policies like 0% import duty on imports of floating or submarine production facilities and drilling platforms.
The objective of the report is to present a comprehensive analysis of the Global Potassium Formate Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Potassium Formate Market dynamics, structure by analyzing the market segments and projects the Global Potassium Formate Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Potassium Formate Market make the report investor’s guide.
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Scope of the Global Potassium Formate Market
Global Potassium Formate Market, By Form
• Solid
• Liquid
Global Potassium Formate Market, By Application
• Oil Drilling
• De-icing
• Others
Global Potassium Formate Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Potassium Formate Market
• BASF
• Kemira
• Perstorp
• OXEA Corporation
• ADDCON
• NASi
• M-I Swaco
• Esseco
• Hawkins
• Shouguang Hengtong Chemical
• Chongqing Chuandong Chemical
• Shuntong Group
• Mianyang Aostar Phosphorus Chemical
• Hangzhou Focus Chemical
• Shanxi Zhaoyi Chemical
• Hebei Huayun Hongye Chemical
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