Potassium Formate Market: Key Highlights
· Theglobal potassium formate market wasvalued at ~ US$ 615 Mn in 2018, and is anticipated to expandat a CAGR of ~ 5% from 2019 to 2027. The need for effectiveand environment-friendly de-icing solutions in the aerospace industry isexpected to propel the potassium formate market during the forecast period.
· The lowenvironmental impact of potassium formate makes it a cost-effective sustainablesolution as compared to other materials. Potassium formate has low chemicaloxygen demand (COD) and biological oxygen demand (BOD). Therefore, it isbio-degradable.
Key Drivers of the Potassium Formate Market
· De-icingof airport runways is necessary for safety purposes. Chemical de-icing is oftenused on airport runways to expedite the melting of snow. De-icing involves theuse of inorganic salts, which have lower melting point than ice. Inorganicsalts used in are the form of brine solutions in de-icing applications. Theyare effective in the short run; however, they have detrimental effects onconstruction materials.
· Potassiumformate-based de-icers are more biodegradable than inorganic salts and organiccounterparts such as acetate salts and urea. They are effective andenvironment-friendly. This is anticipated to boost the demand for potassiumformate in the aerospace industry during the forecast period.
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Newly Discovered and Potential Oil & GasReserves Likely to Offer Opportunities
· Increasein the demand for oil & gas in developing economies such as China, India,and Brazil is a major factor boosting the rate of drilling activities. A largenumbers of petroleum companies are continuously exploring new oil & gasreserves.
· Thenumber of new oil & gas discoveries has increased in countries in Africaover the last few years. Large untapped reserves in Africa are garnering theinterest of some of the major global exploration and production companies.
· These newoil & gas discoveries are likely to eventually require drilling andcompletion fluids. Therefore, newly discovered and potential oil & gasreserves are estimated to create lucrative opportunities for the potassiumformate market during the forecast period.
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Rise in Price of Potassium Formate
· Potassiumformate is primarily produced in the liquid form, and its handling andtransportation is difficult. Thus, the prices of liquid potassium formate arehigher. This makes it less competitive than its substitutes in variousapplications, especially as a de-icing agent. In turn, this is expected torestrain the global potassium formate market during the forecast period.
Europe a Prominent Potassium Formate Market
· In termsof value, Europe accounted for a prominent share of the global potassiumformate market in 2018. This can be ascribed to the strong demand for potassiumformate in the oil & gas industry and as a de-icing agent.
· NorthAmerica and Asia Pacific are the other prominent consumers of potassiumformate. Potassium formate is increasingly utilized for de-icing in NorthAmerica. BASF SE operates a formic acid production plant in the U.S. Thecompany sells formic acid to runway de-icing producers for the production ofpotassium formate in North America.
· Rise in oil& gas exploration activities in the region is likely to boost the demandfor potassium formate in Asia Pacific during the forecast period.
· TheMiddle East & Africa is anticipated to be a highly attractive region of thepotassium formate market during the forecast period. Rise in the usage ofpotassium formate in fertilizers is expected to drive the market in the MiddleEast & Africa during the forecast period.
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Top Three Players Accounted for Prominent MarketShare in 2018
· Keyplayers operating in the global potassium formate market include PerstorpHoldings, ADDCON, BASF SE, ESSECO UK Limited, Chongqing Chuandong Chemical(Group)Co., Ltd, Kemira Oyj, Cabot Corporation, and NACHURS ALPINE SOLUTIONSIndustrial (NASi). The global reach of these companies and their focus on awide range of end-user industries are responsible for the large share held bythem.
· InNovember 2018, Perstorp Holdings completed the divestment of its BioProductbusiness to streamline its portfolio. The BioProduct business was concentratedin Sweden and Norway. The sale was in line with the company’s strategy to focuson global high growth areas in the specialty chemicals industry.
· ADDCONmanufactures potassium formate primarily for usage in de-icing. It is also usedas a secondary refrigerant and in drilling fluids. ADDCON markets its potassiumformate product for the oil & gas industry under the brand name PETROFORM.
· CabotCorporation offers brine solutions and powders of cesium formate and potassiumformate that are used as drilling fluids in the oil & gas industry. Thecompany also produces blends of these brine solutions.
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