The global potassium formate market size was worth around USD 749.63 million in 2023 and is predicted to grow to around USD 1,143.14 million by 2032 with a compound annual growth rate (CAGR) of roughly 4.80% between 2024 and 2032.
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Potassium formate is the potassium salt of formic acid and is extensively soluble in water. Numerous industrial applications exist for potassium formate, including fertilizers, heat transfer fluids, and de-icing. The aerospace industry is experiencing growth due to the growing demand for effective de-icing on runways. Additionally, the is propelling market expansion. Conversely, there has been a decline in the consumption of formic acid over the years. Furthermore, the market value has been adversely affected by the seasonal demand for potassium formate.
The report provides a global and regional analysis and forecast of the Potassium Formate market. The research provides a comprehensive assessment of the market, competition, opportunities, emerging trends, and industry-validated market figures. The research offers historical data from 2018 to 2022 and a revenue forecast from 2024 to 2032, based on USD million.
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The Global Potassium Formate Market is segmented based on product, application and region
Global Potassium Formate Market: Product Segment Analysis
● Solid
● Liquid
Global Potassium Formate Market: Application Segment Analysis
● Oil Drilling
● De-icing
● Others
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The Global Potassium Formate market profiles key 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
● BASF SE
Regional Analysis of the Potassium Formate Market
In 2023, the Europe market has represented the largest share in terms of revenue. The oil and gas industry has experienced a rise in the number of formation facilities in this region. Substantial development is anticipated in the region due to the high demand for potassium formate in the oil and gas industry. Increasing investments in the oil and gas sector have also contributed to the remarkable development of the Asia-Pacific region and North America over the years.
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