North America Potassium Formate Market to Reach US$ 344.6 Mn by 2032, Requirement of Aircraft Deicing to Push Sales in US



The North America potassium formate market is anticipated to reach a valuation of US$ 344.6 Mn by the end of 2032. Sales of potassium formate are set to increase significantly over the projection period as a result of high demand for drilling fluids and environmentally friendly deicing solutions. Increasing use of potassium formate liquid as a drilling fluid in crude oil and gas reserves across North America is projected to aid growth. Organic monovalent fluids like potassium formate are non-corrosive and outperform traditional divalent brines in many ways.

In contrast to other solutions, potassium formate-based brines have been progressively gaining acceptance as a de-icing agent. Winters in North America is set to have a positive impact on the demand for de-icing salt. Owing to increased snowfall in nations like the U.S. and Canada, improved de-icing technologies are needed for both commercial and residential applications. Non-toxic characteristics of potassium formate liquids are expected to greatly expand their application in the aerospace industry, as well as in roadways and walkways throughout suburbs and cities.

Major industry players are concentrating more on research & development activities in order to introduce new, specially made products that would meet the surging consumer demand. Additionally, rising emphasis on various formulations that are created by using potassium formate to meet regulatory requirements established by the government is likely to bolster growth.

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“High demand for biodegradable and eco-friendly drilling fluids & de-icing solutions is expected to boost growth in the North America potassium formate market,” says a FMI analyst.

Key Takeaways: Potassium Formate Market

  • The North America potassium formate market is projected to witness a CAGR of 8% between 2022 and 2032.
  • The U.S. potassium formate market is expected to reach approximately US$ 271.6 Mn by the end of 2032.
  • By product type, the liquid (brine) segment is set to expand at a CAGR of6% during the forecast period.
  • By application, the drilling fluid segment is thus expected to reach nearly US$ 132.0 Mn by end of the forecast period.
  • The de-icing segment is expected to reach about US$ 128.9 Mn by the end of the assessment period.

Competitive Landscape: Potassium Formate Market

The market for potassium formate in North America is fairly consolidated with major manufacturers controlling a sizable portion of it. Key market participants are focusing on the development of new products, which can meet stringent regulatory standards.

According to FMI, BASF SE, Evonik Industries, Honeywell International Inc., Cabot Corporation, Addcon GmbH, Dynalene Inc., Perstorp Holding AB, Gelest Inc., Hawkins Inc., Tomiyama Pure Chemical Industries, Industrial Chemical (ICL), Tetra Technologies Inc., Spectrum Chemical MFG Corp, and Proviron are some of the key manufacturers in the North America potassium formate market.

For instance,

  • In January 2020, Invercon Inc. and NEI Corporation successfully tested their newly developed de-icing system at the NASA Glenn Research Center’s Icing Research Tunnel. The test was observed by scientists and engineers at the Research Center. It met the goal of demonstrating a low power anti-ice system in combination with NEI’s NANOMYTE SuperAi anti-ice coating that eliminates ice accretion on the leading edge of an airfoil.

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Potassium Formate Market Segmentation

By Product Type:

  • Liquid (Brine)
  • Solid (Powder)

By Application:

  • Drilling Fluid
  • De-icing
  • Heat Transfer Fluid
  • Others (Fertilizers, Feed)

By Country:

  • United States
  • Canada

Table of Content

1. Executive Summary

1.1. North America Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Innovation / Development Trends

4. Key Success Factors

4.1. Product Adoption / Usage Analysis

4.2. Product innovation & Diversification

4.3. Marketing and Brand management

4.4. Supply Chain Management

to be continued…!

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More Insights into the North America Potassium Formate Market Report

In its latest report, Future Market Insights offers an unbiased analysis of the North America potassium formate market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032. To understand the market potential, growth, and scope, the market is segmented based on product type (liquid & solid), application (drilling fluid, de-icing, heat transfer fluid, & others), and country.

About the Chemicals and Materials Domain at FMI

The Chemicals and Materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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