August 16, 2019 by Steve Blade
Potassium Formate Market analysis, Potassium Formate Market scope, Potassium Formate Market overview, Potassium Formate Market data, Potassium Formate Market trends, Potassium Formate Market share, Potassium Formate Market
Estimated to witness moderate rise over 2018, the global potassium formate consumption volume is envisaged to reach ~650 KT in 2019. Fact.MR conveys indispensable insights on the potassium formate market in its recently published report that projects a steady volume growth outlook for the market. The present development trend of the potassium formate market remains highly influenced by an expanding number of industrial applications and increasing demand for efficient de-icers and drilling fluids, across the globe.
Market breakdown by delivery form and by application reveals that Europe, coupled with North America, currently accounts for a sizeable revenue share in the global potassium formate market. The former however holds a fourth of the global market value, according to Fact.MR’s findings. The market attractiveness of East Asia-South Asia-Oceania cluster has been estimated to grow at a healthy rate over the period of next few years, assessing the increasing applicability of potassium formate in drilling and heat transfer fluids.
Request Free Sample Report Here: https://www.factmr.com/connectus/sample?flag=S&rep_id=3851
Potassium Formate Market in Numbers
Profitability in Procuring Raw Material Presents Big Gains for Potassium Formate Manufacturers
Formic acid has been witnessing a remarkable growth on account of the growing demand for preservatives and feed additives. Improving living standards internationally has resulted in the increasing consumption of meat, thereby boosting the demand for formic acid in animal feeds and silage preservatives. The high-quality nature of formic acid coupled with the global environmental acceptability is one of the major influencing factors creating an upsurge in demand in the industry. The rise in the production of formic acid is also anticipated to be one of the key influencing elements for the growth of potassium formate with an increased emphasis.
Lucrative Applications in Drilling Fluids Point to Positive Prospects
The demand for drilling fluids is estimated to grow at a significant rate. These drilling fluids segment is projected to create an incremental opportunity of more than 192 Mn by 2029 end. While the demand for potassium formate for drilling fluid applications held a third of revenue shares in 2018, the application for de-icing has been growing at a relatively lower rate. Gradual growth in the de-icing application area has been attributed to infringement from other applications, as its usage falls under weather conditions pertaining to the amount of winter snowfall.
Competition Dashboard – Potassium Formate Market
The report delivers valued actionable insights in its competitive landscape section that discusses the overall contribution of key players in the global potassium formate market, their relative global position, and business strategies. The market for potassium formate is estimated to grow over the forecast period as the contenders in the potassium formate market are increasing in number, and the intensity of market competition is likely to rise over the next decade. Prominent manufacturers are prioritizing strategic developments, such as material processing, capacity expansion, product innovation, collaborations, and acquisitions, to better their foothold in the global marketplace.
The resultant consolidation of the competition structure of the market will create room for innovation, thereby accelerating the manufacturers’ move towards exploring untapped industrial application areas. In particular, demand for brine delivery form for potassium formate is increasing steadily in industries and several de-icing operations. The brine solution delivery form in potassium formate market created lucrative opportunities during the forecast period and held ~71% in 2018, according to Fact.MR’s research.
Looking at continued preference for potassium formate over other salts, for application in drilling and de-icing, key market players are prioritizing potassium formate manufacturing capacity expansion. SynaTek Solutions introduced a range of airport de-icing solutions in 2017, with BASF’s potassium formate. Recently, Evonik entered a collaboration for potassium formate manufacturing. Apart from de-icing and drilling, several potassium formate manufacturers are eying opportunities arising in the heat transfer fluids sector. Strategic distribution partnerships and joint ventures will also be among the preferred developmental strategies among leading market players.
Have Any Query?? Ask Our Industry Expert: https://www.factmr.com/connectus/sample?flag=AE&rep_id=3851
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
11140 Rockville Pike
Rockville, MD 20852