Potassium Formate Market: Increasing Environmental Regulations Push Demand
The rising demand for environment-friendly formate brines as a drilling fluid for oil and gas drilling projects continues to push the growth of the potassium formate market. The use of potassium formate as a de-icing agent, heat transfer fluid, and fertilizer, in various end-use industries, has opened up new avenues for industry manufacturers and suppliers.
Although potassium formate has been used as a drilling agent for a long time, there has been a spurt in R&D activities in recent years. As environmental regulations influence manufacturers across a range of industries to adopt sustainable materials and practices, the adoption of biodegradable materials has witnessed a steady increase. Potassium formate, known for its biodegradable properties, is garnering increased interest, and R&D on its potential applications is gaining traction. Sensing the impact of these developments, Transparency Market Research, in its latest offering, analyzes this landscape in detail, offering readers lucid and analytical information on how growth will unfold in this market space.
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The demand for potassium formate has been on the rise due to its myriad uses, especially in de-icing and drilling applications. According to TMR, the global potassium formate market has been witnessing steady growth in the recent past. With a current value of ~US$ 615 million, the market is expected to grow at a CAGR of ~5% through to 2027.
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Potassium Formate Market: Increase in Drilling Activities Creating Sustained Opportunities
The potassium formate market’s reliance on demand from the oil & gas sector will continue to prevail during the forecast period. In 2018, the oil & gas sector accounted for approximately half of the market revenue share, and this is unlikely to change during the forecast period.
The oil & gas industry is going through a period of resurgence, as supply continues to exceed demand. The sustained period of bullishness in the oil & gas sector has also rubbed off on the drilling activities around the world. 2019 has seen a steady increase in drilling activities, globally, with investments growing across all major regions, except the Middle East. Although this growth will be pervasive, offshore oil & gas drilling activities are likely to grow at a higher rate. The strong momentum in the oil & gas drilling domain can mean a steady stream of demand for potassium formate in 2019 and beyond.
Ecological Impact of De-icing Solutions Induces Demand for Sustainable Materials
The preference of potassium formate-based brines as a de-icing agent over other solutions has been growing steadily. As of 2018, application as a de-icing agent accounted for ~26% revenue share of the market.
Stringent regulations of the aerospace industry enforcing sustainable and environment-friendly solutions for de-icing in Europe have led to potassium formate gradually replacing potassium acetate and urea as the preferred de-icing agent on runways. The municipal and commercial sectors are also being influenced by these developments, with potassium formate-based de-icing solutions being used to lessen the negative impact of road winter de-icing as well. Although a complete shift towards potassium formate-based de-icing agents is expected to be gradual, these developments have led to far greater opportunities for manufacturers in the potassium formate market.
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While stringent regulations in Europe are driving the adoption of potassium formate as a de-icing agent, outside of Europe, demand continues to be limited. Current regulations in North America and Asia Pacific mean that, contractors can still use potassium acetate and other affordable de-icing variants. The growing focus on environmental conservation can induce amendments to existing regulations in North America and Asia Pacific – any stringency in regulations will work to the advantage of manufacturers and suppliers in the potassium formate market, especially those catering to the de-icing industry.
Growing Demand for Non-hazardous Heat Transfer Fluids brings Potassium Formate into Prominence
The applications of potassium formate as a heat-transfer liquid have remained limited. However, owing to the growing focus on sustainability, end-use industries are looking at feasible solutions for heating and cooling processes, and potassium formate is being looked at as a viable option.
With a premium being placed on efficiency, manufacturers are now focusing on potassium formate-based heat transfer fluids to be used in refrigerated systems, in the place of calcium chloride and other brine solutions. Potassium formate-based refrigerated systems are steadily gaining momentum, and with non-toxic and non-hazardous products making their way into the commercial sector, the market is likely to grow at a substantial rate during the forecast period.
Fluctuating Raw Material Prices Limiting Potassium Formate Market Growth
The fluctuating prices of the raw materials used for the production of potassium formate have restrained market growth. With stakeholders encountering a constricting supply of raw materials, a slump in the consumption of formic acid h
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