Potassium Formate Market: Key Highlights
- The global potassium formate market was valued at ~ US$ 615 Mn in 2018, and is anticipated to expand at a CAGR of ~ 5% from 2019 to 2027. The need for effective and environment-friendly de-icing solutions in the aerospace industry is expected to propel the potassium formate market during the forecast period.
- The low environmental impact of potassium formate makes it a cost-effective sustainable solution as compared to other materials. Potassium formate has low chemical oxygen demand (COD) and biological oxygen demand (BOD). Therefore, it is bio-degradable.
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Key Drivers of the Potassium Formate Market
- De-icing of airport runways is necessary for safety purposes. Chemical de-icing is often used on airport runways to expedite the melting of snow. De-icing involves the use of inorganic salts, which have lower melting point than ice. Inorganic salts used in are the form of brine solutions in de-icing applications. They are effective in the short run; however, they have detrimental effects on construction materials.
- Potassium formate-based de-icers are more biodegradable than inorganic salts and organic counterparts such as acetate salts and urea. They are effective and environment-friendly. This is anticipated to boost the demand for potassium formate in the aerospace industry during the forecast period.
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Newly Discovered and Potential Oil & Gas Reserves Likely to Offer Opportunities
- Increase in 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 large numbers of petroleum companies are continuously exploring new oil & gas reserves.
- The number of new oil & gas discoveries has increased in countries in Africa over the last few years. Large untapped reserves in Africa are garnering the interest of some of the major global exploration and production companies.
- These new oil & gas discoveries are likely to eventually require drilling and completion fluids. Therefore, newly discovered and potential oil & gas reserves are estimated to create lucrative opportunities for the potassium formate market during the forecast period.
Rise in Price of Potassium Formate
- Potassium formate is primarily produced in the liquid form, and its handling and transportation is difficult. Thus, the prices of liquid potassium formate are higher. This makes it less competitive than its substitutes in various applications, especially as a de-icing agent. In turn, this is expected to restrain the global potassium formate market during the forecast period.
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Europe a Prominent Potassium Formate Market
- In terms of value, Europe accounted for a prominent share of the global potassium formate market in 2018. This can be ascribed to the strong demand for potassium formate in the oil & gas industry and as a de-icing agent.
- North America and Asia Pacific are the other prominent consumers of potassium formate. Potassium formate is increasingly utilized for de-icing in North America. BASF SE operates a formic acid production plant in the U.S. The company sells formic acid to runway de-icing producers for the production of potassium formate in North America.
- Rise in oil & gas exploration activities in the region is likely to boost the demand for potassium formate in Asia Pacific during the forecast period.
- The Middle East & Africa is anticipated to be a highly attractive region of the potassium formate market during the forecast period. Rise in the usage of potassium formate in fertilizers is expected to drive the market in the Middle East & Africa during the forecast period.
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