ALBANY, N.Y, Nov. 30, 2020 /PRNewswire/ -- Transparency Market Research has now published a new research report that offers a detailed information about the global potassium formate market. The research report tries to offer meaningful and actionable insights about the key segments, prominent growth drivers, restraining factors, geographical outlook, and the current situation of the vendor landscape of the global market.
According to the research report, the global potassium formate market was valued at US$616 Mn in 2018. The report expects the global market to grow at a decent CAGR of ~5% over the course of the given forecast period ranging from 2019 to 2027. Given the rate of growth the global market is projected to reach an overall valuation of US$920 Mn by the end of the forecast period.
The global potassium formate market is segmented in terms of form, application, and region. Based on form, the market is segmented into liquid and solid. In the coming years, the global market is expected to be dominated by the liquid segment as the demand for liquid potassium formate is increasing.
In terms of application, the global potassium formate market is segmented into heat transfer fluids, de-icing, and oil and gas among others including flame retardants, agriculture, food additives.
Global Potassium Formate Market – Key Driving Factors
One of the key driving factors for the overall development of the global potassium formate market is its use as a de-icing agent. De-icing of airport runways is very critical for safety of the flight. Chemical de-icing is often carried out on the airport runways to speed up the process of snow melting. With the growing demand for de-icing agent across airports, is expected to help the market in the coming years of the forecast period.
Another important factor for the growth of the global potassium formate market is its eco-friendly natures. Potassium formate-based de-icing agents are more biodegradable compared to inorganic salts or urea and acetate salts.
Increasing oil and gas drilling activities across globe is also projected to drive the growth of the global market in the coming years of the forecast period. These activities will use potassium formate as drilling and completion fluid, thus pushing the market growth.
Global Potassium Formate Market – Key Restraining Factors
The COVID-19 pandemic has had a profound impact on the overall growth of the global potassium formate market.
Government enforced lockdowns had stopped all the big revenue-earning works such as drilling, and air-travels among others. Such developments have lowered the demands, however, things are starting to come back to normalcy.
Global Potassium Formate Market – Regional Outlook
Based on geographical outlook, the global potassium formate market is segmented into five key regions viz. North America, Latin America, Middle East and Africa, Asia Pacific, and Europe.
Of these, currently, the global market is expected to be dominated by the regional segment of Europe. The growth of the regional market is mainly fueled by its demand as a de-icing agent and drilling fluid agent.
The Middle East and Africa and Asia Pacific segment are projected to witness promising growth rates in the coming years of the forecast period. Increasing opportunities for the use of potassium formate are likely to help these regional markets to grow.
Some of the key players in the global potassium formate market are Perstorp Holdings, ADDCON, BASF SE, ESSECO UK Limited, Chongqing Chuandong Chemical (Group)Co., Ltd, Kemira Oyj, Cabot Corporation, and NACHURS ALPINE SOLUTIONS Industrial (NASi).
Aluminum Potassium Sulfate Market - The wastewater treatment process helps convert wastewater into effluents. Currently, various advanced treatment solutions are available to treat wastewater. Aluminum potassium sulfate is one such chemical used by industries to treat wastewater. Aluminum potassium sulfate is used as a flocculant in water treatment. Addition of flocculants to raw water causes colloids and other suspended particles to stick together and form heavier particles (floc), which are removed by sedimentation or filterability. The flocculation (or called coagulation) process helps in the removal of contaminants such as fine solid pollutants or microscopic molecules that are difficult to remove through filtration alone. Therefore, rise in usage of aluminum potassium sulfate to treat water is expected to drive the aluminum potassium sulfate market during the forecast period.
Phosphates Market - In terms of value, the global phosphates market is anticipated to expand at a CAGR of ~4% from 2019 to 2027. Phosphates are largely used for production of phosphate fertilizers and animal feed products across the globe. Asia Pacific dominated the global phosphates market in 2018. China is anticipated to be a leading exporter of phosphates across the globe during the forecast period. Ammonium phosphates and calcium phosphates are the most widely consumed phosphates in developed as well as developing regions, in fertilizers and animal feed, respectively. The demand for phosphates in the industrial sector is less compared to fertilizers and animal feed, owing to availability of a large number of substitutes.
Potassium Fluoroaluminate Market - Rise in demand for potassium fluoroaluminate in manufacturing abrasives and its extensive usage in manufacture of soldering agents are factors augmenting the potassium fluoroaluminate market. This is prompting companies to increase production of this chemical. Additionally, easy availability of raw materials is anticipated to boost the demand for potassium fluoroaluminate in the near future. The global potassium fluoroaluminate market is witnessing technological advancements. Companies are constantly striving to develop new and better ways to manufacture of this chemical. Development of new manufacturing processes of potassium fluoroaluminate and applications is estimated to propel the market. However, volatility in prices of raw materials is projected to hamper the market.
Potassium Acetate Market - The key factors that are driving the potassium acetate market are the increasing usage of potassium acetate as substitute compound for potassium chloride, since it is having the same functional properties such as high solubility and ability to form high density brines that of potassium chloride. This is primarily due to the strict environmental restriction for implementation of potassium chloride. However, when the potassium acetate compound is used in incorrect composition, it can lead to side effects such as tingling and burning sensation in the feet, hands and can also lead to near death symptoms. These are major factors hampering the market growth.
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