POTASSIUM FORMATE MARKET ANALYSIS

Potassium Formate MarketSize and Trends

Market Outlook

Global potassium formate market size was valued at US$ 380 million in 2018, and is expected to register a CAGR of 2.1% during the forecast period (2019-2027). Growing application of potassium formate in the oil and gas industry is expected to increase its demand and thereby accelerate the market growth in the near future. Increasing demand for crude oil and natural gas is expected to increase the demand for potassium formate and hence, it is expected to support growth of the market. Furthermore, potassium formate has been studied as the potential deicing agent on roads and airports. Deicing is a massive task in winters and hence potassium formate is massively used, as it reduces the freezing point of water significantly making it an effective runway deicing agent. Increasing demand for runway deicing agents across the globe is expected to drive the market growth during the forecast period.

Over-reliance on the oil economy is expected to create ample opportunities for market players in the global potassium formate market during the forecast period.