The potassium formate market is projected to grow from USD 0.77 Billion in 2024 to USD 1.07 Billion by 2030, at a CAGR of 6.0% during the forecast period. The potassium formate market demand is driven by several key factors, Demand for potassium formate in the market is fueled by its environmentally friendly characteristics, superior performance in target markets, and rising regulatory pressures on conventional chemicals. Potassium formate is broadly applied as a drilling and completion fluid in the oil & gas sector owing to its high density, low corrosiveness, and biodegradability, usability in HPHT wells and offshore drilling activities. Tight environmental regulations, such as the EU REACH Regulation, U.S. EPA standards, and Norway’s offshore chemical legislation, have pushed the move away from chloride-containing fluids to potassium formate brines. The deicing market is another important driver, with airports, municipalities, and highway authorities increasingly adopting potassium formate-based deicers to minimize infrastructure corrosion and freshwater pollution, particularly in North America and Europe. Potassium formate are mainly used in construction, oil & gas, agriculture, food & beverage, industrial and other end use industries. Potassium formate are used for various applications like, deicing agents, drilling & completion fluid, heat transfer fluid, fertilizer additives, preservatives and others.
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Liquid/Brine form potassium formate segment is expected to grow with highest CAGR in terms of value in potassium formate market during the forecasted period.
Potassium formate liquid/brine segment is anticipated to register the highest CAGR during the potassium formate market over the forecast period owing to its extensive industrial use, convenient handling, and surging regulatory-induced demand for environment-friendly products. One of its key growth drivers is its leadership in the oil & gas sector, where it is used as a high-performing drilling and completion fluid, especially in HPHT wells and offshore operations. Large North American, Norwegian, and Russian energy players are looking to potassium formate brines due to their non-corrosive, biodegradable character and excellent well-stability-enabling properties. The deicing market is also seeing significant growth, with airports, municipalities, and highway authorities in Europe and North America, in particular, switching to liquid potassium formate deicers as an environmentally safe, chloride-free alternative to conventional salts.
Drilling and completion fluid application is expected to grow with the highest CAGR in terms of value in potassium formate market by application segment during the forecasted period.
The drilling & completion fluid segment is expected to register the highest CAGR over the growth period of the potassium formate market due to growing energy demand globally, increased offshore and deepwater drilling activity, and tightened environmental regulations. Potassium formate brine is preferably applied in high-temperature, high-pressure (HPHT) wells due to its high density, thermal stability, and non-corrosive character, making it an ideal substance for complex drilling operations in locations like North Sea, Gulf of Mexico, and Arctic fields. The ongoing boom in shale gas and tight oil drilling in North America, particularly in the Permian Basin and Bakken Formation, is similarly creating demand for efficient, environment-friendly drilling fluids.
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The demand for potassium formate in construction industry is expected to grow with the second-highest CAGR in terms of value in potassium formate market during the forecasted period.
The construction sector is anticipated to grow with the second-highest CAGR in the market for potassium formate as it is increasingly being used for deicing, cold-weather concreting, and protection of infrastructure. In areas where winter conditions are severe, including North America and Northern & Central Europe, potassium formate liquid deicers are gaining popularity as a green solution to conventional chloride-based salts that lead to corrosion and structural degradation of roads, bridges, and tunnels. Municipalities and governments in Germany, Switzerland, Canada, and the U.S. are increasingly using potassium formate deicing products to meet stringent environmental and infrastructure conservation regulations.
Asia Pacific region is expected to register second-highest CAGR both in terms of value and volume during forecasted period
The Asia-Pacific area is estimated to grow with the second-highest CAGR in the potassium formate market owing to increasing oil & gas exploration, growing industrial use, and developing usage in agricultural activities. Countries such as China, India, Australia, and Indonesia are hugely investing in the exploration of energy, especially for deepwater drilling and unconventional wells, thus inducing demand for the use of drilling and completion fluids based on potassium formate. The Asia-Pacific oil & gas market is trending towards environmentally friendly and high-performance brines in line with local environmental regulations for minimizing formation damage and water contamination.
Prominent companies include Perstorp Holding AB (Sweden), Clariant (Switzerland), Thermo Fisher Scientific Inc (US), Eastman Chemical Company (US), Tetra Technologies Inc (US), ADDCON GmbH (Germany), Dynalene, Inc (US), Hawkins (US), American Elements (US), Hangzhou Focus Chemical Co., Ltd. (China), and among others.
Perstorp holding AB (Sweden)
Perstorp is one of the leading providers of potassium formate. It is the wholly owned subsidiary of Petronas Group Berhad (PCG), one of the leading integrated chemical providers in Malaysia. The company provides products related to various solutions such as pro-environment solutions, animal nutrition, advanced material, resins & coatings, synthetic lubricants & engineered fluids and complementary. It provides potassium formate under complementary business unit. The company provides products for various end use industries such as construction, electrical & electronics and others. It provides potassium formate which is 75% solution in water. The company has production facilities across 8 countries in regions like Asia Pacific, Europe, North America. Beyond the production hubs, the company has sales & distribution in 26 countries, with offices and 50 agents covering the market in the various regions.
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Clariant (Switzerland)
Clariant is one of the leading global manufacturers of potassium formate. The company operates through three main business segments care chemicals, catalysts, and adsorbents & additives. These segments tackle significant global trends like energy efficiency, renewable raw materials, and resource conservation. The care chemicals segment provides products for both consumer care and industrial applications, such as oilfield chemicals. Catalysts play a key role in advancing innovations in energy and chemical production, and adsorbents & additives offers customized solutions for refining and various industrial processes. Clariant provides potassium formate under care chemicals business segment. The company has 68 subsidiaries in 36 countries, with key production sites located in Europe (Germany and Switzerland), North America (U.S.), South America (Brazil), as well as in China and India. These sites are equipped to manufacture a diverse array of specialty chemicals. Notable facilities include the Clariant Innovation Center in Frankfurt-Höchst, Germany, and regional plants in Nandesari, India, and Louisville, Kentucky, which focus on advanced chemistry and sustainability, possibly including potassium formate production as part of their broader fluid or additive offerings.
Thermo Fisher Scientific Inc (US)
Thermo Fisher Scientific Inc. is one of the leading companies that manufactures potassium formate. The company operates in 4 business segments namely, laboratory products & biopharma services, life sciences solution, analytical instruments and speciality diagnostics. It provides potassium formate under Thermo Scientific Chemical brand which comes under life sciences solutions business segment. The Life Sciences Solutions segment stands out as it supplies critical products like potassium formate through its Thermo Scientific Chemicals brand, encompassing reagents, intermediates, and tools for applications ranging from genomic research to drug discovery and industrial processes such as deicing and petroleum production. This segment supports scientists and industries with innovative solutions for biological and chemical research, leveraging brands like invitrogen, applied biosystems, and Thermo Scientific to drive advancements in life sciences. The company has geographic presence across Europe, North America, Asia Pacific, South America and Middle East & Africa.
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