Potassium Formate Market is projected to expand at a CAGR of 5.1% over the forecast period

Estimated to witness moderate rise over 2018, the global potassium formate consumption volume is envisaged to reach ~650 KT in 2019. Fact.MR conveys indispensable insights on the potassium formate market in its recently published report that projects a steady volume growth outlook for the market. The present development trend of the potassium formate market remains highly influenced by an expanding number of industrial applications and increasing demand for efficient de-icers and drilling fluids, across the globe.

Market breakdown by delivery form and by application reveals that Europe, coupled with North America, currently accounts for a sizeable revenue share in the global potassium formate market. The former however holds a fourth of the global market value, according to Fact.MR’s findings. The market attractiveness of East Asia-South Asia-Oceania cluster has been estimated to grow at a healthy rate over the period of next few years, assessing the increasing applicability of potassium formate in drilling and heat transfer fluids.

North America is projected to hold promising growth potential for potassium formate market. While the market in this region is expected to benefit from visibly increasing de-icing operational activities in snow prone airports in the region, it will also remain influenced by the growing preference of manufacturers for potassium formate over other de-icing salts, such as potassium acetate, and sodium formate, among others.

The demand for de-icing salts is predominantly influenced by the winters in the Western Region. Countries, such as the U.S., Canada, and Russia are amongst those that experience heavy snow fall, for instance, the winter of 2017-2018 was higher than expected leading to repeated incidents of snow and sleet, leading to the mobilization of snow fighters from coast-to-coast. Harsh weather conditions across the country were experienced with freezing temperatures and snow storms inflicting havoc on our roads. The same trend was also experienced at airports. The report opines that this further drives the demand for de-icing salts, which are used at almost every airport throughout North America and Europe.

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Potassium Formate Market – Scope of Report:

A latest publication by Fact.MR on the global Potassium Formate market evaluates the opportunities and current market landscape, and provides detailed analysis and updates about corresponding sections affecting the market.

The study offers detailed insights on key market dynamics, which include the drivers, restraints, trends, and opportunities in the market.

The principal aim of the study is to present exclusive information about how the market will perform during the forecast period of 2019-2029.

Important indicators for the successful growth of the Potassium Formate market are presented in this comprehensive report, which include Year-on-Year (Y-o-Y) growth analysis of the market, and compounded annual growth rate (CAGR), which are described in an exhaustive way in Fact.MR’s study.

This research study can support readers to know the demand for Potassium Formate supplements, and the quantitative development opportunities during the study period.

The research is beneficial for shareholders in Detergent Polymer, including investors, manufacturers, service providers, distributors, and suppliers, and can help them in developing suitable business strategies to flourish in the market.

Insights and wisdom presented in this Fact.MR study can be leveraged by shareholders in the market, industry experts, investors, researchers, and reporters, as well as business enthusiasts.

Key Manufacturers of Potassium Formate

The key market players in the potassium formate market are focusing on product development and collaboration. Vendors in the potassium formate market are focusing on cost-effective production of potassium formate and by bringing innovations to the processing methods that can meet the changing industrial requirements.

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Report benefits & key questions answered

• Post covid consumer spending on Potassium Formate: the report also highlights the change in the buying behavior of consumers and shifts in purchasing power, post covid-19. This information will assist the businesses to plan their production and marketing strategies.
• Potassium Formate demand outlook: the market intelligence study reports highlights the factor propelling the demand for Potassium Formate. As per the study, the demand for Potassium Formate will grow through 2029.
• Potassium Formate historical volume analysis: Fact.MR survey report provides insights into the sales registered over the last forecast year 2016 to 2020 and create estimates regarding the sales performance for 2019-2029.
• Potassium Formate consumption by demographics: the report provides consumption by demographics analysis to assist the market players in designing their expansion strategies on the basis of consumption pattern of the customers.

Lucrative Adoption Potential in Drilling Applications Remains Intact

Potassium formate consumption in drilling applications currently accounts for a third of the global market revenues, as indicated by the report. Likewise, potassium formate applications in drilling fluids are expected to grow significantly during the forecast period, which can be attributed to the continued preference of consumers, for customized service and maintenance. Rising demand for superior industrial de-icers for the clearance of large scale snow from runways over conventional techniques from bull dozers and other machinery means has made lucrative opportunities for potassium formate during the forecast period.

Increasing demand for potassium formate in the solid as well as liquid forms has been witnessing rise in demand as an anti-corrosion agent and a competent de-icing material at airports. The critical use of potassium formate here has been the de-icing of runways as potassium its quickly penetrates snow and ice layers when mixed with corrosion inhibitors and other additives, detaching the snow from the concrete and melting it at a rapid pace.

Rising air passenger and cargo traffic, construction of new airports & expansion of existing airports, rising accidents & problem associated with snow deposition on aircraft, expanding global tourism sector, especially in colder regions, and increasing demand for eco-friendly and recyclable de-icing materials are the major growth factors that are burgeoning the demand for potassium formate.

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