Potassium formate is a very versatile chemical and is used in a number of end use industry. The material finds extensive use as a heat transfer fluid, fertilizer, and drilling fluid. This widespread scope of applications has opened up numerous opportunities for players in the industry. A recent increase in research and development technologies has pushed the development of sustainable variants, which have gained importance with an increased number of environmental regulations. Potassium formate based brines have started to gain preference as a de-icing agent. Commercial and municipal administrative bodies are increasingly replacing urea and potassium acetate, and are gradually increasing opportunities for potassium formate on the whole. However, the use of the material for de-icing purposes has been largely restricted to European nations. North America and Asia Pacific countries continue to use other alternatives. The potassium formate market has an approximate value of ~USD 615 million, while the market is also expected to rise at a steady CAGR of ~5 per cent. A study of the global potassium formate industry is collated and published in the report titled, "Potassium Formate Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027" that has been added to the extensive research repository of Market Research Hub (MRH).
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Application in Drilling Applications Increases Production
The potassium formate industry relies heavily on the oil and gas sector and is anticipated to continue its growth in the sector for the forecast period through 2027. Further, the global oil and gas industry has been going through a surge in recent times. This growth trend has helped in increasing drilling activities on a global scale. This has bolstered investments, especially in the Middle-east. Offshore gas and oil drilling is expected to rise at a higher rate, which will result in a strong demand for potassium formate in the years ahead.
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Potassium Formate Market: Summary of Report
The report on the potassium formate industry provides the readers with an in depth analysis on the landscape of industrial ingredients around the globe. Industry-based forecasting models include a complete analysis of the research publications and primary interviews with producers along with the relevant consumer data.
The report also includes detailed interviews conducted by leading market analysts with industry leaders, industry experts and analysts to provide essential validations of the production volume and relevant conclusions in the study.
The potassium formate report forecasts performance of the market progress in terms of volume trajectories by different categories including the cost of production and raw materials, in addition to factors such as the growth of the market. For each of these categories, business development strategies and market projections that have been adopted by key market players for specific strategies have also been included in the report.
Valuable insights which can be helpful for manufacturers that are operating in the potassium formate industry are provided in the report. Also, a study of barriers to market entry, pricing analysis, market expansion strategies, and supply to demand equations makes the report a very credible source of information for business professionals interested in the potassium formate market.
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