The global market size for Potassium Formate Market amounted to USD 512.15 million in 2022 and is anticipated to reach USD 801.35 million by 2032, reflecting a noteworthy revenue Compound Annual Growth Rate (CAGR) of 5.1% throughout the forecast period. A key factor propelling the growth in market revenue is the increasing demand for potassium formate across diverse end-use sectors, including oil and gas, food and beverage, and de-icing applications. Notably, airports and transportation facilities are adopting potassium formate, an exceptionally effective de-icing chemical, to mitigate accidents caused by snow and ice.
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Competitive Landscape:
Some major companies included in the global potassium formate market report are:
Merck KGaA
Petro-Canada Lubricants Inc.
Perstorp Holding AB
Tata Chemicals Ltd.
BASF SE
Geo Specialty Chemicals Inc.
Alfa Aesar
Wintersun Chemical
Zibo Qingxin Chemicals Co. Ltd.
OXEA GmbH
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Key Strategic Initiatives:
In 2021, BASF SE unveiled the introduction of a new series of potassium formate-based fluids designed for de-icing and anti-icing applications in the aviation industry. These innovative fluids are reputed for delivering superior performance and environmental advantages when compared to traditional fluids based on sodium formate or potassium acetate.
Also in 2020, Tata Chemicals Ltd. disclosed the signing of a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Bombay to establish a collaborative effort in research and development. The focus areas encompass water conservation, energy efficiency, and sustainable technologies, with a specific emphasis on exploring the applications of potassium formate in drilling fluids.
In the same year, Petro-Canada Lubricants Inc. announced an expansion of its production capacity for potassium formate-based fluids at its manufacturing facility in Mississauga, Ontario, Canada. This expansion was strategically undertaken to address the growing demand for environmentally friendly and efficient drilling fluids within the oil and gas industry.
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