Superior purposeful houses and sustainability of potassium permeate liquids are using their packages inside the oil & gas enterprise as an opportunity to standard drilling fluids. In addition to this, stringent guidelines carried out to inspire carbon emission control international will hold pushing income over the evaluation duration.
The call for for green merchandise developing in diverse sectors. This has in turn endorsed manufacturers to launch revolutionary potassium formate answers. These elements are anticipated to keep boosting the income in the marketplace over the evaluation length.
According to the take a look at, new oil and fuel drilling initiatives in asia are fuelling demand for drilling fluids, which in turn, is creating sustained opportunities for stakeholders throughout the potassium formate value chain.
Potassium formate is gaining traction in oil & fuel sector, thanks to its favorable residences and environmental feasibility. South asia and east asia together accounted for over 26% of the global potassium formate market cutting-edge, and the authors of the record do no longer see the status quo converting whenever quickly.
The broader push via governments in the location, and over-reliance on oil economy is in all likelihood to create sustained possibilities for potassium formate marketplace players at some stage in the forecast period.
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The examples of the key players in this value chain of potassium formate are BASF, ADDCON, Perstorp, Cabot, Evonik, Honeywell and ICL among others.
The global potassium formate market size is estimated to be valued at US$ 716.4 Mn in 2022. Growing demand for eco-friendly products for de-icing applications and drilling fluid is expected to boost sales at a steady 4.2% CAGR between 2022 and 2029. Against this backdrop, the market valuation is set to top US$ 952.3 Mn by 2029.
Demand has also been positively influenced by growing preference for environmentally-sustainable products, especially in drilling fluids, de-icing, and heating fluids. The report opines that a combination of macroeconomic and industry-specific factors will drive potassium format demand during the course of the forecast period.
Key Questions Answered in the Report
- What is the global potassium formate market size?
- At what rate did the global potassium formate market grow between 2014 and 2021?
- What is the North America potassium formate market outlook?
- What is the market share of the Europe Potassium formate market?