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Market Overview of Global Potassium Formate market:
According to our latest research, the global Potassium Formate market looks promising in the next 5 years. As of 2022, the global Potassium Formate market was estimated at USD 579.52 million, and it's anticipated to reach USD 810.49 million in 2028, with a CAGR of 5.75% during the forecast years.
Opportunities and Drivers
Oil and natural gas are the most important energy sources in the world. Its products support modern society, primarily providing energy for the power industry, heating homes, fueling cars and planes, and fueling goods and people around the world. For example, the oil and gas industry provides jobs for millions of Americans and lower energy costs for consumers. Oil, natural gas and coal provide 80% of America's energy. According to the U.S. Energy Information Administration EIA's "Short-Term Energy Outlook" released in August 2021, the global economy will strengthen in 2021, and oil demand will increase by 5.3 million barrels per day from 2020; in 2022, it will increase by 3.6 million barrels per day, and global oil consumption will increase The volume will reach 101.2 million barrels per day.
Petroleum resources are an important energy source for a country's industrial development, and various countries in North America are constantly developing and exploring new oil fields. Companies engaged in oil and gas exploration and production search the world for reservoirs of raw materials and then drill to extract the materials.
According to IBISWorld data, between 2017 and 2022, the market size of the U.S. oil drilling and gas extraction industry will grow by an average of 8.2% per year. The market size (measured by revenue) of the oil drilling and gas extraction industry will be valued at USD 463.8 billion by 2022.
In the oil industry, Potassium Formate is widely used in the oil field as a drilling fluid, completion fluid and workover fluid with excellent performance. The preparation of drilling fluid system with potassium formate has outstanding advantages such as strong inhibition, environmental protection and oil layer protection. For example, PDF-THERM drilling fluid is a seawater-based high temperature resistant and high density polysulfonic drilling fluid system, which is mainly composed of temperature resistant polymers and sulfonated materials. Potassium Formate can improve the temperature resistance of the main temperature-resistant polymer in the PDF-THERM system, which has a positive effect on reducing the amount of temperature-resistant polymer and controlling the solid content of high-density drilling fluids. At the same time, Potassium Formate can also increase the density of the drilling fluid base fluid, and can reduce the amount of barite under the same density condition, which reduces the solid phase content of the high-density drilling fluid and alleviates the viscosity increase caused by the pollution of inferior soil.
The development of oil fields is an important source of income for oil and gas exploration and production enterprises. In general, with the development of the global oil industry, the development of oil fields will continue to increase, which will increase the demand for Potassium Formate. Therefore, the development of the global oil industry will drive the development of the Potassium Formate industry.
Challenges
The main raw materials required for the company's production are formic acid, potassium hydroxide, etc. The supply of major raw materials and the risk of price fluctuations will have a material adverse impact on the company's continued profitability. The industry characteristics of Potassium Formate production enterprises make them rely on major suppliers for raw material procurement. Adverse changes in the company's partnership with these key suppliers, or adverse changes in the operations and financial conditions of key suppliers, may result in the company's inability to procure regular quantities in a timely and sufficient manner. At the same time, price fluctuations of raw materials will also have an impact on the company's production costs. If the price of raw materials rises, it will cause the production cost of Potassium Formate to rise and reduce the profit margin of the product. The company's production and operation plan will be adjusted.
For example, the outbreak of the Ukraine-Russian war in 2022 may cause the price of Potassium Formate raw material potassium hydroxide to rise. The raw materials for the preparation of potassium hydroxide mainly include potassium chloride, and Ukraine is one of the main producers of potassium chloride. The outbreak of the Ukrainian-Russian war has led to changes in border trade policy related to it. Therefore, the price of potassium chloride may show an upward trend, causing the price of potassium hydroxide to rise. The increase in the price of potassium hydroxide will lead to an increase in the raw material cost of Potassium Formate, which will bring risks to the company's production and operation.All in all, price volatility of raw materials is one of the risks faced by companies in the industry.
Region Overview:
North America had the highest growth rate of all regions.
Company Overview:
The top three companies are Perstorp, Shuntong Group, Esseco with the revenue market share of 10.26%, 7.85%, 5.61% in 2021.
Making the lives of billions of people around the world safer, more convenient and greener. Perstorp focuses on the global resins and coatings, engineered fluids and animal nutrition markets. Perstorp provides specialty chemicals for a variety of industries and applications.
Shuntong Group is an international comprehensive enterprise group integrating environmental protection chemicals, oil and gas equipment, technical services, modern logistics, international trade and other businesses.
Shuntong Group is a chemical manufacturer of formate product series and polyacrylamide series products, and is one of the technical service providers related to these series of products. These series of products can be used in different fields such as oil and gas, coal chemical industry, mineral processing, papermaking, environmental protection and water treatment.
Segmentation Overview:
Among different product types, Solid Potassium Formate segment is anticipated to contribute the largest market share in 2027.
Application Overview:
By application, the Oil Field segment occupied the biggest share from 2017 to 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Potassium Formate market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Potassium Formate Market Report:
Market Size Estimates: Potassium Formate market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Potassium Formate market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Potassium Formate market
Segment Market Analysis: Potassium Formate market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Potassium Formate market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Potassium Formate Market: Revenue and sales volume of major countries in each region
Potassium Formate Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Potassium Formate market in major regions.
Potassium Formate Industry Value Chain: Potassium Formate market raw materials & suppliers, manufacturing process, distributors, downstream customers
Potassium Formate Industry News, Policies & Regulations
Key players in the global Potassium Formate market are covered in Chapter 12:
M-I Swaco
Shouguang Hengtong Chemical
Esseco
Hawkins
ADDCON
ICL
Hangzhou Focus Chemical
Mianyang Aostar Phosphorus Chemical
Hebei Huayun Hongye Chemical
Shuntong Group
Perstorp
Shanxi Zhaoyi Chemical
Chongqing Chuandong Chemical
NASi
In Chapter 2 and Chapter 15.1, based on types, the Potassium Formate market from 2018 to 2028 is primarily split into:
Solid Potassium Formate
Liquid Potassium Formate
In Chapter 3 and Chapter 15.2, based on applications, the Potassium Formate market from 2018 to 2028 covers:
Oil Field
Deicing Agent
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Potassium Formate market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028