Potassium Formate Market worth $1.07 billion in 2030, at a CAGR of 6.0%, says MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
7 min read
MarketsandMarkets Research Pvt. Ltd.
Delray Beach, FL, May 14, 2025 (GLOBE NEWSWIRE) -- The Potassium Formate Market is projected to grow USD 0.77 billion in 2024 and is projected to reach USD 1.07 Billion by 2030, at a CAGR of 6.0%, in terms of value, from 2024 to 2030, as per the recent study by MarketsandMarkets™. During the forecast period, the global potassium formate market is expected to grow rapidly in the coming years, the demand for potassium formate is on the rise due to growing application of potassium formate in various end use industries. The end-use industries of potassium formate are mainly construction, oil & gas, agriculture, food & beverage, industrial and other end use industries. The market is also expected to benefit from new technological advancements in the potassium formate market.
Liquid/Brine form potassium formate segment is expected to grow with highest CAGR in terms of value in potassium formate market during the forecasted period.
Drilling and completion fluid application is expected to grow with the highest CAGR in terms of value in potassium formate market by application segment during the forecasted period.
The demand for potassium formate in construction industry is expected to grow with the second-highest CAGR in terms of value in potassium formate market during the forecasted period.
Asia Pacific region is expected to register second-highest CAGR both in terms of value and volume during forecasted period
Based on form type, powder form holds the second largest market share in the potassium formate market in 2023, driven by its properties like stability, transportation convenience, and flexibility in application. Potassium formate powder is not hygroscopic, has a longer shelf life, and is convenient to store without leakage or evaporation risk, unlike its liquid/brine equivalent. It is extensively applied in agriculture, construction, and industrial processes where a dry and concentrated form is desired for controlled dosing and formulation flexibility.
Based on applications, deicing application accounted for the second-largest share in terms of value in 2023. Widespread use as an environmentally friendly replacement for conventional chloride-based deicers. In contrast to sodium chloride (rock salt) and calcium chloride, which are corrosive to infrastructure, contaminate soil, and pollute freshwater, potassium formate is biodegradable, non-corrosive, and less environmentally detrimental. Its enhanced ice-melting performance at lower temperatures positions it as the preferred option for airport runways, highways, and municipal road maintenance in countries with severe winter conditions, e.g., North America and Northern & Central Europe.
Based on the end-use industry, The second-largest demand for potassium formate in 2023 was the construction industry. Due to its critical role in maintaining road safety, infrastructure longevity, and winter construction operations. Unlike traditional chloride-based deicers, which cause corrosion in concrete, steel reinforcements, and asphalt, potassium formate is non-corrosive and environmentally friendly, making it the preferred choice for highways, bridges, tunnels, and airport runways. Many municipalities and transportation agencies in North America and Europe have increasingly adopted potassium formate-based deicing solutions to comply with strict environmental regulations, such as those set by the Federal Highway Administration (FHWA) in the U.S. and the European Chemicals Agency (ECHA).
Based on Region, Europe's potassium formate market is witnessing steady growth, holding the second-largest market share in 2023, driven by its strong regulatory framework, increasing environmental concerns, and widespread adoption in critical applications such as deicing, oil & gas, agriculture, and industrial processes. The European Union's stringent environmental policies, including the EU REACH Regulation and the European Green Deal, have been instrumental in accelerating the transition from traditional chloride-based chemicals to eco-friendly alternatives like potassium formate. This shift is particularly evident in the deicing sector, where potassium formate is increasingly preferred due to its lower environmental impact, reduced corrosion on infrastructure, and superior efficiency in extreme temperatures.
Countries such as Switzerland, Germany, Norway, Finland, and Sweden have widely implemented potassium formate-based deicing solutions for highways, airport runways, and rail networks. Major European airports, including Frankfurt Airport and Oslo Gardermoen Airport, have adopted potassium formate deicers due to their effectiveness in reducing metal corrosion and minimizing the risk of groundwater contamination. In addition to that, potassium formate's high biodegradability aligns with the EU’s sustainability goals, making it an ideal choice for transportation infrastructure maintenance. Beyond deicing, the oil and gas sector in Europe is a significant driver of potassium formate demand. The North Sea's offshore drilling activities have led to an increased requirement for high-performance drilling and completion fluids, where potassium formate is favored for its high density, thermal stability, and minimal environmental footprint. Companies operating in the region, such as Equinor and Shell, are emphasizing the use of eco-friendly solutions, further propelling potassium formate consumption in the industry. In the agriculture sector, the demand for potassium-based fertilizers is rising as European farmers seek sustainable solutions to enhance crop yields while minimizing soil degradation. Potassium formate serves as an efficient fertilizer additive, providing essential nutrients and improving plant resistance to diseases. Major manufacturers in Europe, including Perstorp Holding AB, Clariant, and ADDCON GmbH, are investing in product innovation and expanding production capacities to meet the growing demand for potassium formate. These companies focus on developing high-purity and customized potassium formate solutions tailored to industry-specific requirements. With increasing regulatory support, technological advancements, and rising adoption in diverse applications, the European potassium formate market is poised for sustained growth in the coming years.
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