Potassium Formate Companies

The potassium formate market is projected to grow from USD 0.77 Billion in 2024 to USD 1.07 Billion by 2030, at a CAGR of 6.0% during the forecast period.

The key drivers of the potassium formate market are the growing demand for potassium formate in various end-use industries mainly in oil & gas and unique properties of potassium formate. Stringent environmental regulations by the government are pushing the manufacturers to adopt potassium formate in various applications like deicing agents, drilling & completion fluid, heat transfer fluid, fertilizer additives, preservatives and others. Companies like Perstorp Holding AB (Sweden), Clariant (Switzerland), Thermo Fisher Scientific Inc (US), Eastman Chemical Company (US), Tetra Technologies Inc (US) are strategically positioning themselves in the potassium formate market by increasing the production capacities of the potassium formate to fulfil the needs of construction, oil & gas, agriculture, food & beverage, industrial and other end use industries. Major oil & gas companies are utilizing potassium formate for drilling and completion fluid application because of unique properties such as exceptional wellbore stability, shale inhibition, and reduced formation damage.

Potassium Formate Companies

The major players active in the potassium formate market are based in North America, Europe, and Asia Pacific region. Perstorp Holding AB (Sweden), Clariant (Switzerland), Thermo Fisher Scientific Inc (US), Eastman Chemical Company (US), Tetra Technologies Inc (US), ADDCON GmbH (Germany), Dynalene, Inc (US), Hawkins (US), American Elements (US), Hangzhou Focus Chemical Co., Ltd. (China) are among a few leading players operating in the potassium formate market. Significant attention has been dedicated to developing cost-effective manufacturing technology in the potassium formate market to meet evolving global demands. Key players have implemented various growth strategies to solidify their market position. These strategies encompass deals, mergers and acquisitions, and, investment & expansions, all aimed at enhancing their presence in the potassium formate market.

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Perstorp holding AB (Sweden)

Perstorp is one of the leading providers of potassium formate. It is the wholly owned subsidiary of Petronas Group Berhad (PCG), one of the leading integrated chemical providers in Malaysia. The company provides products related to various solutions such as pro-environment solutions, animal nutrition, advanced material, resins & coatings, synthetic lubricants & engineered fluids and complementary. It provides potassium formate under complementary business unit. The company provides products for various end use industries such as construction, electrical & electronics and others. It provides potassium formate which is 75% solution in water. The company has production facilities across 8 countries in regions like Asia Pacific, Europe, North America. Beyond the production hubs, the company has sales & distribution in 26 countries, with offices and 50 agents covering the market in the various regions.

Clariant (Switzerland)

Clariant is one of the leading global manufacturers of potassium formate.  The company operates through three main business segments care chemicals, catalysts, and adsorbents & additives. These segments tackle significant global trends like energy efficiency, renewable raw materials, and resource conservation. The care chemicals segment provides products for both consumer care and industrial applications, such as oilfield chemicals. Catalysts play a key role in advancing innovations in energy and chemical production, and adsorbents & additives offers customized solutions for refining and various industrial processes. Clariant provides potassium formate under care chemicals business segment. The company has 68 subsidiaries in 36 countries, with key production sites located in Europe (Germany and Switzerland), North America (U.S.), South America (Brazil), as well as in China and India. These sites are equipped to manufacture a diverse array of specialty chemicals. Notable facilities include the Clariant Innovation Center in Frankfurt-Höchst, Germany, and regional plants in Nandesari, India, and Louisville, Kentucky, which focus on advanced chemistry and sustainability, possibly including potassium formate production as part of their broader fluid or additive offerings.

Thermo Fisher Scientific Inc (US)

Thermo Fisher Scientific Inc. is one of the leading companies that manufactures potassium formate. The company operates in 4 business segments namely, laboratory products & biopharma services, life sciences solution, analytical instruments and speciality diagnostics. It provides potassium formate under Thermo Scientific Chemical brand which comes under life sciences solutions business segment. The Life Sciences Solutions segment stands out as it supplies critical products like potassium formate through its Thermo Scientific Chemicals brand, encompassing reagents, intermediates, and tools for applications ranging from genomic research to drug discovery and industrial processes such as deicing and petroleum production. This segment supports scientists and industries with innovative solutions for biological and chemical research, leveraging brands like invitrogen, applied biosystems, and Thermo Scientific to drive advancements in life sciences. The company has geographic presence across Europe, North America, Asia Pacific, South America and Middle East & Africa.

POTASSIUM FORMATE MARKET: MARKET RANKING

The ranking of companies in the potassium formate market is based on several key factors that reflect their market position, capabilities, and overall contribution to the industry. The top 5 players in the potassium formate market have been identified based on their revenue, market share, product offerings, production capacity, innovation, technological advancements, geographical presence, strategic partnerships, financial performance, and sustainability efforts. These key players continue to lead the potassium formate market by maintaining a competitive edge by delivering high-quality potassium formate to various end-use industries. Major players operating in the market include Perstorp Holding AB (Sweden), Clariant (Switzerland), Thermo Fisher Scientific Inc (US), Eastman Chemical Company (US), Tetra Technologies Inc (US), ADDCON GmbH (Germany), Dynalene, Inc (US), Hawkins (US), American Elements (US), Hangzhou Focus Chemical Co., Ltd. (China) and among others.

Related Reports:

Potassium Formate Market by Form (Liquid/Brine, Powder). Application (Deicing Agent, Drilling & Completion Fluids, Fertilizer Additives, Heat Transfer Fluids, Preservatives), End-Use Industry – Global Forecast to 2030