Potassium Formate Industry Size, Share, Demand & Growth by 2033
The global potassium formate industry is anticipated to attain a valuation of US$ 746.13
million in 2023 and is projected to accumulate over US$ 1190 million by 2033, exhibiting
a CAGR of 4.7% during the forecast period.
The surging demand for safe and eco-friendly heat transfer fluids is propelling potassium
formate’s significance in the growing refrigeration industry, leading to substantial market
growth during the forecast period.
Producers are now prioritizing heat transfer fluids based on potassium formate for refrigeration
systems, replacing calcium chloride and other brine solutions due to their premium quality.
Moreover, governments are also taking initiatives to support the refrigeration industry,
promoting access to sustainable cooling solutions.
In March 2019, the government of India launched the India Cooling Action Plan (ICAP),
outlining measures to reduce cooling demand, transition to better refrigerants, improve energy
efficiency, and adopt advanced technology over 20 years. Potassium formate-based
refrigerated systems are gaining traction in the commercial sector due to their non-toxic and
non-hazardous properties, offering a promising technology option.
The market growth for potassium formate is driven by the continuous pressure on end-use
industries to reduce operating costs, enhance efficiency, and boost productivity. This pressure
impacts the supply chain, pushing end-use suppliers to invest in research and development to
meet customer demands.
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Key requirements from end-users, such as divergent needs for protection, agility, and efficacy
of drilling fluids, lead to the incorporation of smooth fluids and high chemical strength in the
drilling process.
The demand for potassium formate brine solutions is increasing due to their ability to
effectively remove snow from aircraft surfaces without posing hazards, making them
preferable over other alternatives on the market. Consequently, the growing demand for
potassium formate in various applications acts as a driving force behind the market’s
expansion.
Key Takeaways

The demand for potassium formate in China is projected to rise with a promising CAGR
of 4.9% during the forecast period.

The market in North America is expected to thrive with a CAGR of 4.6% during the
forecast period.

The United Kingdom market is anticipated to expand at a CAGR of 4.3% during the
forecast period.
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