Potassium formate is the potassium salt of formic acid. It is a one-carbon compound highly soluble in water and serves as a buffer agent. Potassium formate is widely used in the oil and gas industry to manufacture natural-friendly and superior-density brine, a high-concentration solution of salt in water. Potassium formate is available in both liquid and solid forms, and exhibit good lubricity, excellent thermal stability, and high density, as well as have a good eco-profile. It is widely used in various end-use industries such as fertilizers, construction, and refrigeration due to these characteristics.
Moreover, with the increasing demand for natural gas and crude oil, the demand for potassium formate is also increasing, driving the potassium formate market growth. According to the International Energy Agency (IEA), in 2019, global demand for natural gas increased by 1.5% compared to 2018, that is a 57.9 Bcm addition, up to 3 986 Bcm. At the OECD level, natural gas demand was boosted by 1.9% in 2019, 34.5 Bcm more than in 2018. Moreover, the global oil demand is expected to grow by 5.7 mb/d over the 2019-25 period at an average annual rate of 950 kb/d. This in turn is also expected to drive the potassium formate market growth... Read more