Potassium formate, also known as potassium ant, is a white crystalline powder with the molecular formula CHKO2 and a molecular weight of 84.1157. It is mainly used to prepare water containing oil well injection fluids. Potassium formate is easily soluble in water and slightly soluble in ethanol and methanol. It is used as a raw material for preparing other compounds in chemistry, as well as analytical reagents, strong bases weak acid salts, desiccants, etc.

Overview of Market Development and Analysis of Segmented Markets

As an important chemical raw material, potassium formate has been widely used globally, and its market is steadily growing. According to our research data, the total revenue of the global potassium formate market was $723 million in 2023. Among them, the revenue of the solid potassium formate segment was $617 million, with a revenue share of 85.30%, occupying a dominant position. It is expected that solid potassium formate will occupy a larger market share in the coming years.

Potassium formate has a wide range of applications, covering fields such as oil fields and deicing agents. Among them, the oil field is the largest downstream application market for potassium formate. In addition, the demand for deicing agents is also increasing year by year, providing new impetus for the development of the potassium formate market. In the future, with the continuous innovation of technology, the market prospects of potassium formate will be even broader, and the emergence of emerging application fields will also provide new opportunities for the development of the potassium formate market.

Source: www.globalmarketmonitor.com

Analysis of Market Competition Pattern

From the perspective of market competition, the concentration of the global potassium formate market is relatively low. Data shows that in 2022, the total production capacity of potassium formate among the top 3 companies in the industry was 145k tons, accounting for 24.09% of the global total production capacity; The total revenue was $171.10 million, with a total revenue share of only 23.17%. The top 3 companies (by revenue) were Perstorp, Shuntong Group, and Esseco. In 2022, these three potassium formate markets accounted for 10.24%, 7.27%, and 5.66% of global market revenue, respectively.

Potassium Formate Production Capacity, Proportion, Revenue, and Share of Main Companies in 2022

Companies	Production Capacity (K Tons)	Proportion	Revenue (Million USD)	Share
Perstorp	5.5	9.14%	7562	10.24%
Shuntong Group	6.0	9.97%	5367	7.27%
Esseco	3.0	4.98%	4181	5.66%
Top3	14.5	24.09%	17110	23.17%

Source: www.globalmarketmonitor.com

For more industry information, please refer to our latest released "China Potassium Formate Industry Market Research Report 2023-2029".