Potassium Formate - Company Evaluation Report, 2025 (Abridged Report)
Description
The Potassium Formate Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Potassium Formate. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 100 companies, of which the Top 10 Potassium Formate Companies were categorized and recognized as quadrant leaders.
Potassium formate is a highly soluble organic salt predominantly used as a de-icing agent and in oil and gas drilling fluids. Valued for its low environmental impact and reduced corrosiveness compared to conventional alternatives, potassium formate is the preferred choice in applications demanding efficient, eco-friendly performance under harsh conditions. The growth of the potassium formate market is fueled by rising demand in the energy sector, particularly for offshore drilling operations, as well as evolving regulations that promote the use of less harmful de-icing agents. North America and Europe are key regions for this market, were industrial applications and stringent environmental policies drive adoption. The market continues to advance, supported by technological innovations and expanding uses of potassium formate in chemical manufacturing and heat transfer systems.
Potassium formate is a chemical compound with the formula HCOOK, produced from formic acid (HCOOH), potassium hydroxide (KOH), or potassium carbonate. When dissolved in water, it appears as a white crystalline solid in its pure form or as a clear, concentrated brine solution (typically 50–75%). Known for its exceptional solubility, biodegradability, and low toxicity, potassium formate offers properties like a low freezing point, non-corrosiveness, and environmental friendliness, making it a superior alternative to traditional salts and glycols. In practical use, it serves as a de-icing agent for airport runways and roads, a high-density drilling and completion fluid in oil and gas extraction, a potassium-enriched fertilizer additive in agriculture, a heat transfer fluid in refrigeration and cooling systems, and an antimicrobial preservative in food and feed applications.
The 360 Quadrant maps the Potassium Formate companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Potassium Formate quadrant. The top criteria for product footprint evaluation included By FORM (Liquid/Brine, Powder), By APPLICATION (De-Icing Agents, Drilling & Completion Fluids, Fertilizer Additives, Heat Transfer Fluids, Preservatives, Other Applications), and By END-USE INDUSTRY (Construction, Oil & Gas, Agriculture, Industrial, Food & Beverage, Other End-Use Industries).
Key Players
Key players in the Potassium Formate market include major global corporations and specialized innovators such as Perstorp Holding Ab (petronas, Chemicals Group), Clariant, Eastman Chemical Company, Tetra Technologies, Inc., Addcon Gmbh, Slb (schlumberger), Hawkins, Hangzhou Focus Chemical Co., Ltd., Esseco Uk, and Dynalene, Inc. These companies are actively investing in research and development, forming strategic partnerships, and engaging in collaborative initiatives to drive innovation, expand their global footprint, and maintain a competitive edge in this rapidly evolving market.
Top 3 Companies
SLB (Schlumberger)
SLB, previously known as Schlumberger, is a major player in potassium formate production, primarily through its Well Construction segment. This segment supplies advanced drilling fluid technologies to the oil and gas industry, enhancing operational efficiency and sustainability. SLB recorded the highest revenue, amounting to USD 33.10 billion in 2023, underscoring its leadership position. The company's global operations are supported by strong customer bases and technological expertise, enabling it to continuously innovate and meet diverse customer demands.
Eastman Chemical Company
Eastman Chemical Company is recognized for its strong chemical manufacturing capabilities and extensive global footprint, which includes 36 manufacturing sites worldwide. The company produced USD 9.20 billion in revenue in 2023, reflecting its robust market position. Eastman's strategy involves leveraging its chemical expertise, stable supply chains, and R&D capabilities to produce potassium formate for industrial applications like de-icing and drilling fluids. Despite not having branded potassium formate products, Eastman’s commitment to eco-friendly solutions adds value to its offerings.
Perstorp Holdings AB
Perstorp Holdings AB, part of Petronas Chemicals Group, is another key market leader, thanks to its extensive production capabilities and strategic business initiatives. Perstorp has a strong presence in multiple regions, with manufacturing facilities and sales distribution across numerous countries. This strategic breadth maximizes its ability to serve diverse industries, from construction to electronics, with potassium formate produced through its Complementary Business unit. Ongoing innovations and sustainable initiatives position Perstorp prominently in the potassium formate market.
Potassium formate is a highly soluble organic salt predominantly used as a de-icing agent and in oil and gas drilling fluids. Valued for its low environmental impact and reduced corrosiveness compared to conventional alternatives, potassium formate is the preferred choice in applications demanding efficient, eco-friendly performance under harsh conditions. The growth of the potassium formate market is fueled by rising demand in the energy sector, particularly for offshore drilling operations, as well as evolving regulations that promote the use of less harmful de-icing agents. North America and Europe are key regions for this market, were industrial applications and stringent environmental policies drive adoption. The market continues to advance, supported by technological innovations and expanding uses of potassium formate in chemical manufacturing and heat transfer systems.
Potassium formate is a chemical compound with the formula HCOOK, produced from formic acid (HCOOH), potassium hydroxide (KOH), or potassium carbonate. When dissolved in water, it appears as a white crystalline solid in its pure form or as a clear, concentrated brine solution (typically 50–75%). Known for its exceptional solubility, biodegradability, and low toxicity, potassium formate offers properties like a low freezing point, non-corrosiveness, and environmental friendliness, making it a superior alternative to traditional salts and glycols. In practical use, it serves as a de-icing agent for airport runways and roads, a high-density drilling and completion fluid in oil and gas extraction, a potassium-enriched fertilizer additive in agriculture, a heat transfer fluid in refrigeration and cooling systems, and an antimicrobial preservative in food and feed applications.
The 360 Quadrant maps the Potassium Formate companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Potassium Formate quadrant. The top criteria for product footprint evaluation included By FORM (Liquid/Brine, Powder), By APPLICATION (De-Icing Agents, Drilling & Completion Fluids, Fertilizer Additives, Heat Transfer Fluids, Preservatives, Other Applications), and By END-USE INDUSTRY (Construction, Oil & Gas, Agriculture, Industrial, Food & Beverage, Other End-Use Industries).
Key Players
Key players in the Potassium Formate market include major global corporations and specialized innovators such as Perstorp Holding Ab (petronas, Chemicals Group), Clariant, Eastman Chemical Company, Tetra Technologies, Inc., Addcon Gmbh, Slb (schlumberger), Hawkins, Hangzhou Focus Chemical Co., Ltd., Esseco Uk, and Dynalene, Inc. These companies are actively investing in research and development, forming strategic partnerships, and engaging in collaborative initiatives to drive innovation, expand their global footprint, and maintain a competitive edge in this rapidly evolving market.
Top 3 Companies
SLB (Schlumberger)
SLB, previously known as Schlumberger, is a major player in potassium formate production, primarily through its Well Construction segment. This segment supplies advanced drilling fluid technologies to the oil and gas industry, enhancing operational efficiency and sustainability. SLB recorded the highest revenue, amounting to USD 33.10 billion in 2023, underscoring its leadership position. The company's global operations are supported by strong customer bases and technological expertise, enabling it to continuously innovate and meet diverse customer demands.
Eastman Chemical Company
Eastman Chemical Company is recognized for its strong chemical manufacturing capabilities and extensive global footprint, which includes 36 manufacturing sites worldwide. The company produced USD 9.20 billion in revenue in 2023, reflecting its robust market position. Eastman's strategy involves leveraging its chemical expertise, stable supply chains, and R&D capabilities to produce potassium formate for industrial applications like de-icing and drilling fluids. Despite not having branded potassium formate products, Eastman’s commitment to eco-friendly solutions adds value to its offerings.
Perstorp Holdings AB
Perstorp Holdings AB, part of Petronas Chemicals Group, is another key market leader, thanks to its extensive production capabilities and strategic business initiatives. Perstorp has a strong presence in multiple regions, with manufacturing facilities and sales distribution across numerous countries. This strategic breadth maximizes its ability to serve diverse industries, from construction to electronics, with potassium formate produced through its Complementary Business unit. Ongoing innovations and sustainable initiatives position Perstorp prominently in the potassium formate market.
Table of Contents
102 Pages
- 1 Introduction
- 1.1 Market Definition
- 1.2 Stakeholders
- 2 Executive Summary
- 3 Market Overview
- 3.1 Introduction
- 3.2 Market Dynamics
- 3.2.1 Drivers
- 3.2.1.1 High Demand In Oil & Gas Industry
- 3.2.1.2 Rising Adoption For De-icing Applications
- 3.2.2 Restraints
- 3.2.2.1 High Production Cost
- 3.2.2.2 Volatile Raw Material Prices
- 3.2.2.3 Competition From Substitutes
- 3.2.3 Opportunities
- 3.2.3.1 Expanding Agriculture Industry
- 3.2.3.2 Technological Advancements
- 3.2.4 Challenges
- 3.2.4.1 Limited Awareness In Emerging Economies
- 3.3 Porter’s Five Forces Analysis
- 3.3.1 Threat Of New Entrants
- 3.3.2 Threat Of Substitutes
- 3.3.3 Bargaining Power Of Buyers
- 3.3.4 Bargaining Power Of Suppliers
- 3.3.5 Intensity Of Competitive Rivalry
- 3.4 Impact Of Ai/Gen Ai On Potassium Formate Market
- 3.5 Value Chain Analysis
- 3.6 Ecosystem Analysis
- 3.7 Technology Analysis
- 3.7.1 Key Technologies
- 3.7.1.1 Electrochemical Co2 Reduction In Potassium Formate
- 3.7.1.2 Catalytic Transfer Hydrogenation
- 3.7.2 Complementary Technologies
- 3.7.2.1 Dynamic Mechanical Analysis For Material Compatibility
- 3.7.2.2 Hybrid Cooling Systems
- 3.7.3 Adjacent Technologies
- 3.7.3.1 Cryo-electron Microscopy For Catalyst Design
- 3.7.3.2 Nanozyme-assisted Processing
- 3.8 Trends/Disruptions Impacting Customer Business
- 3.9 Key Conferences And Events, 2025–2026
- 3.10 Patent Analysis
- 3.10.1 Approach
- 3.10.2 Document Types
- 3.10.3 Publication Trends
- 3.10.4 Insights
- 3.10.5 Legal Status Of Patents
- 3.10.6 Jurisdiction Analysis
- 3.10.7 Top Companies/Applicants
- 3.10.8 Top 10 Patent Owners (Us)
- 4 Competitive Landscape
- 4.1 Overview
- 4.2 Key Player Strategies/Right To Win
- 4.3 Revenue Analysis
- 4.4 Market Share Analysis
- 4.5 Company Valuation And Financial Metrics
- 4.6 Brand/Product Comparison Analysis
- 4.7 Company Evaluation Matrix: Key Players, 2023
- 4.7.1 Stars
- 4.7.2 Emerging Leaders
- 4.7.3 Pervasive Players
- 4.7.4 Participants
- 4.7.5 Company Footprint: Key Players, 2023
- 4.7.5.1 Company Footprint
- 4.7.5.2 Region Footprint
- 4.7.5.3 Form Footprint
- 4.7.5.4 Application Footprint
- 4.7.5.5 End-use Industry Footprint
- 4.8 Company Evaluation Matrix: Startups/Smes, 2023
- 4.8.1 Progressive Companies
- 4.8.2 Responsive Companies
- 4.8.3 Dynamic Companies
- 4.8.4 Starting Blocks
- 4.8.5 Competitive Benchmarking: Key Startups/Smes, 2023
- 4.8.5.1 Detailed List Of Key Startups/Smes
- 4.8.5.2 Competitive Benchmarking Of Key Startups/Smes
- 4.9 Competitive Scenario
- 4.9.1 Expansions
- 4.9.2 Deals
- 5 Company Profiles
- 5.1 Key Players
- 5.1.1 Perstorp Holding Ab (Petronas Chemicals Group)
- 5.1.1.1 Business Overview
- 5.1.1.2 Products/Solutions/Services Offered
- 5.1.1.3 Recent Developments
- 5.1.1.3.1 Deals
- 5.1.1.3.2 Others
- 5.1.1.4 Mnm View
- 5.1.1.4.1 Key Strengths/Right To Win
- 5.1.1.4.2 Strategic Choices
- 5.1.1.4.3 Weaknesses/Competitive Threats
- 5.1.2 Clariant
- 5.1.2.1 Business Overview
- 5.1.2.2 Products/Solutions/Services Offered
- 5.1.2.3 Recent Developments
- 5.1.2.3.1 Deals
- 5.1.2.4 Mnm View
- 5.1.2.4.1 Key Strengths/Right To Win
- 5.1.2.4.2 Strategic Choices
- 5.1.2.4.3 Weaknesses/Competitive Threats
- 5.1.3 Eastman Chemical Company
- 5.1.3.1 Business Overview
- 5.1.3.2 Products/Solutions/Services Offered
- 5.1.3.3 Recent Developments
- 5.1.3.3.1 Expansions
- 5.1.3.4 Mnm View
- 5.1.3.4.1 Key Strengths/Right To Win
- 5.1.3.4.2 Strategic Choices
- 5.1.3.4.3 Weaknesses/Competitive Threats
- 5.1.4 Tetra Technologies, Inc.
- 5.1.4.1 Business Overview
- 5.1.4.2 Products/Solutions/Services Offered
- 5.1.4.3 Mnm View
- 5.1.4.3.1 Key Strengths/Right To Win
- 5.1.4.3.2 Strategic Choices
- 5.1.4.3.3 Weaknesses/Competitive Threats
- 5.1.5 Addcon Gmbh
- 5.1.5.1 Business Overview
- 5.1.5.2 Products/Solutions/Services Offered
- 5.1.5.3 Mnm View
- 5.1.5.3.1 Key Strengths/Right To Win
- 5.1.5.3.2 Strategic Choices
- 5.1.5.3.3 Weaknesses/Competitive Threats
- 5.1.6 Slb (Schlumberger)
- 5.1.6.1 Business Overview
- 5.1.6.2 Products/Solutions/Services Offered
- 5.1.6.3 Mnm View
- 5.1.7 Hawkins
- 5.1.7.1 Business Overview
- 5.1.7.2 Products/Solutions/Services Offered
- 5.1.7.3 Recent Developments
- 5.1.7.3.1 Deals
- 5.1.7.4 Mnm View
- 5.1.8 Hangzhou Focus Chemical Co., Ltd.
- 5.1.8.1 Business Overview
- 5.1.8.2 Products/Solutions/Services Offered
- 5.1.8.3 Mnm View
- 5.1.9 Esseco Uk
- 5.1.9.1 Business Overview
- 5.1.9.2 Products/Solutions/Services Offered
- 5.1.9.3 Mnm View
- 5.1.10 Dynalene, Inc.
- 5.1.10.1 Business Overview
- 5.1.10.2 Products/Solutions/Services Offered
- 5.1.10.3 Mnm View
- 5.2 Other Players
- 5.2.1 Xinjiang Guolin New Materials Co., Ltd
- 5.2.2 Ataman Kimya
- 5.2.3 American Elements
- 5.2.4 Nachurs Alpine Solutions
- 5.2.5 Shouguang Hengtong Chemical Co., Ltd.
- 5.2.6 Global Drilling Fluids & Chemicals Limited
- 5.2.7 Chongqing Chuandong Chemical (Group) Co., Ltd.
- 5.2.8 Shandong Acid Technology Co., Ltd.
- 5.2.9 Proviron
- 5.2.10 Tomiyama Pure Chemical Industries, Ltd.
- 5.2.11 Dongying Shuntong Chemical (Group) Co., Ltd.
- 5.2.12 West Bengal Chemical Industries Limited
- 5.2.13 Prochem, Inc.
- 5.2.14 Geocon Products
- 5.2.15 Krishna Chemicals
- 6 Appendix
- 6.1 Research Methodology
- 6.1.1 Research Data
- 6.1.1.1 Secondary Data
- 6.1.1.2 Primary Data
- 6.1.2 Research Assumptions
- 6.1.3 Risk Assessment
- 6.1.4 Research Limitations
- 6.2 Company Evaluation Matrix: Methodology
- 6.3 Author Details
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