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North America Pot****ium Formate Market Size, Growth Analysis Report, Forecast to 2032
Sales of pot****ium formate are set to increase significantly over the projection period as a result of the high demand for drilling fluids and environmentally friendly deicing solutions. The North America pot****ium formate market is anticipated to reach a valuation of US$ 344.6 Million by the end of 2032.
Increasing use of pot****ium formate liquid as a drilling fluid in crude oil and gas reserves across North America is projected to aid growth. Organic monovalent fluids like pot****ium formate are non-corrosive and outperform traditional divalent brines in many ways.
In contrast to other solutions, pot****ium formate-based brines have been progressively gaining acceptance as a de-icing agent. Winters in North America are set to have a positive impact on the demand for de-icing salt. Owing to increased snowfall in nations like the U.S. and Canada, improved de-icing technologies are needed for both commercial and residential applications.
Non-toxic characteristics of pot****ium formate liquids are expected to greatly expand their application in the aerospace industry, as well as in roadways and walkways throughout suburbs and cities.
Major industry players are concentrating more on research & development activities in order to introduce new, specially made products that would meet the surging consumer demand. Additionally, rising emphasis on various formulations that are created by using pot****ium formate to meet regulatory requirements established by the government is likely to bolster growth.
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Pot****ium Formate Market Segmentation
By Product Type:
Liquid (Brine)
Solid (Powder)
By Application:
Drilling Fluid
De-icing
Heat Transfer Fluid
Others (Fertilizers, Feed)
By Country:
United States
Canada
Competitive Landscape: Pot****ium Formate Market
The market for pot****ium formate in North America is fairly consolidated with major manufacturers controlling a sizable portion of it. Key market participants are focusing on the development of new products, which can meet stringent regulatory standards.
According to FMI, BASF SE, Evonik Industries, Honeywell International Inc., Cabot Corporation, Addcon GmbH, Dynalene Inc., Perstorp Holding AB, Gelest Inc., Hawkins Inc., Tomiyama Pure Chemical Industries, Industrial Chemical (ICL), Tetra Technologies Inc., Spectrum Chemical MFG Corp, and Proviron are some of the key manufacturers in the North America pot****ium formate market.
“High demand for biodegradable and eco-friendly drilling fluids & de-icing solutions is expected to boost growth in the North America pot****ium formate market,” says an FMI ****yst.
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Aluminum Market Research by Key players, Type and Application, Future Growth to 2032
The global aluminum market is expected to auger impeccable growth with a surging CAGR of 6.2% from 2022 to 2032. The aluminum market is anticipated to be valued at US$ 155,352.44 Million in 2022 and is anticipated to reach US$ 283,506.6 Million by 2032.
Growth is attributed to the increasing use of lactic acid in end-user industries. From 2016-2021 a CAGR of 4.3% was registered for the lactic acid market. Aluminum is considered one of the most abundant metals found in the Earth’s crust. On the basis of weight, it accounts for approximately 8% of the earth’s crust.
Owing to the wide availability and numerous properties of aluminum make it a widely used metal all over the world. The diverse application of aluminum in various industries such as food & beverage, packaging, household products, transportation, and electronics is fueling market growth during the forecast period.
Aluminum is said to be the perfect substitute for materials such as iron and steel majorly due to its lower self-weight and high strength properties. Due to its application in several end-use industries, the prices of aluminum fluctuate occasionally.
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Competitive Landscape
Aluminum Corp. of China Ltd., BHP Billiton Ltd., Vedanta Resources plc, Norsk Hydro ASA, United Co., RUSAL, Dubai Aluminum Co. Ltd., Hindalco Industries, Xinfa Group Co. Ltd., Emirates Global Aluminum PJSC, Rio Tinto Alcan Inc. is some of the key companies profiled in the full version of the report.
Key players in the aluminum market are inclined towards research & development for efficient and scalable casting methods that will offer leading manufacturers a competitive edge.
More Insights into the Aluminum Market
North America showcases lucrative growth opportunities in the global aluminum market. Rising technological advancements in various product manufacturing technologies and processing equipment are expected to boost the growth of the aluminum market.
North America is predicted to account for the dominant share of the global aluminum market by generating 21% of the global market revenue in 2022. Industries such as automotive, aerospace, and defense are projected to rise during the forecast period.
Countries like Russia and Canada also fall among the leading countries to generate the highest revenue for the global aluminum market over the forecast period. According to the ****ysis, the European aluminum market is projected to witness significant growth opportunities in the forecast period.
On the basis of year-on-year growth, the Asia Pacific region is the best-performing portion globally. Increased industrialization and urbanization surged investments and activities in the region to boost growth in the aluminum market.
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