Rising Environmental Concerns Drive Sodium Formate Market

Posted 2024-04-18 18:28:22

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A recent analysis released by Fact.MR, a company that offers competitive intelligence and market research, states that the Sodium Formate Market is expected to reach US$ 273.5 million by 2022. Through 2033, the global market for sodium formate is expected to grow at a 5.7% compound annual growth rate. Over the next ten years, it is anticipated that the sodium formate business would benefit from the notable expansion of end-use sectors like oil and gas, food and beverage, dyeing and printing, etc.

Growing knowledge of sodium formate's advantages is responsible for the animal feed industry's rising need for organic acids. The safe use of sodium formate has been allowed by a number of regulatory organizations, which is affecting market expansion prospects.

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The aircraft industry is making a move toward formate-based de-icers because of increasing concerns about numerous environmental impacts of different de-icing chemicals, including acetates, urea, etc. The aerospace industry is projected to hold a significant share of the global market revenue over the next 10 years.

Key Takeaways from Market Study

The global sodium formate market was valued at US$ 273.50 million in 2022.

Worldwide demand for sodium formate is valued at US$ 289.20 million in 2023.

The global market is expected to reach US$ 505 million by the end of 2033.

Sales of sodium formate are forecasted to rise at a CAGR of 5.7% from 2023 to 2033.

Oil & gas, aviation, printing, and textiles are some of the prominent end-use industries of sodium formate.

“Rising use of sodium formate in the leather business is attributed to its consistency, purity, and dependability. Sodium formate brines have various performance advantages compared to conventional brine due to their non-corrosive organic monovalent fluids,” says a Fact.MR analyst.

Market Benefiting from Discovery of Several New Oil & Gas Reserves

Corporations from the oil & gas sector are constantly looking for new deposits around the world. Sodium formate has a crucial role in the manufacturing of clear brine. Therefore, the potential and newly discovered oil & gas reserves are projected to enhance the use of sodium formate, thus boosting growth opportunities in the market.

Leather and Dyeing & Printing: Prominent End-use Industries

In the leather industry, sodium formate is used at a significant rate as a tanning agent. It stabilizes chromium in raw leather to improve the quality of end products. White crystalline sodium formate with high purity is utilized in the leather industry to reduce tanning time for better penetration.

Sodium formate is applied as a bleaching agent for different types of materials, including wool, cotton, paper pulp, and others. The process of bleaching is conducted as a reductive procedure with the use of sodium formate.

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Constant Fluctuations in Prices of Raw Materials and Availability of Alternatives Adversely Impacting Market Expansion

Unstable prices of raw materials that are required for the manufacturing of sodium formate adversely impact market expansion. This instability in prices affects the final cost of the end products, which is expected to limit the adoption of sodium formate over the forecast period.

Although sodium formate is significantly used as a de-icing agent, there are some other affordable alternatives present in the market that restrain sales of market products.

Competitive Landscape

In order to reach more consumers worldwide over the next ten years, major businesses are taking a number of measures, including improving quality control, supply chain management systems, and product standards.

To increase their worldwide footprints, industry companies engage in mergers, acquisitions, alliances, etc.

For instance:

In August 2020, BASF SE expanded its footprint in China with a successful acquisition of production assets of alkoxylates from Sinopec Shanghai Petrochemical Company. BASF bought property, assets, and structures of Sinopec Shanghai Petrochemical.

Key Market Players

BASF SE
Honeywell International Inc.
Perstorp Orgnr
TCI Chemicals Pvt. Ltd.
Vertellus Holdings LLC
Avantor Performance Materials, LLC
Kanoria Chemicals & Industries Ltd.
Acros Organics
Asian Paints
Alder S.p.A.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the sodium formate market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).

The study divulges essential insights into the market based on product type (sodium organic salt, ammonium organic salt, zinc organic salt, magnesium organic salt) and application (food & beverages, printing, textiles, oil & gas, chemicals), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

Segmentation of Sodium Formate Industry Research:

By Product Type :
- Sodium Organic Salt
- Ammonium Organic Salt
- Zinc Organic Salt
- Magnesium Organic Salt
By Application :
- Aviation
- Food & Beverages
- Printing
- Textiles
- Oil & Gas
- Chemicals
By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa