According to a recent report by Fact.MR, a market research and competitive intelligence provider, the global sodium formate market was valued at US$ 273.5 million in 2022. The demand for sodium formate is projected to grow at a CAGR of 5.7% through 2033. The significant expansion of industries such as oil & gas, dyeing & printing, and food & beverages is expected to drive the growth of the sodium formate market in the next decade.

Moreover, the rising demand for organic acids in the animal nutrition industry is contributing to the increased use of sodium formate. Approvals from various regulatory bodies for the safe use of sodium formate are further enhancing market expansion opportunities.

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The aircraft industry is shifting toward formate-based de-icers due to growing concerns about the environmental impact of traditional de-icing chemicals like acetates and urea. As a result, the aerospace sector is expected to capture a substantial share of global market revenue over the next decade, driven by this environmentally conscious transition.

Key Takeaways from Market Study

  • The global sodium formate market was valued at approximately US$ 273.50 million in 2022.
  • In 2023, the worldwide demand for sodium formate is projected to reach US$ 289.20 million.
  • By the end of 2033, the market is expected to grow to US$ 505 million.
  • Sales of sodium formate are anticipated to increase at a CAGR of 5.7% from 2023 to 2033.
  • Key end-use industries for sodium formate include oil and gas, aviation, printing, and textiles.

“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 Growth Driven by Discovery of New Oil & Gas Reserves

Oil and gas companies are actively exploring new deposits worldwide. Sodium formate plays a vital role in the production of clear brine, making it essential in this sector. The exploration and discovery of new oil and gas reserves are expected to increase the demand for sodium formate, thereby creating significant growth opportunities in the market.

Key End-Use Industries: Leather and Dyeing & Printing

In the leather industry, sodium formate is widely used as a tanning agent. It helps stabilize chromium in raw leather, enhancing the quality of the final products. High-purity white crystalline sodium formate is particularly effective in reducing tanning time and improving penetration.

Additionally, sodium formate serves as a bleaching agent for various materials, including wool, cotton, and paper pulp. This bleaching process is conducted as a reductive procedure utilizing sodium formate to achieve optimal results.

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Fluctuations in Raw Material Prices and Availability of Alternatives Hinder Market Growth

The sodium formate market is negatively impacted by constant fluctuations in the prices of raw materials essential for its production. These price instabilities influence the final costs of end products, potentially limiting the adoption of sodium formate throughout the forecast period.

While sodium formate is widely used as a de-icing agent, the presence of more affordable alternatives in the market poses additional challenges to its sales.

Competitive Landscape

To broaden their consumer reach over the next decade, major companies are implementing various strategies, including enhancing quality control, optimizing supply chain management, and raising product standards.

Industry players are also pursuing mergers, acquisitions, and alliances to expand their global presence.

  • For example, in August 2020, BASF SE strengthened its position in China by acquiring the production assets of alkoxylates from Sinopec Shanghai Petrochemical Company, which included property, assets, and facilities.

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.

Read More: https://www.factmr.com/report/3735/sodium-formate-market

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).

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