Sodium Formate Market Currently Stands at Valuation of US$ 289.20 Million in 2023

The Sodium Formate Market reached US$ 273.5 million in 2022. Worldwide demand for sodium formate is forecasted to increase at a CAGR of 5.7% through 2033. Significant growth of end-use industries such as oil & gas, dyeing & printing, food & beverages, etc., is predicted to aid the expansion of the sodium formate industry over the coming decade.

Rising demand for organic acids from the animal nutrition industry is attributed to the increasing awareness of sodium formate's benefits. Various governing bodies have approved the safe use of sodium formate, which is impacting market expansion opportunities.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.factmr.com/connectus/sample?flag=S&rep_id=3735

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.

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.

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).

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐟𝐨𝐫 𝐒𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=3735

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This release was published on openPR.