Sodium Formate Market is Projected to Hit US$ 505 Million at a CAGR of 5.7% by 2033: Fact.MR Report

The United States is predicted to contribute to the growing demand for sodium formate because of technological innovations taking place in different end-use industries.

Rockville, July 11, 2023 (GLOBE NEWSWIRE) — As per a recently published report by Fact.MR, a provider of market research and competitive intelligence, 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.

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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).

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