Global Sodium Formate Market Size Expands at Steady CAGR of 6.4% to Cross USD 713 Million by 2029.
Global sodium formate market is flourishing because of an increasing requirement of the product from the aerospace industry and stringent regulations associated with organic acids.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated global sodium formate market size at USD 464.98 million in 2022. During the forecast period between 2023 and 2029, Report Ocean expects global sodium formate market size to grow at a significant CAGR of 6.4% reaching a value of USD 713.56 million by 2029. Major growth factors of global sodium formate market include an increasing demand for deicing agents in colder regions, growth in the construction industry, and rising demand in the oil and gas industry. Other industries, such as textile dyeing, aviation, and leather, also contribute to the demand for sodium formate. In the aviation industry, sodium formate is commonly used to de-ice runways due to its ability to resist displacement or being blown away by regular aircraft or traffic movement. Granular sodium formate is often applied as a deicing agent at airports to soften compacted snow on runways caused by heavy snowfall, allowing for mechanical ice removal. These factors are expected to drive the growth of the global sodium formate market during the forecast period. However, fluctuating raw material costs are anticipated to restrain the growth of global sodium formate market during the period of analysis.
Global Sodium Formate Market – Overview:
Sodium formate is an organic salt of sodium that plays a vital role as a buffer and astringent due to its formate content. It appears as a deliquescent substance that can be in the form of white crystals or powder. Sodium formate is typically produced through a chemical reaction where solid sodium hydroxide absorbs carbon monoxide under pressure at 130?C and 6-8 bar pressure to form granules of sodium formate. The demand for sodium formate in the market is high, and due to its low cost, chemical manufacturers produce it on a large scale using various chemical processes and compounds. The market for sodium formate is expected to grow significantly in the coming years due to its increasing use in various industries.
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Impact of COVID-19 on Global Sodium Formate Market
COVID-19 caused significant disruptions to businesses and economic activities worldwide, resulting in a short-term impact on the global sodium formate market. Due to the widespread lockdowns and temporary closures of various industries announced by several countries, production and manufacturing have been severely affected. This has caused a shortage of funds for small and medium-sized enterprises (SMEs), reducing their solvency and negatively impacting production and sales. Some enterprises are facing operational difficulties and may even go bankrupt. The epidemic has also had a significant impact on logistics and transportation, making it difficult to transport raw materials. The industrial chain of SMEs is weak and susceptible to disruption. Furthermore, trade barriers have led to a further decline in demand and supply. Companies in the sodium formate market suspended non-essential visits and activities until the COVID-19 pandemic was resolved.
Global Sodium Formate Market – By Application:
By application, global sodium formate market is divided into Food Additives, Catalysts, Reducing Agents, De-icing Agents, and Chemical Intermediates segments. The catalyst segment held the highest market share in the global sodium formate market in 2022. Following the catalyst segments, the food additives segment held the second-largest market share in 2022. Sodium formate plays a crucial role in preserving food additives by preventing degradation caused by unfavorable chemical reactions or microbial growth. The demand for processed food products is being driven by the increasing number of working women and changing consumer lifestyles, which in turn is boosting the food additive market and the demand for sodium formate.
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Competitive Landscape
Major players operating in global sodium formate market include: Perstorp, BASF SE, MKS Marmara Tum Haklari Saklidir, Alder SpA, Metafrax Chemicals, Asian Paints, Kanoria Chemicals & Industries Ltd., Zibo Ruibao Chemical Co. Ltd., SOLVAY, Honeywell International Inc., TCI Chemicals (India) Pvt. Ltd., Avantor, Inc., Vertellus, and Acros Organics. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Sodium Formate Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Sodium Formate Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
What is the goal of the report?
- The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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