Sodium Formate Market

Sodium Formate Market Outlook (2023 to 2033)

The global sodium formate market stands at US$ 289.20 million in 2023. Worldwide demand for sodium formate is projected to accelerate at a CAGR of 5.7% and reach a market size of US$ 505 million by 2033.

Increasing application of sodium formate in the rapidly expanding leather industry is primarily boosting its sales. It is used as a tanning and pickling agent for leather. Sales of sodium formate are predicted to increase significantly based on the growing demand for different types of leather products, including bags, footwear, and belts.

Sodium formate, a white crystalline compound is increasing in demand from different end-use verticals, including food, leather processing, agriculture, and others. The industry of sodium formate is related to the manufacturing, storage, transportation, and distribution of products. Some of the popular uses of sodium formate are as a de-icing agent, as a buffering agent for dyeing in the textile industry, and as a preservative in animal feed.

Rising use of sodium formate in the oil & gas sector is projected to serve as a crucial factor that contributes to market expansion. Sodium formate is utilized as a drilling fluid additive in this sector. The growing demand for energy for commercial, residential, and industrial purposes is leading to increased investments in the oil & gas industry.

Several countries are taking initiatives to increase their respective oil drilling activities, which is further estimated to increase the consumption of sodium formate. Moreover, the growing demand for bioplastics or biofuels and the rising production of formic acid are also anticipated to work in favor of the market growth over the coming decade.

There are certain restraints that are dealt with by manufacturers of sodium formate. Implementation of stringent environmental regulations is predicted to adversely impact expansion opportunities for the market over the forecast period. The world is concentrating on environmental sustainability therefore regulations about the disposal of chemical products are predicted to adversely impact market revenue. Moreover, volatility in the cost of raw materials utilized in the production of sodium formate is also impacting the expansion of the sodium formate market.

Fact.MR, a market research and competitive intelligence provider, in its recently published research report on sodium formate, mentions different dynamics of the market. Growth opportunities, new developments, key product ranges, key limitations, a regional overview, etc., are some vital aspects that are available for thorough study in the report.

Report Attributes	Details
Sodium Formate Market Size (2022)	US$ 273.50 Million
Estimated Market Value (2023)	US$ 289.20 Million
Projected Market Value (2033)	US$ 505 Million
Global Market Growth Rate (2023 to 2033)	5.7% CAGR
Key End Uses	Oil & Gas Aviation Printing Textiles
Key Companies Profiled	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.

Which Market Trends are Positively Influencing the Sales of Sodium Formate?

“Growing Use of Sodium Formate in Leather Tanning Formulations and De-icing Solutions”

Demand for sodium formate is projected to increase due to its application in formulations for leather tanning and its features to catalyze penetration in respective leather. It is also used to add value to the quality of end products.

There is a significant increase in the adoption of solid forms of sodium formate as an effective and sustainable de-icing solution, especially for airport runways. Sodium formate presents brisk penetration into solid ice layers and snow-surfacing structures if mixed with some reliable corrosion inhibitors. Further, a mass shift to various biodegradable de-icing solutions is anticipated to boost sales of sodium formate.

“High Demand for Sodium Formate from Oil & Gas Industry”

Sodium formate is estimated to gain traction in the oil & gas industry owing to its crucial role in the manufacturing of clear brine. Various sodium formate fluids, including cesium formate, etc., are projected to attract end users. These compounds are adopted as ideal base fluids due to their associated performance benefits compared to conventional divalent brines.

“Rising Use of Sodium Formate in Printing/Dyeing Fabrics”

Sodium formate is also gaining traction because of its ability to improve the color and brightness of printing/dyeing fabrics and papers. In addition, the well-known features of sodium formate include its assistance in the advanced printing of different polyester-blended fabrics, which is further projected to generate lucrative opportunities for players.

What’s Limiting the Adoption of Sodium Formate to Some Extent?

“Application of Stringent Regulatory Frameworks”

Increasing stringency of respective environmental regulatory standards is predicted to result in a significant decline in the use of sodium formate globally. These regulatory frameworks are influencing the production capacities of prominent players across the globe.

“Volatility in Prices of Raw Materials and Availability of Alternatives”

Various manufacturers are exploring potential substitutes in line with the constant volatility of the price of sodium formate. It is not possible for all the manufacturers and new players to afford the required raw materials due to fluctuations in their prices.

There are various cost-effective alternatives easily available around the world. Numerous end users are already using these compounds, which is expected to adversely impact the growth of the sodium formate market.

What Steps are New Manufacturers Taking to Enhance Their Market Presence?

“Production of Less-toxic and Economical Sodium Formate for Multiple Applications”

Start-ups are aiming to invest in numerous R&D activities to produce less-toxic sodium formate for organic transformations. They are also taking initiatives to match the set regulations for environmental protection while ensuring the availability of sodium formate at economical prices.

New market players are attempting to explore the potential of sodium formate as a feed additive, particularly as a feed acidifying agent. Sodium formate is predicted to emerge as a significant additive to animal feed due to the presence of certain balanced dietary electrolytes in swine feed and poultry. Its role in the manufacturing of soy products and fermented dairy has also been examined in recent studies.

Country-wise Insights

Why are More Suppliers of Sodium Formate Investing in the United States Market?

“Increasing Animal Husbandry Activities and Growing Livestock Production”

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. Moreover, integrating animal husbandry activities with the production of crops for increasing livestock manufacturing is predicted to fuel demand for feed additives, which is ultimately bolstering sales of sodium formate.

Why is Demand for Sodium Formate Increasing in the United Kingdom?

“Widespread Use of Sodium Formate for De-icing Purposes”

Demand for sodium formate is predicted to increase in the United Kingdom because of the strong presence of various prominent players. In addition, the rising adoption of sodium formate for de-icing applications at bridges, airport runways, and other structures is also estimated to boost its sales over the coming decade. Moreover, the increasing demand for various eco-friendly compounds in different end-use industries is also generating opportunities for new entrants.

What’s Shaping the Market for Sodium Formate in India?

“High Population Density Leading to Rapid Expansion of Printing & Textile Industry”

Demand for sodium formate in the Indian market is anticipated to increase owing to the presence of a well-established textile industry. Sodium formate is applied to increase the brightness of fabrics while dyeing or printing as textile yarn goods manufactured from cotton and polyester are widely used in the country.

There has been a significant increase in demand for more attractive home furnishing products due to the rising disposable incomes and the growing spending capacities of people. In addition, the growing population is resulting in increased apparel demand. These factors are responsible for the expansion of the textile industry and thus contribute to increased sales of sodium formate.

Category-wise Insights

Which Industries Account for High Usage of Sodium Formate?

“Food & Beverage and Aviation Industries Generating Lucrative Market Opportunities”

Demand for sodium formate is predicted to increase significantly due to the ongoing need for a more balanced electrolyte in poultry and swine feed. It has an application as a suitable feed acidifying ingredient. The growing use of various types of organic food acids as prominent food additives is anticipated to boost sales of sodium formate. It is used as a significant compound for food packaging. Various end users are switching to sodium formate-based deicers due to increasing concerns about the adverse impacts of de-icing chemicals, including acetates and urea.

In the aviation industry, sodium formate is applied in de-icing runways. Granules of sodium formate are used as a deicer at airports for the easy removal of mechanical ice from runways.

Key Market Players

Strengthening supply chain management systems, quality control, maintaining product standards, and various other initiatives are taken by prominent players to expand their reach to consumers around the world over the coming 10 years.

Industry players are involved in mergers, acquisitions, collaborations, etc., to expand their footprints globally.

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 suppliers of sodium formate are 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, and Alder S.p.A.

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