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Sodium Formate Market

Sodium Formate Market

Sodium Formate for Leather Tanning Applications to Boost the Sodium Formate Market Growth

Sodium Formate Market
FACT3735MR

Sodium Formate Market in Numbers

  • Predominantly averted by widespread availability of economically favorable alternatives, sodium formate sales have been sluggish over the recent past.
  • Between 2013 and 2017, the global sodium formate market growth registered below 2% CAGR.

global sodium formate market snapshot

  • Global sales of sodium formate exceeded US$ 210 Mn in 2018, and are expected to observe 2.8% CAGR through 2028, prominently driven by the sustained demand in production of sodium hydrosulphite – a popular bleaching agent used in paper and pulp industry.
  • Europe is likely to remain the leading market for sodium formate, upheld by the strong presence of leading players and rising sodium formate adoption for de-icing applications at airport runways.
  • In the light of increasing sustainability quest, the eco-friendly attribute of sodium formate is anticipated to help manufacturers pinpoint the most profitable opportunities.

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Sodium Format Landscape - Competition Analysis

According to the Fact.MR study, consolidation of market leaders is characterizing the global competition landsacape of sodium formate market. While the key companies actively operating in sodium formate marketplaces are focused on retaining their global footprint on the basis of stronger sales strategies, improvement of their regional foothold will remain highly influenced by application-specific strategies.

For instance, the European market for sodium formate has been recently observing prioritization of sodium formate production capacity expansion by regional leaders, who are keen on tapping the escalating demand for sustainable de-icing solutions for airport runways, bridges, and other structures within the region that always demand an effective de-icing treatment.

On the other hand, followers in the competition landscape are likely to majorly rely on strategic partnerships to achieve a dual objective of enhanced manufacturing output and business expansion.

The Fact.MR study finds that the forerunners in sodium formate market have a primary focus on expanding their international establishments, with an increased emphasis on cementing their presence in lucrative markets of South Asia and East Asia.

Growing stringency of the environmental regulatory standards have been resulting in a significant decline China’s domestic supply of sodium formate, which is subsequently challenging companies to keep abreast of evolving market dynamics. China’s tightening environmental regulatory framework will also remain a pivotal factor influencing production of sodium formate over the coming years.

Downstream manufacturing facilities specific to production of de-icing agents are garnering strategic interests of sodium formate market players. In line with the pricing volatility of raw materials used in the manufacturing of sodium formate, it is highly likely that an increasing number of manufacturers will leverage advancing technologies to explore their potential substitutes.

Cosmetics is currently being perceived as an attractive application area by several sodium formate manufacturers, which signals a relatively progressing growth outlook for the sodium formate market in the near future. R&D investments will thus be an important part of developmental strategies adopted by companies operating in the sodium formate industry.

Key Growth Determinants - Sodium Formate Market

  • Sodium formate has been lately witnessing increasing applicability in leather tanning formulations owing to its abilities to catalyze penetration of chrome in leather and add value to the end product’s quality. South Asia’s high-growth potential for sodium formate market banks on expansion of India’s leather industry. The market in this region is estimated to see a relatively higher, 3% Y-o-Y growth in 2019 over the revenues attained in 2018.
  • There has been a considerable rise in adoption of solid form of sodium formate as a sustainable and effective de-icing solution, particularly for airport runways. When mixed with reliable corrosion inhibitors and other additives, sodium formate demonstrates brisk penetration into snow and solid ice layers surfacing concrete structures. A mass shift to biodegradable de-icing solutions is likely to favor sales of sodium formate in years to come.
  • Sodium formate continues to gain traction from the oil and gas industry’s upstream sector, as sodium formate plays a crucial role in the production of clear brine - a vital chemical in work over and completion processes. Sodium formate fluids, such as cesium formate, continue to gain traction as ideal base fluids owing to the associated performance benefits of non-corrosive organic monovalent fluids over traditional divalent brines.
  • Rising adoption of sodium formate with an objective to improve the brightness and color of dyeing/printing fabrics and paper continues to create opportunities for stakeholders. Moreover, the proven capability of sodium formate to enable advanced printing of polyester blended fabrics is cited a strong factor accounting for revenue generation from textile dyeing and printing applications.
  • Catalytic efficacy of sodium formate with an added ‘eco-friendly’ attribute is currently garnering research interests from the field of green chemistry, thereby supplementing the opportunities for stakeholders.
  • While several synthetic chemists have been screening commercially available, cost-effective, and relatively less-toxic agents for organic transformations, it is highly likely that sodium formate sales will gradually rise over the coming years.

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Key Challenges Facing Sodium Formate Market Players

  • The precarious pricing structure of raw materials significantly accounts for the below average growth of the sodium formate market worldwide. Additionally, the continued end user preference for commercially attractive sodium formate substitutes such as low cost urea, will remain a major factor constraining the growth of sodium formate market.
  • Although the demand for sodium formate as a de-icing agent remains modest, it is more likely that myriad cost-effective alternatives, which are already in use for de-icing purpose, will continue to pose strong competition to sodium formate sales in the forthcoming years.
  • Hygroscopic nature that accounts for the convoluted handling and transport of sodium formate, is also a significant factor impeding the revenue growth of sodium formate market.

Potential Applicability of Sodium Formate as an Animal Feed Additive

Currently, multiple research studies on sodium formate are attempting to explore its potential as a feed additive, more precisely, as a feed acidifying agent. In the backdrop of sustained need for the presence of balanced dietary electrolyte in poultry and swine feed, sodium formate is likely to emerge as a potential additive to animal feed.

The role of sodium formate in production of fermented dairy and soyproducts is also being examined in some of the ongoing studies.

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Sodium Formate Market - Research Methodology

An extensive methodology and a holistic approach lay the foundation of the incisive insights on the sodium formate market landscape. The Fact.MR report provides exhaustive information pertaining to the growth prospects of sodium formate industry along with intriguing insights into the projection analysis of the market.

Extensive primary and secondary research underpins the collection of actionable insights on the sodium formate market. The report on sodium formate market has also undergone cross-validation to certain the delivery of precise information to the market enthusiasts.

Key Segments of Sodium Formate Market

  • By Application

    • De-icing
    • Leather Tanning
    • Chemical Intermediate
    • Textile Dyeing & Printing
    • Oil & Gas Fields
    • Others
  • By Regions

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

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Sodium Formate Market Is Anticipated To Grow At CAGR Of 2.8% During The Forecast Period By 2030
Sodium Formate Market Is Anticipated To Grow At 2.5% Over The Forecast Period By 2027

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