Sodium Formate Market Size, Share, Growth, and Industry Growth by Type (Pharma Grade and Industrial Grade) By Application (Pharmaceutical, Food & Feed Additives, Agriculture, Textile & Printing, Aerospace, and Others) Regional Forecast To 2031

Updated On: 01 April 2024

SODIUM FORMATE MARKET REPORT OVERVIEW

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global sodium formate market size was USD 334.28 million in 2021 and market is projected to touch USD 533 Million By 2031, exhibiting a CAGR of 4.78% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with sodium formate experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Sodium formate is the simplest organic carboxylate. It is an organic sodium salt. It has powders with a slight formic acid odor and white crystals. Soluble in about 1.3 parts of water and glycerin, slightly soluble in ethanol, and octanol, and insoluble in ether. Its aqueous solution is alkaline.

Eco-friendly properties of the product and several advantages of it such as bio-degradable, cost-effective is anticipated to fuel market growth. Increased demand from the food & beverage, oil & gas dyeing & printing sector is estimated to surge market growth. It has an anti-corrosion agent and increased regulation associated with organic acids is predicted to foster market growth. Further, growing inclination towards an ecologically sound solution and huge adoptions of the product in the aerospace sector is anticipated to accelerate market growth On the contrary, fluctuating raw material cost and availability of alternatives is anticipated to harm market growth in the forthcoming years.

COVID-19 Impact: Shutdown of End-User Sectors and Slower Economic Growth to Halt Market Progress

The COVID-19 epidemic significantly affected market growth due to the shutdown of end-user sectors. Slower economic growth and lack of construction activities to minimize market growth. Inadequate raw materials and supply and chain disruption reduced market growth.

LATEST TRENDS

"Huge Demand from End-User Sector to Foster Market Growth "

Increased demand from the food & beverage, oil & gas dyeing & printing sector is estimated to surge market growth. It has an anti-corrosion agent and increased regulation associated with organic acids is predicted to foster market growth. Further, growing inclination towards an ecologically sound solution and huge adoptions of the product in the aerospace sector is anticipated to accelerate market growth. The rise in demand for lubricants that are corrosion-resistant, non-flammable, and nontoxic is predicted to foster market growth in the upcoming years.

SODIUM FORMATE MARKET SEGMENTATION

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• By Type

Based on type, the market is divided into pharma grade and industrial grade.

Pharma grade is expected to be the top part of the segmentation type.

• By Application

Based on the application, the market is divided into pharmaceutical, food & feed additives, agriculture, textile & printing, aerospace, and others.

Food & feed additives are expected to be the top part of application segmentation.

DRIVING FACTORS

"Discovery of New Oil and Gas Reserves to Accelerate Market Growth"

Numerous oil corporations are searching for gas deposits and fresh oil. The product is used to control and stop the production of sand from wells. A huge need for new potential and discovered gas reserves is anticipated to enhance the market growth. It has eco-friendly properties of the product and several advantages of it such as bio-degradable, cost-effective are anticipated to fuel market growth. Increased inclination towards ecologically sound solutions among consumers is predicted to drive market growth. It has several advantages such as it is used in the leather tanning business for its purity, consistency, and dependability properties and is estimated to surge sodium formate market growth in the forthcoming years.

"Huge Need from Aerospace Sector to Surge Market Growth "

Increased demand from the aerospace sector and gradual switching to formate-based deicers due to growing worries about the environmental impact of deicing chemicals like urea and acetates. Increased adoption of the product in the aircraft sector and a huge need for aerospace are anticipated to accelerate market growth. The main application of sodium formate in this area has been de-icing runways because, when mutual with corrosion inhibitors and other additives, it quickly enters solid snow and ice layers, releasing the snow from the concrete and melting it at a rapid rate. These features are anticipated to drive market growth in the upcoming years.

RESTRAINING FACTORS

"Fluctuation of Raw Material Cost and Availability of Alternatives to Limit Market Growth "

Fluctuating raw material costs and the availability of alternatives are anticipated to harm market growth in the forthcoming years.

SODIUM FORMATE MARKET REGIONAL INSIGHTS

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"Several Properties of the Product and Increased Manufacturing Units in Asia Pacific to Drive Market Share "

Asia Pacific is anticipated to dominate the sodium formate market share due to the eco-friendly properties of the product and several advantages of it such as bio-degradable, cost-effective are anticipated to fuel market growth. Increased demand from the food & beverage, oil & gas dyeing & printing sector is estimated to surge market growth. It has an anti-corrosion agent and increased regulation associated with organic acids is predicted to foster market growth. Further, growing inclination towards an ecologically sound solution and huge adoption of the product in the aerospace sector is anticipated to accelerate market growth in the upcoming years.

North America is anticipated to witness significant market growth increased demand for aircraft sector and rapid urbanization in the region is estimated to fuel market growth in the forthcoming years.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• MKS Marmara (Turkey)
• Asian Paints (India)
• ADDCON (India)
• Yuanping Chemical Company Limited (China)
• Alder S.p.A. (Italy)
• Zibo Ruibao Chemicals Co., Ltd. (China)
• Kanoria Chemicals & Industries Ltd. (India)
• Perstorp Holdings (Sweden)
• Metafrax (Russia)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.