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Global Sodium Formate Market – Industry Trends and Forecast to 2030

  • Chemical and Materials
  • Upcoming Report
  • Oct 2023
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Sodium Formate Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR - % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 465.47 Million
Diagram Market Size (Forecast Year) USD 770.36 Million
Diagram CAGR %

Global Sodium Formate Market, By Product Type (Sodium Organic Salt, Ammonium Organic Salt, Zinc Organic Salt, Magnesium Organic Salt), Application (Aviation, Food and Beverage, Textile, Printing, Oil and Gas, Chemical, Electron, Agriculture, Industrial, Other Applications), End-Use (Catalyst, Reducing Agent, Manufacture of Sodium Hydrosulfite, Intermediate for the Manufacture of Formic Acid and Oxalic Acid, Manufacture of N,N-Dimethylformamide, De-icing Agent, Oilfield Services, Work-Over Fluids, Other End Uses) – Industry Trends and Forecast to 2030.

 

 Sodium Formate Market Analysis and Size

The growing inclination towards ecologically sound solutions has significantly benefited the global sodium formate market. Sodium formate, with its biodegradable and non-toxic properties, aligns well with environmentally conscious practices. Industries are increasingly adopting sodium formate as a sustainable alternative in various applications, including de-icing agents, drilling fluids, and leather tanning. Its eco-friendly nature not only ensures compliance with stringent environmental regulations but also meets consumer demand for environmentally responsible products. This shift towards sustainable solutions has not only expanded the market's customer base but has also positioned sodium formate as a favorable choice among industries seeking to reduce their carbon footprint and environmental impact, thus fostering its continued growth.

Data Bridge Market Research analyses the global sodium formate market which was USD 465.47 million in 2022, is expected to reach USD 770.36 million by 2030, and is growing at a CAGR of 6.50% in the forecasted period of 2023 to 2030. "De-icing Agent" dominates the end-use segment of the global sodium formate market due to the extensive use of sodium formate as a de-icing agent for snow and ice removal on roads, runways, and other surfaces, particularly in regions with cold winters. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Sodium Formate Market Scope and Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021(Customizable to 2015-2020)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Product Type (Sodium Organic Salt, Ammonium Organic Salt, Zinc Organic Salt, Magnesium Organic Salt), Application (Aviation, Food and Beverage, Textile, Printing, Oil and Gas, Chemical, Electron, Agriculture, Industrial, Other Applications), End-Use (Catalyst, Reducing Agent, Manufacture of Sodium Hydrosulfite, Intermediate for the Manufacture of Formic Acid and Oxalic Acid, Manufacture of N,N-Dimethylformamide, De-icing Agent, Oilfield Services, Work-Over Fluids, Other End Uses)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, and Rest of Middle East and Africa

Market Players Covered

Perstorp (Sweden), BASF SE (Germany),  MKS Marmara Tüm Haklari Saklidir (Turkey), Alder SpA (Italy), Metafrax Chemicals  (Austria), Asian Paints (India), Kanoria Chemicals & Industries Ltd. (India), Zibo Ruibao Chemical Co.,Ltd. (China), SOLVAY (Belgium), Honeywell International Inc. (U.S.), TCI Chemicals (India) Pvt. Ltd. (India), Avantor, Inc. (U.S.), Vertellus (U.K.), Acros Organics (Belgium)

Market Opportunities

  • Growing demand for lubricants that are corrosion resistant, non-flammable and nontoxic
  • Significant investments in research and development activities

Market Definition.

The powdery substance known as sodium formate, which is white and deliquescent, is actually formic acid's sodium salt. Formic acid is neutralized with sodium carbonate to produce sodium formate for commercial use. Sodium hydroxide and chloroform react to create it. In a variety of end-user sectors, such as food and beverage, textile, and printing, sodium formate plays crucial functions as a dyeing agent, food additive, non-corrosive, and de-icing agent.

Global Sodium Formate Market Dynamics

Drivers

  • Increased Regulations associated with Organic Acids

The demand for organic acids in the animal nutrition industry has been fueled by a variety of regulations, and as people become more aware of how beneficial these acids are for feed quality and ultimately animal performance, sodium formate sales in this industry are expected to soar in the years to come. The Food and Drug Administration (FDA) recently modified the rules governing the safe use of sodium formate as a food additive (Document citation: 81 FR 67153). The use of sodium formate in the creation of animal feed additives has also been approved as safe by the European Food Safety Authority (EFSA). As a result, the sodium formate is largely demanded for animal feed additives, thus boosting overall market growth.

  • High Requirement across Aerospace Industry

The aircraft industry is gradually switching to formate-based deicers due to growing worries about the environmental impact of deicing chemicals like urea and acetates. As a result, demand for sodium formate-based deicers has been gradually increasing, with the aerospace sector accounting for about 20% of the global sodium formate market.

  • Surge in Utilization across Other Industries

The upstream oil and gas industry has seen an increase in demand for sodium formate since it is used to make clear brine, a crucial chemical in work over and completion procedures. The main application of sodium formate in this area has been de-icing runways because, when combined with corrosion inhibitors and other additives, it swiftly penetrates solid snow and ice layers, releasing the snow from the concrete and melting it at a rapid rate. The global sodium formate market has been expanding as a result of the brisk growth of the food and beverage, dyeing and printing, and oil and gas industries. Furthermore, owing to its dependability, consistency, and purity, sodium formate is being used more and more in the leather tanning business, which will further propel the overall growth rate of global sodium formate market.

Opportunities

  • Discovery of New Oil and Gas Reserves

The numerous oil corporations are constantly looking for fresh oil and gas deposits. Sodium formate is needed to control and stop the production of sand from wells in these new oil and gas discoveries. The newly discovered and potential oil and gas reserves further enhance the applications of product, extend profitable opportunities to the market players in the forecast period of 2023 to 2030.

  • Growing Inclination towards Ecologically-Sound Solutions

The owing inclination towards ecologically sound solutions is significantly benefiting the global sodium formate market. Sodium formate, being an eco-friendly and biodegradable compound, aligns well with the increasing emphasis on sustainability and environmental responsibility. It is gaining prominence as a de-icing agent, replacing more harmful alternatives like calcium chloride and sodium chloride. In addition, sodium formate's applications in various industries, including pharmaceuticals and leather production, are being favored due to its environmentally friendly characteristics.

Restraints/Challenges

  • Drawbacks of Sodium Formate

The manufacturers in the market are still concerned about sodium formate's hygroscopic properties. This feature of sodium formate translates into the need for additional additives to be added before usage and unique handling and storage requirements.

  • Availability of Alternatives

Although there is still a small market for sodium formate as a de-icing agent, it is more probable that the many affordable alternatives now in use for de-icing will continue to pose a serious threat to sodium formate sales over the forecast period of 2023 to 2030. This factor will challenge the global sodium formate market growth rate.

This  global sodium formate market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global sodium formate market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Sodium Formate Market Scope

The global sodium formate market is segmented on the basis of product type, application and end use. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

  • Sodium Organic Salt
  • Ammonium Organic Salt
  • Zinc Organic Salt
  • Magnesium Organic Salt

Application

  • Aviation
  • Food and Beverage
  • Textile
  • Printing
  • Oil and Gas
  • Chemical
  • Electron
  • Agriculture
  • Industrial
  • Other Applications

 End-Use

  • Catalyst
  • Reducing Agent
  • Manufacture of Sodium Hydrosulfite
  • Intermediate for the Manufacture of Formic Acid and Oxalic Acid
  • Manufacture of N
  • N-Dimethylformamide
  • De-icing Agent
  • Oilfield Services
  • Work-Over Fluids
  • Other End Uses

Global Sodium Formate Market regional analysis/insights

The global sodium formate market is analyzed and market size insights and trends are provided by country, product type, application and end use as referenced above.

The countries covered in the global sodium formate market report are U.S., Canada and Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Europe dominates the global sodium formate market due to the favourable government policies and trade agreements within the region.

North America is expected to witness significant growth in the global sodium formate market during the forecast period of 2023 to 2030 due to the increasing need for fabric t-shirts and outdoor clothing in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Sodium Formate Market Share Analysis

The global sodium formate market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies focus related to  global sodium formate market.

Some of the major players operating in the global sodium formate market are:

  • Perstorp (Sweden)
  • BASF SE (Germany)
  • MKS Marmara Tüm Haklari Saklidir (Turkey)
  • Alder SpA (Italy)
  • Metafrax Chemicals (Austria)
  • Asian Paints (India)
  • Kanoria Chemicals & Industries Ltd. (India)
  • Zibo Ruibao Chemical Co.,Ltd. (China)
  • SOLVAY (Belgium)
  • Honeywell International Inc (U.S.)
  • TCI Chemicals (India) Pvt. Ltd. (India)
  • Avantor, Inc. (U.S.)
  • Vertellus (U.K.)
  • Acros Organics (Belgium)

  


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The Sodium Formate Market size will be worth USD 770.36 million by 2030.
The Sodium Formate Market growth rate is 6.50% during the forecast period by 2030.
Increased Regulations associated with Organic Acids, High Requirement across Aerospace Industry & Surge in Utilization across Other Industries are the growth drivers of the Sodium Formate Market.
The product type, application and end-use are the factors on which the Sodium Formate Market research is based.
Perstorp (Sweden), BASF SE (Germany), MKS Marmara Tüm Haklari Saklidir (Turkey), Alder SpA (Italy), Metafrax Chemicals (Austria), Asian Paints (India), Kanoria Chemicals & Industries Ltd. (India), Zibo Ruibao Chemical Co.,Ltd. (China), SOLVAY (Belgium), Honeywell International Inc. (U.S.), TCI Chemicals (India) Pvt. Ltd. (India), Avantor, Inc. (U.S.), Vertellus (U.K.), Acros Organics (Belgium) are the major companies in the Sodium Formate Market.
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