BOSTON, Dec. 15, 2022 (GLOBE NEWSWIRE) -- "Sodium Formate Market" is the title of a new report from Data Bridge Market Research. Key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive environment are all dissected in detail in the research. To thrive in the global marketplace, choosing a global market research report which includes market analysis based on a regional and global level is imperative. This Sodium Formate market report puts light on various factors that have a direct or indirect effect on the growth of the business which includes historic data, present market trends, environment, technological innovation, upcoming technologies, and the technical progress in the Sodium Formate industry. Additionally, a detailed analysis of factors influencing the investment is provided which forecasts forthcoming opportunities for the businesses and develops the strategies to enhance return on investment (ROI).
The global sodium formate market was valued at USD 440.36 million in 2021 and is expected to reach USD 723.34 million by 2029, registering a CAGR of 6.40% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
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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 & beverage, textile, and printing, sodium formate plays crucial functions as a dyeing agent, food additive, non-corrosive, and de-icing agent.
In recent years, sodium formate has been used more often across a variety of industries. Additionally, the fast expansion of the food and beverage, dyeing and printing, and oil and gas industries has aided in the expansion of the sodium formate market on a global scale.
Opportunities
- Discovery of New Oil and Gas Reserves
Furthermore, 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 2022 to 2029.
- Growing Inclination towards Ecologically-Sound Solutions
Additionally, there has been growing inclination towards ecologically-sound solutions among consumers, which further boosts the demand for sodium formate will further expand the future growth of the sodium formate market.
The Global Market Is Analyzed in Depth in the Latest Study. Taking into account the current level of competition and its projected evolution over the next few years.
Rapidly increasing demands, a rise in industrialization, consumer awareness, growing sectors, and technical improvements are fueling the expansion of the global Sodium Formate market. Sales and revenue in this sector have increased at an exponential rate. The market's size and growth are both expected to increase thanks to the factors driving the market's expansion over the projected period.
Leading businesses in the Sodium Formate Industry are investing heavily in R&D in order to build a larger client base and expand their share of the market by reintroducing improved products to consumers. All of the companies' strategy, as well as their financial health, revenue, gross margin, and growth rate, are detailed in the study.
The Sodium Formate Market is Dominated by Firms Such as
- 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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Critical Insights Related to the Sodium Formate Included in the Report:
- Exclusive graphics and Illustrative SWOT analysis of some of the leading companies in this market
- Value chain analysis of prominent players in the market
- Current trends influencing the dynamics of this market across various geographies
- Recent mergers, acquisitions, collaborations, and partnerships
- Revenue growth of this industry over the forecast period
- Marketing strategy study and growth trends
- Growth driven factor analysis
- Emerging recess segments and region-wise market
- An empirical evaluation of the curve of this market
- Ancient, Present, and Probable scope of the market from both prospect value and volume
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 sodium formate market worldwide.
- 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 sodium formate market. Additionally, compared to traditional brines, sodium formate fluids have a variety of performance advantages as they are non-corrosive organic monovalent fluids.
Key Market Segments Covered in Sodium Formate Industry Research
By Product Type
- Sodium Organic Salt
- Ammonium Organic Salt
- Zinc Organic Salt
- Magnesium Organic Salt
By Application
- Aviation
- Food and Beverage
- Textile
- Printing
- Oil and Gas
- Chemical
- Electron
- Agriculture
- Industrial
By 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
- Work-Over Fluids
- Other End Uses
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Sodium Formate Market Regional Analysis/Insights:
The countries covered in the sodium formate market report are U.S., Canada and Mexico in North America, 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, Israel, Egypt, South Africa, 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.
Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the easy availability of newer materials and printing processes within the region.
Europe on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing environmental laws and rising applications in automotive and additive industry in the region.
It's in your best interest to take this report into consideration because:
- Strong and extensive research methods were used to construct this study. The thoroughness and precision of the market reports produced by Data Bridge Market Research have earned them a great reputation.
- A complete picture of the competitive scenario of Sodium Formate market is depicted by this report.
- The wide range of research on how these innovations may affect market expansion in the future.
- The report's findings are presented in an approachable format, with accompanying visuals (such as histograms, bar graphs, pie charts, etc.) that make the data readily digestible.
- The potential, threats, and difficulties in the Sodium Formate market, as well as the factors driving and restraining it, are discussed at length.
- It gives an all-encompassing evaluation of the anticipated conduct of the future market and the changing market condition.
- This study provides a number of strategic business approaches to assist you in making educated business decisions.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Sodium Formate Market: Regulations
- Market Overview
- Global Sodium Formate Market, By Product Type
- Global Sodium Formate Market, By Application
- Global Sodium Formate Market, By End User
- Global Sodium Formate Market, By Region
- Global Sodium Formate Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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