Sodium Formate Market Size, Share Will Grow at 5.12% CAGR to Reach Over USD 674 Million By 2030 in Global Chemical Industry Sector

Houston, TX, May 11, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Sodium Formate Market By Application (Food Additive, Reducing Agents, Chemical Intermediates, De-Icing Agents, And Catalysts), By Industry Verticals (Textile, Aviation, Chemical, Printing, Oil & Gas, And Food & Beverage), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Sodium Formate Market size & share in terms of revenue was valued at USD 431 million in 2022 and it is expected to surpass around USD 674 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 5.12% during the forecast period 2023 to 2030.”

What is Sodium Formate? How big is the Sodium Formate Industry?

Report Overview:

The global sodium formate market size was worth around USD 431 Million in 2022 and is predicted to grow to around USD 674 Million by 2030 with a compound annual growth rate (CAGR) of roughly 5.12% between 2023 and 2030.

Sodium formate is a white crystalline compound that is steadily witnessing high demand in certain end-user verticals and is progressing toward becoming a significant contributor in the global chemical & petrochemical sector. The compound has wide applications in industries such as agriculture, food, and leather processing. Sodium formate is the sodium salt of formic acid and its chemical formula is HCOONa.

The sodium formate industry refers to the production, storage, transportation, and distribution of sodium formate which is primarily produced by the reaction of sodium hydroxide with formic acid or its esters. Some of the most common applications of HCOONa include its use as a buffering agent in the textile and dyeing industry, a de-icing agent, and a preservative in animal feed. In the coming years, as the demand for the end products increases, the industry may also register high revenue.

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Global Sodium Formate Market: Growth Factors

The global sodium formate market is projected to grow owing to the increasing application of the compound in the rising leather industry where it is used as a pickling and tanning agent. With the increase in the demand for leather objects and products such as footwear, bags, and belts, the requirement for large amounts of sodium formate is likely to witness tremendous growth. Some of the biggest fashion houses in the world deal with exclusive leather-based products that are worth millions of dollars and this segment as a consumer group has only increased in recent times.

Additionally, the growing application of sodium formate in the oil & gas industry is crucial to the industry expansion. In this field, sodium formate is used as a drilling fluid additive. The growing demand for energy for industrial, residential, and commercial purposes has led to heavy investments being directed toward the oil & gas sector. Several countries have amped up their respective oil drilling activities to meet the requirements of their population leading to higher consumption of sodium formate. Moreover, factors such as increasing production of formic acid and rising demand for biofuels or bioplastics could work in the favor of the industry.

The sodium formate industry also deals with several growth restraints. One of the primary limitations is in terms of the increasingly stringent environmental regulations that sodium formate is subjected to. As the world focuses on environmental sustainability, the regulations surrounding the disposal of chemical products are likely to cause a loss of revenue. Furthermore, the severe volatility of raw materials used for the production of sodium formate could add more problems for the industry players. Some of the essential raw materials required during the production are sodium hydroxide and formic acid and they are highly price-sensitive. The increasing availability of alternatives in the end-user verticals further restricts market expansion.

The increasing use in the production of bio-based products could provide growth opportunities while the strict guidelines may challenge market growth

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Report Scope

Sodium Formate Market: Segmentation Analysis

The global sodium formate market is segmented based on application, industry verticals, and region.

Based on application, the global market segments are food additives, reducing agents, chemical intermediates, de-icing agents, and catalysts. In 2022, the industry registered the highest growth in the catalysts segment and it held dominance over 27.4% of the global market revenue. During the forecast period, it may grow at a CAGR of 4.6%. The most common application of sodium formate as a catalyst is in the production of organic compounds which helps to increase the rate of the chemical reaction. Additionally, the food additive segment remained the second largest shareholder in the segment where sodium formate is used to preserve food production for a longer period. With the rise in the food products sector, the demand for sodium formate is likely to continue growing.

Based on industry verticals, the global sodium formate industry players are textile, aviation, chemical, printing, oil & gas, and food & beverage. The highest consumers of sodium are formate in the food & beverage sector. In 2022, the industry amassed more than 25.1% of the total revenue. During the forecast period, sodium formate is likely to become a preferred choice in terms of feed acidifying ingredients. Additionally, since sodium formate is highly effective in preserving organic food products, its application in the F&B sector is expected to continue growing. The expansion in the aviation sector could be triggered by the rising discard of de-icing agents such as acetates and urea and a higher inclination toward format-based agents. This segment could grow at a CAGR of 5.9%.

The global Sodium Formate market is segmented as follows:

By Application

• Food Additive
• Reducing Agents
• Chemical Intermediates
• De-Icing Agents
• Catalysts

By Industry Verticals

• Textile
• Aviation
• Chemical
• Printing
• Oil & Gas
• Food & Beverage

Browse the full “Sodium Formate Market By Application (Food Additive, Reducing Agents, Chemical Intermediates, De-Icing Agents, and Catalysts), By Industry Verticals (Textile, Aviation, Chemical, Printing, Oil & Gas, and Food & Beverage), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030.”-Report at https://www.zionmarketresearch.com/report/sodium-formate-market

Competitive Landscape

Some of the main competitors dominating the global Sodium Formate market include - 

• Chongqing Chuandong Chemical (Group) Co. Ltd.
• Perstorp AB
• Chongqing Chuandong Chemical (Group) Co. Ltd.
• Zibo Ruibao Chemical Co. Ltd.
• Henan Harvest Chem Co. Ltd.
• Shouguang Hengtong Chemical Co. Ltd.
• Zibo Zhongyue Import & Export Co. Ltd.
• Changzhou Niutang Chemical Plant Co. Ltd.
• Jiangsu Yabang Pigment Co. Ltd.
• Shandong Baoyuan Chemical Co. Ltd.
• Allied Chemicals & Pharmaceuticals Pvt. Ltd.
• Wuhan Ruiji Chemical Co. Ltd.
• Prasol Chemicals Pvt. Ltd.
• Weifang Santi Chemical Co. Ltd.
• Nanjing Kaimubo Pharmatech Co. Ltd.
• Shanxi Tianyi Technology Co. Ltd.
• Akash Purochem Private Limited
• Xiamen Ditai Chemicals Co. Ltd.
• Fairsky Industrial Co. Ltd.
• Hainan Zhongxin Chemical Co. Ltd.
• J. N. Chemical
• Chongqing Huaqi Fine Chemical Co. Ltd.
• AVA Chemicals Private Limited
• Airedale Chemical Company Limited
• Ravi Chem Industries.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Sodium Formate market is likely to expand at a CAGR of around 5.12% during the forecast period (2023-2030).                                            
• In terms of revenue, the Sodium Formate market size was valued at around US$ 431 million in 2022 and is projected to reach US$ 674 million by 2030.
• The sodium formate market is projected to grow at a significant rate due to the growing application as a de-icing agent.
• Based on industry verticals segmentation, food & beverage was predicted to show maximum market share in the year 2022.
• Based on application segmentation, catalysts was the leading application in 2022.
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Sodium Formate industry?
• What are the main driving factors propelling the Sodium Formate Market forward?
• What are the leading companies in the Sodium Formate Industry?
• What segments does the Sodium Formate Market cover?
• How can I receive a free copy of the Sodium Formate Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Application, By Industry Verticals, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The global sodium formate market is projected to register the highest CAGR in the Asia-Pacific market. China and India are anticipated to become the driving force in the regional expansion. China currently dominates the world’s chemical sector. Additionally, the presence of key market players in the Chinese province and its high rate of foreign expansion plans could lead to higher growth in the region. In India, sectors such as food & beverages and textile are the leading driving force. With the growing population of the country, the demand for food products in India is higher than ever. Alongside, the country is witnessing a large influx of foreign players planning to tap the potential of the Indian market in the F&B sector. In North America, the demand for sodium formate is likely to be propelled by the increasing use of sodium formate as a de-icing agent along with its application in animal feed products.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In August 2020, BASF, one of the most prominent chemicals companies, announced the acquisition of alkoxylates production assets belonging to Sinopec Shanghai Petrochemical Company (SPC)
• In May 2019, Dalshult along with its partner Perstorp announced the agreement to build a facility that will host the process of granulating solid sodium formate deicer
• In December 2019, Vertellus acquired Bercen Chemicals, thus expanding its presence in North America

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FREQUENTLY ASKED QUESTIONS

• What is sodium formate?
• Which key factors will influence sodium formate market growth over 2023-2030?
• What will be the value of the sodium formate market during 2023-2030?
• What will be the CAGR value of the sodium formate market during 2023-2030?
• Which region will contribute notably towards the sodium formate market value?
• Which are the major players leveraging the sodium formate market growth?

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