In the recent years, the chemical industry has seen significant changes. It went through a period of technological disruption, which brought with it new opportunities and challenges. Chemical processing innovation has exploded, assisting businesses in improving their bottom lines. The new Isobutyraldehyde market research report outlines the key factors that will impact production, supply, and...
Sodium formate is organic sodium salt with varied applications. It is actively used in formulations employed in leather tanning as they have the potential to catalyze chrome penetrating in leather which enhances the value of end product. Solid form of sodium formate is used in airways. It is eyed as effective viable de-icing formula that can be used on airport runways. It is mixed with corrosion inhibitors to gain enhanced penetration property in difficult surfaces including snow and ice layers. The growing preference towards de-icing solutions that are biodegradable favors growth of global Sodium Formate market in the coming years.
Upstream oil and gas industry enhances demand
The upstream sector of oil and gas industry is largely responsible for growth in demand of Sodium Formate owing to its vital role in clear brine’s production. The fluid form like cesium Formate are popular as ideal base fluids because of their properties like non-corrosiveness. Sodium Formate demand and utilization is also increasing in paper and fabric industry to enhance the color and brightness of the product. Sodium Formate encourages advanced pricing of polyester fabrics. This application generates huge opportunities in global market and revenue generation from domains like in printing and textile dying.
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Fact.MR report states that Sodium Formate sale has been sluggish in the past and it was estimated to be growing below the rate of ̴2% CAGR in the period 2013 – 2017. However, owing to the wide spread application the overall sale is assessed to be greater than US$210Mn in the year 2018. It is expected to grow with 2.8% CAGR during the forecast period 2019-2029. This growth is anticipated to be driven by sodium formate’s applications in sodium hydrosulfite production.
Europe stays ahead
Fact.MR report also predicts that Europe will stay in the forefront in global market in the forecast period owing to presence of major industry giants and growing rate of sodium Formate adoption. Major regions in global sodium Formate market are Latin America, North America, East Asia, Europe, Middle East & Africa and South Asia & Oceania. Manufacturers have fastened their efforts to capture the market in South Asia and East Asia as these regions are generating lucrative opportunities of market growth.
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Major market players are focused towards strengthening regional foothold with improved and robust sales strategies. Regional leaders on Europe have expanded their production capacity to capture regional market of de-icing solutions for airport runways and bridges. High popularity of sodium Formate as de-icing agent has grabbed attention on global level. Manufacturers are using advanced technologies to attain greater production along with sustainable solution.
Global sodium formate market growth is negative influenced by high price of raw materials involved in sodium Formate production. Low cost urea is gaining momentum as cheap alternative for commercial sodium Formate. Hygroscopic nature of sodium Formate poses difficulties in its handling and transport which again negates the growth of global sodium Formate market.
Major players profiled in global sodium formate market are Asia paints Ltd., Metafrax JSC, Addcon GmbH, Puyang Yongan Chemical Co., Ltd., ZIBO RUIBAO CHEMICAL CO, Ercros SA, Perstorp Holding AB and Chang Chun group.
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