The Sodium Formate Market Size was estimated at 1.59(USD Billion) in . The Sodium Formate Industry is expected to grow from 1.68(USD Billion) in to 2.78(USD Billion) by . The Sodium Formate Market CAGR (growth rate) is expected to be around 5.80% during the forecast period ( - ).
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The increasing demand for sodium formate in leather tanning and textile printing industries is a key market driver. The growing awareness of its eco-friendly properties, as it can replace hazardous chemicals in these processes, is accelerating its adoption.
Opportunities abound in the sodium formate market, particularly in emerging economies where industrialization and infrastructure development are burgeoning. The need for cost-effective and sustainable construction materials is fueling the demand for sodium formate as an admixture in concrete and cement production. Additionally, its role as a deicing agent in cold regions presents untapped potential.
Recent market trends include a shift towards sustainable and environmentally conscious products. Sodium formate's biodegradable nature and low toxicity position it favorably in this regard. Furthermore, advancements in its production technologies are reducing costs and enhancing efficiency, making it more accessible to a wider range of industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The chemical industry is the major consumer of sodium formate, and the global market is stimulated by the rising demand in this field. Sodium formate is widely used in the process of a wide range of chemicals, such as formic acid, oxalic acid, and sodium cyanide. In the chemical industry, it is used as a reducing agent, pH conditioner, and a source of formate ions. The sales of this chemical are stimulated by the growing demand for the chemicals mentioned above in different industries, including textile, leather, and pharmaceuticals.The need for formic acid by the textile industry for dying and printing processes is expected to be one of the most important drivers of market growth. Moreover, the demand for sodium cyanide in the mining and metals industry is anticipated to be another significant factor.
Sodium formate has gained significant traction in the oil and gas industry, leading to increased demand. It is primarily used in oil and gas well drilling operations as a shale inhibitor and viscosifier. Sodium formate helps prevent the swelling and dispersion of clay particles in drilling fluids, ensuring the stability and performance of the drilling fluid system. The growing exploration and production activities in the oil and gas sector, particularly in unconventional reservoirs such as shale formations, are expected to drive the demand for sodium formate in the coming years.The need for efficient and cost-effective drilling fluids, coupled with the increasing focus on environmental sustainability, is expected to contribute to the growth of the sodium formate market in the oil and gas industry.
A substantial boost to the Sodium Formate Market has been given by the pharmaceutical and personal care industries. Sodium formate is used in the pharmaceutical industry as an excipient in the manufacture of various drug formulations, such as tablets, capsules, and injectables. It serves as a stabilizer, buffer, and solubility enhancer, providing the stability of pharmaceutical formulations. Moreover, this compound can find uses in the personal care industry as a humectant and preservative in cosmetics, toiletries, and skincare products.Accelerating demand for excipients for safe and effective pharmaceuticals and ingredients in personal care products would favor the growth of the mentioned market.
The Sodium Formate Market is segmented by Grade into Technical Grade and Food Grade. Technical Grade: The technical grade segment holds the largest market share due to its wide range of industrial applications. In , the technical grade segment was valued at USD 1.02 billion and is projected to grow at a CAGR of 5.9% to reach USD 1.45 billion by . This growth is attributed to the increasing demand for sodium formate in the oil and gas industry, where it is used as a drilling fluid additive and a corrosion inhibitor. Other applications of technical-grade sodium formate include leather tanning, metalworking, and textile manufacturing.Food Grade: The food grade segment is expected to witness steady growth in the coming years, driven by the rising demand for processed foods and beverages. In , the food grade segment was valued at USD 0.39 billion and is projected to grow at a CAGR of 5.6% to reach USD 0.56 billion by . Sodium formate is primarily used in the food industry as a preservative, flavor enhancer, and pH adjuster. It is commonly found in canned vegetables, processed meats, and dairy products. Overall, the market for both technical and food-grade sodium formate is expected to exhibit a positive growth trajectory in the coming years, driven by the expanding industrial and food processing sectors.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Sodium Formate Market is segmented by Application into Preservative, Corrosion Inhibitor, Textile Auxiliary, and Other Applications. By far, the largest application segment is preservative, which is why it accounts for over 40 percent of the Sodium Formate Market’s revenue in . Sodium formate is used as a preservative in a wide range of food and soft drink products, which include meat, poultry, fish, and cheese. It can also be found in some cosmetics and personal care products. The corrosion inhibitor is the second largest application segment, accounting for just over 25 percent of the Sodium Formate Market’s revenue in .Sodium formate is used as a corrosion inhibitor in the case of oil and gas pipelines and cooling systems. The textile auxiliary is the third largest application segment, accounting for slightly over 20 percent of the Sodium Formate Market’s revenue in . Sodium formate serves as a textile auxiliary in the dyeing and printing of fabrics. Other Applications account for less than 10 percent of the Sodium Formate Market’s revenue in . They include leather production, paper production, and the manufacturing of pharmaceuticals. As for the Sodium Formate Market in general, it is expected to grow at a CAGR of 5.76 percent from to , at which time it is expected to reach the value of USD 2.34 Billion.
The Sodium Formate Market is segmented by process into Formic Acid Carbonylation and Sodium Hydroxide Formamide. The Formic Acid Carbonylation process dominated the market in , accounting for over 60% of the global revenue. This process involves the reaction of carbon monoxide and methanol in the presence of a catalyst to produce sodium formate. The Sodium Hydroxide Formamide process, on the other hand, involves the reaction of sodium hydroxide and formamide to produce sodium formate. This growth is attributed to the increasing demand for sodium formate in various industries, including the textile, leather, and construction industries.Sodium formate is used as a reducing agent in the textile industry, as a tanning agent in the leather industry, and as a concrete additive in the construction industry.
The distribution channel segment plays a crucial role in the Sodium Formate Market. In , the direct sales channel held a significant market share of around 55%, indicating a strong preference for direct interactions between manufacturers and end-users. This channel offers several advantages, including better control over product quality, customized solutions, and stronger customer relationships. Wholesalers and distributors, on the other hand, accounted for approximately 45% of the market share. They serve as intermediaries, connecting manufacturers with a wider customer base and facilitating efficient distribution.The involvement of wholesalers and distributors enables manufacturers to reach a larger market, optimize inventory management, and reduce logistics costs.
The Sodium Formate Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America and Europe are expected to hold the largest market share in the coming years. The growth in these regions can be attributed to the increasing demand for sodium formate in various industries, such as oil and gas, construction, and textiles. APAC is also expected to witness significant growth in the sodium formate market due to the rapid industrialization and urbanization in the region. South America and MEA are expected to have a moderate growth rate in the coming years.The market growth in these regions can be attributed to the increasing demand for sodium formate in various applications, such as leather tanning, metalworking, and food processing. Key Insights: The Sodium Formate Market is expected to reach a value of USD 2.34 billion by , exhibiting a CAGR of 5.76% during the forecast period. North America and Europe are expected to hold the largest market share in the coming years. APAC is also expected to witness significant growth in the sodium formate market due to the rapid industrialization and urbanization in the region.The increasing demand for sodium formate in various industries, such as oil and gas, construction, and textiles, is driving the growth of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major players in Sodium Formate Market are engaged in developing new products and technologies to meet the changing needs of customers. The Sodium Formate Market industry is highly competitive, with a number of leading Sodium Formate Market players accounting for a majority of the market share. Some of the key players in the Sodium Formate Market include BASF, Clariant, and Kemira. These companies are investing heavily in research and development to create innovative new products and technologies. They are also expanding their global reach through acquisitions and partnerships.BASF is a leading global chemical company with a strong presence in the Sodium Formate Market. The company offers a wide range of Sodium Formate products and technologies for a variety of applications. BASF is committed to innovation and sustainability and is investing heavily in research and development to create new products and technologies that meet the needs of customers. The company is also expanding its global reach through acquisitions and partnerships.Clariant is another leading global chemical company with a strong presence in the Sodium Formate Market. The company offers a wide range of Sodium Formate products and technologies for a variety of applications. Clariant is committed to innovation and sustainability and is investing heavily in research and development to create new products and technologies that meet the needs of customers. The company is also expanding its global reach through acquisitions and partnerships. Kemira is a leading global chemical company with a strong presence in the Sodium Formate Market. The company offers a wide range of Sodium Formate products and technologies for a variety of applications. Kemira is committed to innovation and sustainability and is investing heavily in research and development to create new products and technologies that meet the needs of customers. The company is also expanding its global reach through acquisitions and partnerships.
Formosa Plastics Corporation
Kärcher
Methanex Corporation
Showa Denko K.K.
Shandong Zhongji Group
Brenntag
TCI Chemicals (India) Pvt. Ltd.
WeylChem Group
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Akema Fine Chemicals
Chemtrade Logistics Income Fund
Lanxess AG
Tosoh Corporation
Perstorp Holding AB
Evonik Industries AG
The increasing demand for sodium formate in various industries, such as oil and gas, construction, and leather tanning, is driving the market growth.Recent news developments and current affairs in the Sodium Formate Market include:In January , BASF announced the expansion of its sodium formate production capacity in Ludwigshafen, Germany, to meet the growing demand from various industries.In March , Clariant launched a new line of sodium formate products for the leather tanning industry, offering improved quality and efficiency in the tanning process.In April , Kemira acquired the sodium formate business of Perstorp, strengthening its position in the Sodium Formate Market.These developments indicate the growing importance of sodium formate in various industries and the ongoing efforts of manufacturers to meet the increasing demand.
Technical Grade
Food Grade
Preservative
Corrosion Inhibitor
Textile Auxiliary
Other Applications
Formic Acid Carbonylation
Sodium Hydroxide Formamide
Direct Sales
Wholesaler/Distributor
North America
Europe
South America
Asia Pacific
Middle East and Africa
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