Sodium Formate Market: Global Opportunity Analysis and Industry Forecast, 2021-2031 Market

Sodium Formate Market Insights and Forecast -2027

Sodium formate is the white deliquescent powder, which is actually the sodium salt of formic acid. Sodium formate is commercially manufactured by neutralizing formic acid with sodium carbonate. It is produced by the reaction of sodium hydroxide with chloroform. Sodium formate plays key roles as a dying agent, food additive, non-corrosive, and de-icing agent in several end-user industries, including food & beverage, textile, and printing. The nontoxicity and biodegradability of the compound make it ecofriendly and easy to use. Sodium formate is further used as a cryogenic protectant in X-ray diffraction experiments. 

Market scope and structure analysis:

COVID-19 scenario analysis:

• The global market for sodium formate is severely impacted by the outbreak of the COVID-19 pandemic.
• The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
• Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
• Thus, insufficiency in raw material supply is expected to hamper the production rate of sodium formate, which negatively impact the market growth.
• However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The extensive use of sodium formate in different end user industries have led to the growth of the Global sodium formate market. Various regulatory bodies such as the Food and Drug Administration (FDA) has confirmed that sodium formate is safe to be used as food additives in the animal nutrition sector after the ban on different antibiotic growth promoters. Sodium formate also has a wide array of applications in the printing and textile industries. With the introduction of advanced printing techniques that involve the use of sodium formate, the demand for sodium formate is expected to increase in the market. The effective alkali neutralization and PH control off sodium formate along with the ecofriendly nature makes it popular in the digital printing market. On the other hand, there is an increase in demand for sodium formate in the aerospace industry as an anti-corrosion and deicing material. The compound is frequently used to clear runways and detaching snow from concrete at a rapid pace. Various major companies, such as Asian Paints have, increased their production of sodium formate to meet the demands across the globe. However, the fluctuating prices of the raw material mind dampen the growth of the sodium formate market.

Asia-Pacific region dominates the global sodium formate market because of the high population density and the increasing demand for printing and textile industries in the region. The market in Europe is also expected to witness lucrative growth owing to the stringent environmental regulations on using eco-friendly compounds in the industries.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global sodium formate industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global sodium formate market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global sodium formate market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global sodium formate market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the sodium formate market research report:

• Which are the leading players active in the sodium formate market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Sodium Formate Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights