The global sodium formate market was valued at ~US$ 406 Mn in 2018, and is anticipated to expand at a CAGR of 4.5% from 2019 to 2027. The demand for sodium formate has been rising in the upstream oil & gas industry to produce clear brine, which is an important chemical in work-over & completion processes.
Food additives are added in small quantities in various products to improve and maintain freshness and enhance flavor, taste, aroma, texture, and appearance. Sodium formate is used as a preservative in food additives. It is widely employed to prevent decomposition by microbial growth or undesirable chemical changes.
The low cost of manufacturing textile dyes and the high demand for these dyes in Asia Pacific are projected to drive the demand for textile dyes. Sodium formate is used in fabric dying. Hence, growth in the textile dye industry is anticipated to augment the sodium formate market.
Key Drivers of the Sodium Formate Market
Formates belong to the family of non-chloride deicers. Common formates are sodium formate (NaFm) (CHO2Na) and sodium formate (KFm). Formates are available commercially and are commonly used at airports. They typically work in temperatures ranging from -20°F to 15°F. Sodium formate is a premium environmentally-friendly deicer, specifically preferred for airport runways.
Sodium formate works safely and quickly without damaging surfaces and products. It is an ideal alternative for more corrosive materials such as calcium chloride or urea, which can damage surfaces and cause environmental problems.
The U.S. and Canada, in North America, experience heavy snowfall, which adversely affects aerospace movement. Sodium formate is used to clear the runways. Thus, climatic conditions in Europe and North America are likely to drive the sodium formate market during the forecast period.
Top Three Players Accounted for Large Market Share in 2018
Perstorp Holdings, ADDCON, Yuanping Chemical Company Limited, MKS Marmara, Alder S.p.A., Metafrax, Asian Paints, Kanoria Chemicals & Industries Ltd., and Zibo Ruibao Chemicals Co., Ltd. are some of the leading players operating in the global sodium formate market. The global reach of these companies and their focus on a wide range of end-user industries are responsible for their large market share. The entry of several small- to- medium-scale manufacturers has intensified the competition in the sodium formate market.
In June 2014, Perstorp Holdings acquired pentaerythritol, penta, and calcium formate businesses from Slovenia-based chemicals producer Chemko A.S. Strážske. The move was a part of Perstorp Holdings’ aspiring investment plan to increase the production capacity of polyol.
On December 12, 2017, Asian Paints acquired Reno Chemicals Pharmaceuticals and Cosmetics Pvt. Ltd.
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PratikshaM Joined: July 2nd, 2019 Articles Posted: 207