Global consumption volume of sodium formate neared 640 thousand tons in 2018, according to a recent research study of Fact.MR. Highly influenced by a couple of strong restraining factors, the global sodium formate consumption volume is likely to record a mere 2.5% Y-o-Y growth in 2019. Strengthening sustainable raw material pricing strategies will remain among the key actionable areas for leading stakeholders in the sodium formate market, in addition to leveraging the traction witnessed for high-efficiency de-icing agents.
In this sodium formate market study, the following years are considered to project the market footprint:
- History Year: 2014 – 2018
- Base Year: 2014
- Estimated Year: 2029
- Forecast Year: 2019 – 2029
After reading the sodium formate market report, readers can:
- Understand the drivers, restraints, opportunities and trends affecting the growth of the global sodium formate market.
- Analyze key regions holding significant share of the total sodium formate market revenue.
- Study the growth outlook of the global sodium formate market scenario, including production, consumption, history and forecast.
- Learn consumption pattern and impact of each end use on the sodium formate market growth.
- Investigate the recent R&D projects performed by each sodium formate market player.
The sodium formate market report covers the following regions:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico)
- Europe (U.K., Germany)
- APEJ (China, India)
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According to the study, there remains a notable untapped potential for sodium formate in a few non-traditional application sectors, i.e. other than de-icing, leather tanning, and applications in oil & gas industry. While animal feed and cosmetics are particularly emerging as profitable end-use sectors for sodium formate manufacturers and other market stakeholders, an increasing focus on exploring the diverse application range is highly likely to shape the competition strategies in the years to come. In line with the flourishing personal care and cosmetics industry, a number of innovations are expected to discover myriad application opportunities for the companies active in sodium formate market.
De-icing Applications Fostering Sodium Formate Adoption in Europe
Accounting for more than a third of total consumption volume of sodium formate, leather tanning remains the top sought application, followed by applications in the oil and gas industry. Superior efficiency of sodium formate continues to position it ahead of the other available alternatives, such as formic acid. The report opines that leather tanning will remain the leading application of sodium formate owing to the surge in demand for faster and more effective chrome penetration into leather. Increasing recognition of sodium formate’s role in improving the mechanical drilling speed is expected to favor sales in the near future, whereas the superior collapse prevention ability of sodium formate, coupled with environmental sustainability, will advocate for its growing usage in the petroleum industry.
The study finds that Europe continues to spearhead the sodium formate industry in terms of volume, maintaining a volume share of more than 30% of the overall sales. Europe has been witnessing significant traction for quicker and more efficient de-icing solutions, mainly for airport runways, thereby supplementing the demand for sodium formate within the region. Companies based in Europe are likely to maintain strategic focus on the improvement of key attributes of sodium formate so as to be used for faster de-icing, in addition to prioritizing their sodium formate production capacities to meet rising demand for de-icing agents based on sodium formate. Perstorp, one of the leaders in global specialty chemicals industry, recently revealed the plan of sodium formate production capacity expansion. In line with significant preference for Pergrip Run NF – a sodium formate de-icer product – at a majority of Europe’s airports as well as cities, the company is eyeing revenues through runway and non-runway applications across the region. The new plant built in Sweden is likely to help company in production and logistical cost optimization.
The behavior pattern of each player – new product launches, partnerships, and acquisitions – has been analyzed in the sodium formate market report comprehensively. In addition, the research encompasses the strengths, weaknesses, opportunities and threats of each sodium formate market vendor in an in-depth manner.
The sodium formate market report answers important questions which include:
- What does the status of the sodium formate market look like after the forecast period?
- Which region has the highest contribution to the global sodium formate market and why?
- Which players remain at the top of the global sodium formate market?
- What opportunities are available for the sodium formate market players to expand their production footprint?
- Which segment has the maximum impact on the global sodium formate market?
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