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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Sodium Formate Market: By Application, By Industry Vertical and Geography
Sodium Formate Market: By Application, By Industry Vertical and Geography
Sodium Formate Market size was valued at US$ 507.3 million in 2023 and is projected to grow at 4.9% CAGR over the forecast years to reach US$ 709.1 million by 2030. The sodium formate market is driven by the expanding industries, de-icing applications, and the leather industry. Growth in industries like food & beverage, oil & gas, and textiles is a major driver in sodium formate is used in various applications within these sectors, such as food additives, anti-corrosion agents, and dyeing/printing processes. Sodium formate is a popular de-icing agent for roads, runways, and other surfaces due to its effectiveness at lower temperatures and reduced environmental impact compared to traditional salt. This is particularly relevant in regions with harsh winters. The growing demand for leather products like footwear, bags, and belts is increasing the use of sodium formate in the tanning and pickling process.
Regulation and safety, the aerospace industry, and emerging applications are opportunities, and sustainability, regional growth, and technological advancements are the trends in the sodium formate market. Despite the positive outlook the cost of sodium formate can be impacted by fluctuations in raw material prices, which can affect its overall demand, there are still some environmental concerns associated with the production and disposal of sodium formate and the market faces competition from other products that can serve similar purposes, such as potassium formate and calcium chloride are the constraints that hinder the market growth.
Study Period
2024 - 2030Base Year
2023CAGR
4.9%Largest Market
Asia PacificFastest Growing Market
Asia Pacific
The sodium formate market growing due to increasing regulations on the use of organic acids could create opportunities for sodium formate, as it is considered a safer alternative in some applications and there is high demand for sodium formate in the aerospace industry for applications like anti-icing and metal treatment presents a significant growth opportunity. Research in new applications for sodium formate, such as in batteries and pharmaceuticals, could further expand the market and there is a trend in growing focus on sustainable practices which is a leading to a demand for eco-friendly de-icing solutions, which could benefit the sodium formate market. The Asia Pacific region is expected to see the fastest growth in the sodium formate market due to the expansion of its manufacturing sector and growing population, and also developments in production processes could lead to further market expansion.
Based on regions the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Asia Pacific region holds the dominant position in the sodium formate market, and is expected to maintain its lead throughout the forecast period. The key factors for this dominance include thriving textile industry and growing population. sodium formate is used to enhance brightness and color in textiles, catering to the strong textile market in APAC, and a rising population fuels demand for various industries that utilize sodium formate, like food & beverage. Europe is previously a major player, and Europe's sodium formate market is expected to experience steady growth. The rise in meat consumption is projected to drive the feed additives industry, which in turn increases sodium formate demand. North America region is anticipated to witness moderate growth. Factors like advancements in technology, increasing livestock production, and the use of sodium formate in animal husbandry are expected to propel the market. Latin America & Middle East & Africa these regions are expected to show potential for future growth due to developing industries and growing economies.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024 - 2030 |
|
Market Size in 2023 |
US$ 507.3 million |
|
Market Size in 2030 |
US$ 709.1 million |
|
Market CAGR |
4.9% |
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By Application |
|
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By Industry Vertical |
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The sodium formate market was valued at US$ 507.3 million in 2023 and is projected to grow at 4.9% CAGR over the forecast years to reach US$ 709.1 million by 2030.
• The expanding industries • De-icing applications • The leather industry
• Regulation and safety • The aerospace industry • Emerging applications
• Sustainability • Regional growth • Technological advancements
Asai-Pacific is the dominating region in the sodium formate market.
| 1. Executive Summary |
| 2. Global Sodium Formate Market Introduction |
| 2.1. Global Sodium Formate Market Taxonomy |
| 2.2. Global Sodium Formate Market Definitions |
| 2.2.1. By Application |
| 2.2.2. By Industry Vertical |
| 2.2.3. By Region |
| 3. Global Sodium Formate Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Sodium Formate Market Dynamic Factors - Impact Analysis |
| 3.6. Global Sodium Formate Market Competition Landscape |
| 4. Global Sodium Formate Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Sodium Formate Market, By Application, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.1. Catalyst |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Reducing Agent |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Chemical Intermediate |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Food Additive |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. De-icing Agent |
| 5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 5.6. Work-over Fluids |
| 5.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.6.3. Market Opportunity Analysis |
| 5.7. Others |
| 5.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.7.3. Market Opportunity Analysis |
| 6. Global Sodium Formate Market, By Industry Vertical, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.1. Aviation |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Food & Beverage |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Textile |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Printing |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Oil & Gas |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 6.6. Chemical |
| 6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.6.3. Market Opportunity Analysis |
| 6.7. Others |
| 6.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.7.3. Market Opportunity Analysis |
| 7. Global Sodium Formate Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia-Pacific |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Latin America |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Middle East and Africa |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Global Sodium Formate Market - Opportunity Analysis Index, By Application, Industry Vertical, and Region, 2024 - 2030 |
| 8. North America Sodium Formate Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.1. Application Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1. Catalyst |
| 8.1.2. Reducing Agent |
| 8.1.3. Chemical Intermediate |
| 8.1.4. Food Additive |
| 8.1.5. De-icing Agent |
| 8.1.6. Work-over Fluids |
| 8.1.7. Others |
| 8.2. Industry Vertical Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1. Aviation |
| 8.2.2. Food & Beverage |
| 8.2.3. Textile |
| 8.2.4. Printing |
| 8.2.5. Oil & Gas |
| 8.2.6. Chemical |
| 8.2.7. Others |
| 8.3. Country Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 8.3.1. USA |
| 8.3.2. Canada |
| 8.4. North America Sodium Formate Market - Opportunity Analysis Index, By Application, Industry Vertical, and Country, 2024 - 2030 |
| 8.5. North America Sodium Formate Market Dynamics Trends |
| 9. Europe Sodium Formate Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 9.1. Application Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Catalyst |
| 9.1.2. Reducing Agent |
| 9.1.3. Chemical Intermediate |
| 9.1.4. Food Additive |
| 9.1.5. De-icing Agent |
| 9.1.6. Work-over Fluids |
| 9.1.7. Others |
| 9.2. Industry Vertical Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. Aviation |
| 9.2.2. Food & Beverage |
| 9.2.3. Textile |
| 9.2.4. Printing |
| 9.2.5. Oil & Gas |
| 9.2.6. Chemical |
| 9.2.7. Others |
| 9.3. Country Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Germany |
| 9.3.2. UK |
| 9.3.3. France |
| 9.3.4. Spain |
| 9.3.5. Italy |
| 9.3.6. Russia |
| 9.3.7. Rest of Europe |
| 9.4. Europe Sodium Formate Market - Opportunity Analysis Index, By Application, Industry Vertical, and Country, 2024 - 2030 |
| 9.5. Europe Sodium Formate Market Dynamics Trends |
| 10. Asia-Pacific Sodium Formate Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 10.1. Application Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Catalyst |
| 10.1.2. Reducing Agent |
| 10.1.3. Chemical Intermediate |
| 10.1.4. Food Additive |
| 10.1.5. De-icing Agent |
| 10.1.6. Work-over Fluids |
| 10.1.7. Others |
| 10.2. Industry Vertical Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Aviation |
| 10.2.2. Food & Beverage |
| 10.2.3. Textile |
| 10.2.4. Printing |
| 10.2.5. Oil & Gas |
| 10.2.6. Chemical |
| 10.2.7. Others |
| 10.3. Country Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. China |
| 10.3.2. India |
| 10.3.3. Japan |
| 10.3.4. ASEAN |
| 10.3.5. Australia & New Zealand |
| 10.3.6. Rest of Asia-Pacific |
| 10.4. Asia-Pacific Sodium Formate Market - Opportunity Analysis Index, By Application, Industry Vertical, and Country, 2024 - 2030 |
| 10.5. Asia-Pacific Sodium Formate Market Dynamics Trends |
| 11. Latin America Sodium Formate Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 11.1. Application Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Catalyst |
| 11.1.2. Reducing Agent |
| 11.1.3. Chemical Intermediate |
| 11.1.4. Food Additive |
| 11.1.5. De-icing Agent |
| 11.1.6. Work-over Fluids |
| 11.1.7. Others |
| 11.2. Industry Vertical Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Aviation |
| 11.2.2. Food & Beverage |
| 11.2.3. Textile |
| 11.2.4. Printing |
| 11.2.5. Oil & Gas |
| 11.2.6. Chemical |
| 11.2.7. Others |
| 11.3. Country Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Brazil |
| 11.3.2. Mexico |
| 11.3.3. Argentina |
| 11.3.4. Rest of Latin America |
| 11.4. Latin America Sodium Formate Market - Opportunity Analysis Index, By Application, Industry Vertical, and Country, 2024 - 2030 |
| 11.5. Latin America Sodium Formate Market Dynamics Trends |
| 12. Middle East and Africa Sodium Formate Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 12.1. Application Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Catalyst |
| 12.1.2. Reducing Agent |
| 12.1.3. Chemical Intermediate |
| 12.1.4. Food Additive |
| 12.1.5. De-icing Agent |
| 12.1.6. Work-over Fluids |
| 12.1.7. Others |
| 12.2. Industry Vertical Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Aviation |
| 12.2.2. Food & Beverage |
| 12.2.3. Textile |
| 12.2.4. Printing |
| 12.2.5. Oil & Gas |
| 12.2.6. Chemical |
| 12.2.7. Others |
| 12.3. Country Analysis 2019 - 2023 and Forecast, 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Gulf Cooperation Council (GCC) Countries |
| 12.3.2. Israel |
| 12.3.3. South Africa |
| 12.3.4. Rest of MEA |
| 12.4. MEA Sodium Formate Market - Opportunity Analysis Index, By Application, Industry Vertical, and Country, 2024 - 2030 |
| 12.5. MEA Sodium Formate Market Dynamics Trends |
| 13. Competition Landscape |
| 13.1. Strategic Dashboard of Top Market Players |
| 13.2. Company Profiles (Introduction, Financial Analysis, Application Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 13.2.1. Perstorp |
| 13.2.2. BASF SE |
| 13.2.3. MKS Marmara |
| 13.2.4. Alder SpA |
| 13.2.5. Metafrax |
| 13.2.6. Asian Paints Limited |
| 13.2.7. Kanoria Chemicals & Industries Ltd. |
| 13.2.8. Zibo Ruibao Chemical Co.,Ltd |
| 13.2.9. Honeywell International Inc. |
| 13.2.10. TCI Chemicals (India) Pvt. Ltd. |
| 13.2.11. Avantor Performance Materials, LLC |
| 13.2.12. Vertellus Holdings LLC |
| 13.2.13. Acros Organics |
| 14. Research Methodology |
| 15. Key Assumptions and Acronyms |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.