The Sodium Formate Market Size was estimated at 1.34 (USD Billion) in 2022. The Sodium Formate Industry is expected to grow from 1.41(USD Billion) in 2023 to 2.34 (USD Billion) by 2032. The Sodium Formate Market CAGR (growth rate) is expected to be around 5.76% during the forecast period (2024 - 2032).
Key Sodium Formate Market Trends Highlighted
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
Sodium Formate Market Drivers
Rising Demand for Sodium Formate in the Chemical Industry
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.
Expanding Applications in the Oil and Gas Industry
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.
Growing Adoption in the Pharmaceutical and Personal Care Industries
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.
Sodium Formate Market Segment Insights:
Sodium Formate Market Grade Insights
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 2023, 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 2032. 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 2023, 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 2032. 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
Sodium Formate Market Application Insights
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 2023. 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 2023.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 2023. 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 2023. 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 2024 to 2032, at which time it is expected to reach the value of USD 2.34 Billion.
Sodium Formate Market Process Insights
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 2023, 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.
Sodium Formate Market Distribution Channel Insights
The distribution channel segment plays a crucial role in the Sodium Formate Market. In 2023, 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.
Sodium Formate Market Regional Insights
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 2032, 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
Sodium Formate Market Key Players And Competitive Insights:
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.
Key Companies in the Sodium Formate Market Include:
Formosa Plastics Corporation
Kärcher
Methanex Corporation
Showa Denko K.K.
Shandong Zhongji Group
Brenntag
TCI Chemicals (India) Pvt. Ltd.
WeylChem Group
Akema Fine Chemicals
Chemtrade Logistics Income Fund
Lanxess AG
Tosoh Corporation
Perstorp Holding AB
Evonik Industries AG
Sodium Formate Market Industry Developments
The Sodium Formate Market is projected to grow from an estimated USD 1.41 billion in 2023 to USD 2.34 billion by 2032, at a CAGR of 5.76%. 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 2023, BASF announced the expansion of its sodium formate production capacity in Ludwigshafen, Germany, to meet the growing demand from various industries.In March 2023, 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 2023, 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.
Sodium Formate Market Segmentation Insights
Sodium Formate Market Grade Outlook
Technical Grade
Food Grade
Sodium Formate Market Application Outlook
Preservative
Corrosion Inhibitor
Textile Auxiliary
Other Applications
Sodium Formate Market Process Outlook
Formic Acid Carbonylation
Sodium Hydroxide Formamide
Sodium Formate Market Distribution Channel Outlook
Direct Sales
Wholesaler/Distributor
Sodium Formate Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2022 | 1.34(USD Billion) |
| Market Size 2023 | 1.41(USD Billion) |
| Market Size 2032 | 2.34(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.76% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Formosa Plastics Corporation, Kärcher, Methanex Corporation, Showa Denko K.K., Shandong Zhongji Group, Brenntag, TCI Chemicals (India) Pvt. Ltd., WeylChem Group, Akema Fine Chemicals, Chemtrade Logistics Income Fund, Lanxess AG, Tosoh Corporation, Perstorp Holding AB, Evonik Industries AG |
| Segments Covered | Grade, Application, Process, Distribution Channel, Regional |
| Key Market Opportunities | Foam Glass Insulation MarketLeather Tanning IndustryDeicing AgentsOil and GasPaper and Pulp |
| Key Market Dynamics | Increasing demand in the leather industry Growing use in the oil and gas sector Rising demand from the textile industry Government regulations Technological advancements |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Sodium Formate Market is currently valued at approximately 1.41 billion USD in 2023 and is projected to reach 2.34 billion USD by 2032, exhibiting a CAGR of 5.76% during the forecast period.
Asia-Pacific currently dominates the Sodium Formate Market and is anticipated to maintain its leading position throughout the forecast period. The region's robust growth is primarily driven by the increasing demand for sodium formate in various industries, including oil and gas, textiles, and leather tanning.
The Sodium Formate Market is primarily driven by the growing demand for sodium formate in the oil and gas industry, where it is utilized as a drilling fluid additive. Additionally, the increasing adoption of sodium formate in the textile and leather industries as a reducing agent and preservative is further contributing to market growth.
The oil and gas industry currently accounts for the largest share of the Sodium Formate Market, utilizing sodium formate as a drilling fluid additive to prevent corrosion and hydrate formation. Other major applications include its use as a reducing agent in the textile industry and as a preservative in the leather tanning industry.
The Sodium Formate Market is moderately consolidated, with several key players holding significant market share. Some of the prominent competitors include BASF, Clariant, Kemira, and PeroxyChem.
The Sodium Formate Market faces certain challenges, including fluctuating raw material prices, stringent environmental regulations, and intense competition from alternative products. Additionally, the market is susceptible to economic downturns, which can impact demand for sodium formate in various industries.
The Sodium Formate Market is witnessing the emergence of several trends, such as the growing adoption of bio-based sodium formate, increasing demand for high-purity sodium formate, and the development of innovative applications in the pharmaceutical and cosmetic industries.
The Sodium Formate Market is anticipated to continue its growth trajectory in the coming years, driven by the increasing demand from various industries. The growing adoption of sodium formate in oil and gas drilling, textiles, and leather tanning is expected to fuel market expansion. Additionally, the development of new applications and the expansion of the bio-based segment are likely to provide further growth opportunities.
Investing in the Sodium Formate Market involves certain potential risks, including economic downturns, changes in government regulations, technological advancements, and competition from alternative products. Additionally, geopolitical factors and supply chain disruptions can also impact market dynamics.
New entrants in the Sodium Formate Market can explore opportunities in the growing bio-based segment, the development of innovative applications, and targeting emerging markets. Additionally, strategic partnerships, mergers, and acquisitions can help new entrants gain market share and establish a stronger foothold in the industry.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
