The Sodium Formate Market is expected to register a CAGR of 6% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Application (Aviation, Food and Beverage, Textile, Printing, Oil and Gas, Chemical, and Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Sodium Formate Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Sodium Formate Market Segmentation
Application- Aviation
- Food and Beverage
- Textile
- Printing
- Oil and Gas
- Chemical
Strategic Insights
Sodium Formate Market Growth Drivers- Increasing Use in Leather Processing and Textile Industries: The leather processing market has been impacted positively by the increased application of sodium formate to the industry. Sodium formate has got a reducing effect in leather tanning which enhances the quality and durability of tanned skin. It is also in high demand in the industry for its use in softening and improving the look of finished leather goods.
- Role of Sodium Formate in Textile Production and Dyeing: Sodium formate is also widely used in the production and coloration of Textiles. In printing and dyeing, it has the role of controlling the acidity of the dye solutions, and also encouraging the attachment of the colors to the fabric. This is important for the production of vibrant and durable colored fabrics. Hence, in achieving high standards in textile development, sodium formate becomes important.
- Industry Growth Drives Increased Use of Sodium Formate in Leather and Textiles: Both industries are characterized by growth because there is an increase in the demand for leather goods and textile products around the world. As the consumer bears a shift in attitude towards high quality and durability products, the manufacturers tend to incorporate the use of sodium formate for enhanced performance of the final product. This is also aided by the fact that the fashion, automotive, and home decorators’ industries are all on the rise.
- Growth in the Textile Industry: Sodium formate is widely used in the textile industry for dyeing and printing processes. It acts as a reducing agent and helps to improve the quality and color fastness of fabric. As the textile industry expands globally, especially in emerging markets, the demand for sodium formate continues to rise.
- Increase in Deicing Applications: Sodium formate is used as a deicing agent due to its lower environmental impact compared to traditional chloride-based deicers. With growing concerns over the environmental impact of road salt, especially in colder regions, sodium formate is becoming a preferred choice for deicing applications, boosting its market demand.
- Demand from the Chemical Industry: Sodium formate is used in various chemical applications, including as a reducing agent in chemical synthesis and as a buffer in the production of formic acid. The expanding chemical industry and the growing demand for industrial applications, such as in food preservatives and leather tanning, are driving the sodium formate market.
- Growth in the Leather Industry: Sodium formate is widely used in the leather industry, primarily for the tanning process. As the global demand for leather products (such as footwear, bags, and automotive upholstery) continues to grow, especially in emerging markets, there is an opportunity for increased sodium formate consumption. The growing focus on sustainable and eco-friendly tanning processes could further boost demand for sodium formate, as it is considered a more environmentally friendly alternative compared to other chemicals traditionally used in tanning.
- Increase in the Use of Sodium Formate in the Chemical Industry: Sodium formate is used in various chemical processes, including as a reducing agent in the production of dyes, and in the manufacture of formic acid, which has applications in agriculture, textiles, and food preservation. With the continuous expansion of the chemical manufacturing sector, there are significant opportunities for sodium formate in the production of specialty chemicals, pharmaceuticals, and agrochemicals. As industries look for cost-effective and versatile chemicals, sodium formate could see a rise in demand in these applications.
- Sodium Formate in Oil and Gas Industry: Sodium formate is used in oilfield applications, particularly in drilling fluids and cementing processes. It helps stabilize the properties of drilling fluids and can be used as a non-corrosive weighting agent, which is crucial in deep drilling operations. As the global oil and gas industry grows, particularly in new exploration areas such as offshore and deep-water drilling, there is an opportunity for sodium formate to be increasingly adopted as a key component in various oil and gas applications. The rise in energy demand and technological advances in drilling could create substantial growth in this sector.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Sodium Formate Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Sodium Formate Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Improved Manufacturing Processes is expected to be the key market trends.
Based on geography, Asia Pacific held the largest share of the sodium formate market.
Based on application, textile is expected to witness the fastest growth during the forecast period
Increasing Use in Leather Processing and Textile Industries is driving the market growth
Alder S.p.A, BASF SE, Honeywell International Inc are some of the key players operating in the sodium formate market
The Sodium Formate Market is estimated to witness a CAGR of 6% from 2023 to 2031
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Sodium Formate Market - By End-Use Industry
1.3.2 Sodium Formate Market - By Region
1.3.2.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SODIUM FORMATE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. SODIUM FORMATE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. SODIUM FORMATE MARKET - GLOBAL MARKET ANALYSIS
6.1. SODIUM FORMATE - GLOBAL MARKET OVERVIEW
6.2. SODIUM FORMATE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. SODIUM FORMATE MARKET - REVENUE AND FORECASTS TO 2028 - END-USE INDUSTRY
7.1. OVERVIEW
7.2. END-USE INDUSTRY MARKET FORECASTS AND ANALYSIS
7.3. AVIATION
7.3.1. Overview
7.3.2. Aviation Market Forecast and Analysis
7.4. FOOD AND BEVERAGE
7.4.1. Overview
7.4.2. Food and Beverage Market Forecast and Analysis
7.5. TEXTILE
7.5.1. Overview
7.5.2. Textile Market Forecast and Analysis
7.6. PRINTING
7.6.1. Overview
7.6.2. Printing Market Forecast and Analysis
7.7. OIL AND GAS
7.7.1. Overview
7.7.2. Oil and Gas Market Forecast and Analysis
7.8. CHEMICAL
7.8.1. Overview
7.8.2. Chemical Market Forecast and Analysis
7.9. OTHERS
7.9.1. Overview
7.9.2. Others Market Forecast and Analysis
8. SODIUM FORMATE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
8.1. NORTH AMERICA
8.1.1 North America Sodium Formate Market Overview
8.1.2 North America Sodium Formate Market Forecasts and Analysis
8.1.3 North America Sodium Formate Market Forecasts and Analysis - By End-Use Industry
8.1.4 North America Sodium Formate Market Forecasts and Analysis - By Countries
8.1.4.1 United States Sodium Formate Market
8.1.4.1.1 United States Sodium Formate Market by End-Use Industry
8.1.4.2 Canada Sodium Formate Market
8.1.4.2.1 Canada Sodium Formate Market by End-Use Industry
8.1.4.3 Mexico Sodium Formate Market
8.1.4.3.1 Mexico Sodium Formate Market by End-Use Industry
8.2. EUROPE
8.2.1 Europe Sodium Formate Market Overview
8.2.2 Europe Sodium Formate Market Forecasts and Analysis
8.2.3 Europe Sodium Formate Market Forecasts and Analysis - By End-Use Industry
8.2.4 Europe Sodium Formate Market Forecasts and Analysis - By Countries
8.2.4.1 Germany Sodium Formate Market
8.2.4.1.1 Germany Sodium Formate Market by End-Use Industry
8.2.4.2 France Sodium Formate Market
8.2.4.2.1 France Sodium Formate Market by End-Use Industry
8.2.4.3 Italy Sodium Formate Market
8.2.4.3.1 Italy Sodium Formate Market by End-Use Industry
8.2.4.4 United Kingdom Sodium Formate Market
8.2.4.4.1 United Kingdom Sodium Formate Market by End-Use Industry
8.2.4.5 Russia Sodium Formate Market
8.2.4.5.1 Russia Sodium Formate Market by End-Use Industry
8.2.4.6 Rest of Europe Sodium Formate Market
8.2.4.6.1 Rest of Europe Sodium Formate Market by End-Use Industry
8.3. ASIA-PACIFIC
8.3.1 Asia-Pacific Sodium Formate Market Overview
8.3.2 Asia-Pacific Sodium Formate Market Forecasts and Analysis
8.3.3 Asia-Pacific Sodium Formate Market Forecasts and Analysis - By End-Use Industry
8.3.4 Asia-Pacific Sodium Formate Market Forecasts and Analysis - By Countries
8.3.4.1 Australia Sodium Formate Market
8.3.4.1.1 Australia Sodium Formate Market by End-Use Industry
8.3.4.2 China Sodium Formate Market
8.3.4.2.1 China Sodium Formate Market by End-Use Industry
8.3.4.3 India Sodium Formate Market
8.3.4.3.1 India Sodium Formate Market by End-Use Industry
8.3.4.4 Japan Sodium Formate Market
8.3.4.4.1 Japan Sodium Formate Market by End-Use Industry
8.3.4.5 South Korea Sodium Formate Market
8.3.4.5.1 South Korea Sodium Formate Market by End-Use Industry
8.3.4.6 Rest of Asia-Pacific Sodium Formate Market
8.3.4.6.1 Rest of Asia-Pacific Sodium Formate Market by End-Use Industry
8.4. MIDDLE EAST AND AFRICA
8.4.1 Middle East and Africa Sodium Formate Market Overview
8.4.2 Middle East and Africa Sodium Formate Market Forecasts and Analysis
8.4.3 Middle East and Africa Sodium Formate Market Forecasts and Analysis - By End-Use Industry
8.4.4 Middle East and Africa Sodium Formate Market Forecasts and Analysis - By Countries
8.4.4.1 South Africa Sodium Formate Market
8.4.4.1.1 South Africa Sodium Formate Market by End-Use Industry
8.4.4.2 Saudi Arabia Sodium Formate Market
8.4.4.2.1 Saudi Arabia Sodium Formate Market by End-Use Industry
8.4.4.3 Rest of Middle East and Africa Sodium Formate Market
8.4.4.3.1 Rest of Middle East and Africa Sodium Formate Market by End-Use Industry
8.5. SOUTH AND CENTRAL AMERICA
8.5.1 South and Central America Sodium Formate Market Overview
8.5.2 South and Central America Sodium Formate Market Forecasts and Analysis
8.5.3 South and Central America Sodium Formate Market Forecasts and Analysis - By End-Use Industry
8.5.4 South and Central America Sodium Formate Market Forecasts and Analysis - By Countries
8.5.4.1 Brazil Sodium Formate Market
8.5.4.1.1 Brazil Sodium Formate Market by End-Use Industry
8.5.4.2 Argentina Sodium Formate Market
8.5.4.2.1 Argentina Sodium Formate Market by End-Use Industry
8.5.4.3 Rest of South and Central America Sodium Formate Market
8.5.4.3.1 Rest of South and Central America Sodium Formate Market by End-Use Industry
9. INDUSTRY LANDSCAPE
9.1. MERGERS AND ACQUISITIONS
9.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
9.3. NEW PRODUCT LAUNCHES
9.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
10. SODIUM FORMATE MARKET, KEY COMPANY PROFILES
10.1. ALDER S.P.A
10.1.1. Key Facts
10.1.2. Business Description
10.1.3. Products and Services
10.1.4. Financial Overview
10.1.5. SWOT Analysis
10.1.6. Key Developments
10.2. BASF SE
10.2.1. Key Facts
10.2.2. Business Description
10.2.3. Products and Services
10.2.4. Financial Overview
10.2.5. SWOT Analysis
10.2.6. Key Developments
10.3. HONEYWELL INTERNATIONAL INC
10.3.1. Key Facts
10.3.2. Business Description
10.3.3. Products and Services
10.3.4. Financial Overview
10.3.5. SWOT Analysis
10.3.6. Key Developments
10.4. KANORIA CHEMICALS AND INDUSTRIES LTD.
10.4.1. Key Facts
10.4.2. Business Description
10.4.3. Products and Services
10.4.4. Financial Overview
10.4.5. SWOT Analysis
10.4.6. Key Developments
10.5. METAFRAX CHEMICALS
10.5.1. Key Facts
10.5.2. Business Description
10.5.3. Products and Services
10.5.4. Financial Overview
10.5.5. SWOT Analysis
10.5.6. Key Developments
10.6. MKS MARMARA
10.6.1. Key Facts
10.6.2. Business Description
10.6.3. Products and Services
10.6.4. Financial Overview
10.6.5. SWOT Analysis
10.6.6. Key Developments
10.7. PERSTORP HOLDING AB
10.7.1. Key Facts
10.7.2. Business Description
10.7.3. Products and Services
10.7.4. Financial Overview
10.7.5. SWOT Analysis
10.7.6. Key Developments
10.8. TCI CHEMICALS (INDIA) PVT. LTD.
10.8.1. Key Facts
10.8.2. Business Description
10.8.3. Products and Services
10.8.4. Financial Overview
10.8.5. SWOT Analysis
10.8.6. Key Developments
10.9. THERMO FISHER SCIENTIFIC
10.9.1. Key Facts
10.9.2. Business Description
10.9.3. Products and Services
10.9.4. Financial Overview
10.9.5. SWOT Analysis
10.9.6. Key Developments
10.10. VERTELLUS
10.10.1. Key Facts
10.10.2. Business Description
10.10.3. Products and Services
10.10.4. Financial Overview
10.10.5. SWOT Analysis
10.10.6. Key Developments
11. APPENDIX
11.1. ABOUT THE INSIGHT PARTNERS
11.2. GLOSSARY OF TERMS
1.Alder S.p.A
2.BASF SE
3.Honeywell International Inc
4.Kanoria Chemicals and Industries Ltd.
5.Metafrax Chemicals
6.MKS Marmara
7.Perstorp Holding AB
8.TCI Chemicals (India) Pvt. Ltd.
9.Thermo Fisher Scientific
10.Vertellus
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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