Sodium Formate Market: Sales of Sodium Formate Exceeded US$ 210 Mn in 2018
A recently compiled report of Fact.MR, titled “Sodium Formate Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2019-2029,” gives a comprehensive analysis on the sodium formate market worldwide. Size of the sodium formate market has been gauged in a comprehensive manner and is presented in terms of value (US$ Mn) and volume (tons). The report also provides a thorough analysis and forecast on the different segments and the competitive landscape of the sodium formate market.
[UKPRwire, Mon Jul 15 2019] A recently compiled report of Fact.MR, titled “Sodium Formate Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2019-2029,” gives a comprehensive analysis on the sodium formate market worldwide. Size of the sodium formate market has been gauged in a comprehensive manner and is presented in terms of value (US$ Mn) and volume (tons). The report also provides a thorough analysis and forecast on the different segments and the competitive landscape of the sodium formate market.
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.
Key operators in the sodium formate manufacturing landscape have been facing sluggish demand as a result of the availability of multiple low-priced alternatives of sodium formate, according to Fact.MR’s analysis. However, research studies that have revealed considerable biodegradability of sodium formate point to a gradually progressing demand scenario that may shape the global market over forthcoming years.
For Additional Insights on the Key Dynamics Influencing Sodium Formate Market:
Key Growth Determinants - Sodium Formate Market
- Sodium formate has been lately witnessing increasing applicability in leather tanning formulations owing to its abilities to catalyze penetration of chrome in leather and add value to the end product’s quality. South Asia’s high-growth potential for sodium formate market banks on expansion of India’s leather industry. The market in this region is estimated to see a relatively higher, 3% Y-o-Y growth in 2019 over the revenues attained in 2018.
- There has been a considerable rise in adoption of solid form of sodium formate as a sustainable and effective de-icing solution, particularly for airport runways. When mixed with reliable corrosion inhibitors and other additives, sodium formate demonstrates brisk penetration into snow and solid ice layers surfacing concrete structures. A mass shift to biodegradable de-icing solutions is likely to favor sales of sodium formate in years to come.
- Sodium formate continues to gain traction from the oil and gas industry’s upstream sector, as sodium formate plays a crucial role in the production of clear brine - a vital chemical in work over and completion processes. Sodium formate fluids, such as cesium formate, continue to gain traction as ideal base fluids owing to the associated performance benefits of non-corrosive organic monovalent fluids over traditional divalent brines.
Sodium Format Landscape - Competition Analysis
According to the Fact.MR study, consolidation of market leaders is characterizing the global competition landsacape of sodium formate market. While the key companies actively operating in sodium formate marketplaces are focused on retaining their global footprint on the basis of stronger sales strategies, improvement of their regional foothold will remain highly influenced by application-specific strategies. For instance, the European market for sodium formate has been recently observing prioritization of sodium formate production capacity expansion by regional leaders, who are keen on tapping the escalating demand for sustainable de-icing solutions for airport runways, bridges, and other structures within the region that always demand an effective de-icing treatment. On the other hand, followers in the competition landscape are likely to majorly rely on strategic partnerships to achieve a dual objective of enhanced manufacturing output and business expansion.
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