Impact of COVID-19 on Sodium Formate Market : Implications on Business
Sodium Formate Market: Key Highlights
- The global sodium formate market was valued at ~US$ 406 Mn in 2018, and is anticipated to expand at a CAGR of 4.5% from 2019 to 2027. The demand for sodium formate has been rising in the upstream oil & gas industry to produce clear brine, which is an important chemical in work-over & completion processes.
- Food additives are added in small quantities in various products to improve and maintain freshness and enhance flavor, taste, aroma, texture, and appearance. Sodium formate is used as a preservative in food additives. It is widely employed to prevent decomposition by microbial growth or undesirable chemical changes.
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- The low cost of manufacturing textile dyes and the high demand for these dyes in Asia Pacific are projected to drive the demand for textile dyes. Sodium formate is used in fabric dying. Hence, growth in the textile dye industry is anticipated to augment the sodium formate market.
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Key Drivers of the Sodium Formate Market
- Formates belong to the family of non-chloride deicers. Common formates are sodium formate (NaFm) (CHO2Na) and sodium formate (KFm). Formates are available commercially and are commonly used at airports. They typically work in temperatures ranging from -20°F to 15°F. Sodium formate is a premium environmentally-friendly deicer, specifically preferred for airport runways.
- Sodium formate works safely and quickly without damaging surfaces and products. It is an ideal alternative for more corrosive materials such as calcium chloride or urea, which can damage surfaces and cause environmental problems.
- The U.S. and Canada, in North America, experience heavy snowfall, which adversely affects aerospace movement. Sodium formate is used to clear the runways. Thus, climatic conditions in Europe and North America are likely to drive the sodium formate market during the forecast period.
Newly Discovered and Potential Oil & Gas Reserves Likely to Offer Attractive Opportunities
- New crude oil & natural gas discoveries and high potential reserves are creating opportunities for companies operating in the sodium formate market. The number of new oil & gas discoveries has increased in countries in Africa in the last few years. Large untapped reserves in Africa are garnering the interest of some of the largest exploration and production companies in the world. This has resulted in new oil & gas discoveries in the region. Therefore, newly discovered and potential oil & gas reserves are estimated to create lucrative opportunities for the sodium formate market.
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Hygroscopic Nature of Sodium Formate
- Sodium formate is hygroscopic and has a tendency to cake during storage. The dilution of these compounds with water modifies the properties of the same in relation to its pure state. Sodium formate dehydrate is a colorless crystal with a slight formic acid odor, and is toxic. It breaks down into hydrogen and sodium oxalate under strong heat, and finally converts into sodium carbonate.
Asia Pacific a Prominent Sodium Formate Market
- Asia Pacific is estimated to create lucrative opportunities for the global sodium formate market during the forecast period. The region accounted for a substantial share of the global market in 2018. The textile industry has a strong base in Asia Pacific due to the easy availability of raw materials and cheap labor in the region. Growth in the textile industry is anticipated to drive the sodium formate market in Asia Pacific.
- In terms of demand, Europe is estimated to be a lucrative region of the global sodium formate market during the forecast period. The region held a key share of the global sodium formate market in 2018. Finished leather manufactured in Europe is exported to other regions in the world. Manufacturers in new and developing countries are keen on developing trade relations with tanners based in Europe. This is likely to fuel the sodium formate market. Sodium formate is primarily employed in leather tanning.
- Middle East & Africa is likely to be a less attractive region of the sodium formate market during the forecast period. It is a major producer and exporter of oil. Growth of the oil industry is driving the sodium formate market. Sodium formate fluids are used for oil drilling and completion.
Top Three Players Accounted for Large Market Share in 2018
- Perstorp Holdings, ADDCON, Yuanping Chemical Company Limited, MKS Marmara, Alder S.p.A., Metafrax, Asian Paints, Kanoria Chemicals & Industries Ltd., and Zibo Ruibao Chemicals Co., Ltd. are some of the leading players operating in the global sodium formate market. The global reach of these companies and their focus on a wide range of end-user industries are responsible for their large market share. The entry of several small- to- medium-scale manufacturers has intensified the competition in the sodium formate market.
- In June 2014, Perstorp Holdings acquired pentaerythritol, penta, and calcium formate businesses from Slovenia-based chemicals producer Chemko A.S. Strážske. The move was a part of Perstorp Holdings’ aspiring investment plan to increase the production capacity of polyol.
- On December 12, 2017, Asian Paints acquired Reno Chemicals Pharmaceuticals and Cosmetics Pvt. Ltd.
Global Sodium Formate Market: Research Scope
Sodium Formate Market by Application
- Food Additives
- Textile & Printing
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