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.
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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.
According to the study, there remains a notable untapped potential for sodium formate in a few non-traditional application sectors, i.e. other than de-icing, leather tanning, and applications in oil & gas industry. While animal feed and cosmetics are particularly emerging as profitable end-use sectors for sodium formate manufacturers and other market stakeholders, an increasing focus on exploring the diverse application range is highly likely to shape the competition strategies in the years to come. In line with the flourishing personal care and cosmetics industry, a number of innovations are expected to discover myriad application opportunities for the companies active in sodium formate market.
De-icing Applications Fostering Sodium Formate Adoption in Europe
Accounting for more than a third of total consumption volume of sodium formate, leather tanning remains the top sought application, followed by applications in the oil and gas industry. Superior efficiency of sodium formate continues to position it ahead of the other available alternatives, such as formic acid. The report opines that leather tanning will remain the leading application of sodium formate owing to the surge in demand for faster and more effective chrome penetration into leather. Increasing recognition of sodium formate’s role in improving the mechanical drilling speed is expected to favor sales in the near future, whereas the superior collapse prevention ability of sodium formate, coupled with environmental sustainability, will advocate for its growing usage in the petroleum industry.
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The study finds that Europe continues to spearhead the sodium formate industry in terms of volume, maintaining a volume share of more than 30% of the overall sales. Europe has been witnessing significant traction for quicker and more efficient de-icing solutions, mainly for airport runways, thereby supplementing the demand for sodium formate within the region. Companies based in Europe are likely to maintain strategic focus on the improvement of key attributes of sodium formate so as to be used for faster de-icing, in addition to prioritizing their sodium formate production capacities to meet rising demand for de-icing agents based on sodium formate.
Perstorp, one of the leaders in global specialty chemicals industry, recently revealed the plan of sodium formate production capacity expansion. In line with significant preference for Pergrip Run NF – a sodium formate de-icer product – at a majority of Europe’s airports as well as cities, the company is eyeing revenues through runway and non-runway applications across the region. The new plant built in Sweden is likely to help company in production and logistical cost optimization.
Fact.MR’s analysis further highlights a relative increase in the market attractiveness of the East Asia-South Asia & Oceania cluster. Following the exit of several sodium formate manufacturing companies from China which was triggered by China’s tightening environmental regulations, the sodium formate market is highly likely to reinforce its position within China over the coming decade. The report attributes this rising growth potential to a growing focus of leading players on strong establishments in print in China and the entire regional cluster.
Fact.MR study presents a long-term outlook of the sodium formate market for the period 2019 to 2029. The sodium formate market is envisaged to record a CAGR of almost 3% through 2029.
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Research Insight:https://www.factmr.com/report/3735/sodium-formate-market
Content Source:https://www.factmr.com/media-release/1015/global-sodium-formate-market
