Global Sodium Formate Market Size, Trends & Growth Opportunity, Product Type (Sodium Organic Salt, Zinc Organic Salt, Ammonium Organic Salt, and Magnesium Organic Salt), By Application (Food and Beverage, Textile, Aviation, Printing, Oil and Gas, Agriculture, Chemical, Electron, Industrial, Other Applications), By End-Use (Reducing Agent, Oilfield Services, Manufacture of Sodium Hydrosulfite, Intermediate for the Manufacture of Formic Acid and Oxalic Acid, Manufacture of N, N-Dimethylformamide, De-icing Agent, Work-Over Fluids), By Region (North America, Europe, Asia Pacific, Latin America, Middle East) and forecast till 2030.

Report ID : AMR1004187 | Industries : Others | Published On :December 2023 | Page Count : 244

Global Sodium Formate Market

The Sodium Formate Market was valued at USD 0.46 Billion in 2022 and is expected to expand to USD 0.78 Billion in 2030 at a CAGR of 6.82% during the forecast period 2023- 2030.

Market Overview

Sodium formate is a sodium salt that is organic. It is essential as a buffer and astringent since it contains formate. Physically, sodium formate is a white deliquescent crystalline or powdered material. A chemical reaction can be used to produce sodium formate by absorbing carbon monoxide under pressure in solid sodium hydroxide at 130 °C and 6-8 bar pressure to create its granules.

Market Drivers

Since sodium formate is needed to generate clear brine, a critical ingredient in work over and completion procedures, the upstream oil and gas industry has experienced an increase in demand for the substance. Since sodium formate quickly penetrates solid snow and ice layers and releases the snow from the concrete and melts it quickly, it has been mostly used in this field to de-ice runways. When mixed with corrosion inhibitors and other additives, it can also be used for other purposes. Because of the rapid expansion of the food and beverage, dyeing and printing, and oil and gas industries, the global sodium formate market has been growing.

Market Restraints

Furthermore, the high volatility of raw materials utilised in the manufacturing of sodium formate may provide further issues for industry participants. Some of the most important raw materials used in manufacturing are sodium hydroxide and formic acid, both of which are highly price sensitive. The increasing availability of alternatives in end-user verticals limits market expansion even further.

Impact of Covid-19

The COVID-19 pandemic has a significant negative influence on the sodium formate business worldwide. Consumer spending patterns were impacted by the COVID-19 pandemic, which caused a decrease in economic growth in nearly all of the major countries. The lockdown imposed in several nations has caused considerable disruptions to both domestic and international transportation. This has had a knock-on effect on the supply chains of many different businesses worldwide, leading to an increase in the gap between supply and demand. Therefore, a shortage of raw materials is anticipated to impede sodium formate manufacturing, which would have a detrimental effect on market expansion.

Market Segmentation

Global Sodium Formate Market is segmented into Product Type, Application, and End-use. By Product Type, the Global Sodium Formate Market is segmented into Sodium Organic Salt, Zinc Organic Salt, Ammonium Organic Salt, and Magnesium Organic Salt. By Application, the Global Sodium Formate Market is segmented into Food and Beverage, Textile, Aviation, Printing, Oil and Gas, Agriculture, Chemical, Electron, Industrial, Other Applications. By End-Use, the Global Sodium Formate Market is segmented into Reducing Agent, Oilfield Services, Manufacture of Sodium Hydrosulfite, Intermediate for the Manufacture of Formic Acid and Oxalic Acid, Manufacture of N, N-Dimethylformamide, De-icing Agent, Work-Over Fluids.

Regional Analysis

Global Sodium Formate Market is segmented into five regions such as North America, Europe, Latin America, Asia Pacific Middle East and Africa. Due to the region's high population density and growing need for the printing and textile sectors, the Asia-Pacific area currently leads the world market for sodium formate. Because of the strict environmental laws on the use of eco-friendly compounds in the sectors, the European market is also predicted to grow profitably.

Market Key Players

Various key players are discussed in this report such as AT&T, Inc., Corning Incorporated, Commscope, Inc., Alcatel-Lucent, Ericsson, Harris Communications, Verizon Communications, Inc., BASF, Wesco, and TE Connectivity Ltd.

Key Developments

• BASF increased its foothold in China in August 2020 with the acquisition of alkoxylates production assets from Sinopec Shanghai Petrochemical Company (SPC). As part of the transaction, BASF purchased SPC's property, structures, and assets near its Jinshan, China, facility.

Market Taxonomy

By Product Type
• Sodium Organic Salt
• Zinc Organic Salt
• Ammonium Organic Salt
• Magnesium Organic Salt
By Application
• Food and Beverage
• Textile
• Aviation
• Printing
• Oil and Gas
• Agriculture
• Chemical
• Electron
• Industrial
• Other Applications
By End-Use
• Reducing Agent
• Oilfield Services
• Manufacture of Sodium Hydrosulfite
• Intermediate for the Manufacture of Formic Acid and Oxalic Acid
• Manufacture of N
• N-Dimethylformamide
• De-icing Agent
• Work-Over Fluids
By Region
• North America
o U.S.
o Canada
o Mexico
• Latin America
o Brazil
o Argentina
o Colombia
o Peru
o Chile
o Venezuela
o Rest of Latin America
• Europe
o Germany
o France
o UK
o Russia
o Italy
o Spain
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o New Zealand
o Singapore
o Malaysia
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Egypt
o Kuwait
o South Africa
o Rest Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Global Sodium Formate Market?
• What will be the growth rate from 2023 to 2030?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?
• What are the strategies adopted by key players?

Global Sodium Formate Market

1 Introduction
1.1 Objective of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Sodium Formate Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to Recent Energy Crisis
4.2.5 Cumulative Impact due to Nearing Economic Downturn
4.2.6 Post Covid-19 World Supply & Demand Conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Sodium Formate Market, By Product Type
5.1 Y-o-Y Growth Comparison, By Product Type
5.2 Global Sodium Formate Market Share Analysis, By Product Type
5.3 Global Sodium Formate Market Size and Forecast, By Product Type
5.3.1 Sodium Organic Salt
5.3.2 Zinc Organic Salt
5.3.3 Ammonium Organic Salt
5.3.4 Magnesium Organic Salt
6 Global Sodium Formate Market, By Application
6.1 Y-o-Y Growth Comparison, By Application
6.2 Global Sodium Formate Market Share Analysis, By Application
6.3 Global Sodium Formate Market Size and Forecast, By Application
6.3.1 Food and Beverage
6.3.2 Textile
6.3.3 Aviation
6.3.4 Printing
6.3.5 Oil and Gas
6.3.6 Agriculture
6.3.7 Chemical
6.3.8 Electron
6.3.9 Industrial
6.3.10 Other Applications
7 Global Sodium Formate Market, By End-use
7.1 Y-o-Y Growth Comparison, By End-use
7.2 Global Sodium Formate Market Share Analysis, By End-use
7.3 Global Sodium Formate Market Size and Forecast, By End-use
7.3.1 Reducing Agent
7.3.2 Oilfield Services
7.3.3 Manufacture of Sodium Hydrosulfite
7.3.4 Intermediate for the Manufacture of Formic Acid and Oxalic Acid
7.3.5 Manufacture of N
7.3.6 N-Dimethylformamide
7.3.7 De-icing Agent
7.3.8 Work-Over Fluids
8 Global Sodium Formate Market, By Region
8.1 Global Sodium Formate Market Share Analysis, By Region
8.2 Global Sodium Formate Market Size and Forecast, By Region
8.3 Global Sodium Formate Market Trends and Forecast, By Region
9 North America Sodium Formate Market Analysis and Forecast (2023-2030)
9.1 Introduction
9.2 North America Sodium Formate Market Size and Forecast, By Product Type
9.3 North America Sodium Formate Market Size and Forecast, By Application
9.4 North America Sodium Formate Market Size and Forecast, By End-use
9.5 North America Sodium Formate Market Size and Forecast, By Country
9.5.1 U.S.
9.5.1.1 Market Size and Forecast, By Product Type
9.5.1.2 Market Size and Forecast, By Application
9.5.1.3 Market Size and Forecast, By End-use
9.5.2 Canada
9.5.2.1 Market Size and Forecast, By Product Type
9.5.2.2 Market Size and Forecast, By Application
9.5.2.3 Market Size and Forecast, By End-use
9.5.3 Mexico
9.5.3.1 Market Size and Forecast, By Product Type
9.5.3.2 Market Size and Forecast, By Application
9.5.3.3 Market Size and Forecast, By End-use
10 Europe Sodium Formate Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 Europe Sodium Formate Market Size and Forecast, By Product Type
10.3 Europe Sodium Formate Market Size and Forecast, By Application
10.4 Europe Sodium Formate Market Size and Forecast, By End-use
10.5 Europe Sodium Formate Market Size and Forecast, By Country
10.5.1 Germany
10.5.1.1 Market Size and Forecast, By Product Type
10.5.1.2 Market Size and Forecast, By Application
10.5.1.3 Market Size and Forecast, By End-use
10.5.2 France
10.5.2.1 Market Size and Forecast, By Product Type
10.5.2.2 Market Size and Forecast, By Application
10.5.2.3 Market Size and Forecast, By End-use
10.5.3 UK
10.5.3.1 Market Size and Forecast, By Product Type
10.5.3.2 Market Size and Forecast, By Application
10.5.3.3 Market Size and Forecast, By End-use
10.5.4 Russia
10.5.4.1 Market Size and Forecast, By Product Type
10.5.4.2 Market Size and Forecast, By Application
10.5.4.3 Market Size and Forecast, By End-use
10.5.5 Italy
10.5.5.1 Market Size and Forecast, By Product Type
10.5.5.2 Market Size and Forecast, By Application
10.5.5.3 Market Size and Forecast, By End-use
10.5.6 Spain
10.5.6.1 Market Size and Forecast, By Product Type
10.5.6.2 Market Size and Forecast, By Application
10.5.6.3 Market Size and Forecast, By End-use
10.5.7 Rest of Europe
10.5.7.1 Market Size and Forecast, By Product Type
10.5.7.2 Market Size and Forecast, By Application
10.5.7.3 Market Size and Forecast, By End-use
11 Asia Pacific Sodium Formate Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Asia Pacific Sodium Formate Market Size and Forecast, By Product Type
11.3 Asia Pacific Sodium Formate Market Size and Forecast, By Application
11.4 Asia Pacific Sodium Formate Market Size and Forecast, By End-use
11.5 Asia Pacific Sodium Formate Market Size and Forecast, By Country
11.5.1 China
11.5.1.1 Market Size and Forecast, By Product Type
11.5.1.2 Market Size and Forecast, By Application
11.5.1.3 Market Size and Forecast, By End-use
11.5.2 Japan
11.5.2.1 Market Size and Forecast, By Product Type
11.5.2.2 Market Size and Forecast, By Application
11.5.2.3 Market Size and Forecast, By End-use
11.5.3 India
11.5.3.1 Market Size and Forecast, By Product Type
11.5.3.2 Market Size and Forecast, By Application
11.5.3.3 Market Size and Forecast, By End-use
11.5.4 South Korea
11.5.4.1 Market Size and Forecast, By Product Type
11.5.4.2 Market Size and Forecast, By Application
11.5.4.3 Market Size and Forecast, By End-use
11.5.5 Australia
11.5.5.1 Market Size and Forecast, By Product Type
11.5.5.2 Market Size and Forecast, By Application
11.5.5.3 Market Size and Forecast, By End-use
11.5.6 New Zealand
11.5.6.1 Market Size and Forecast, By Product Type
11.5.6.2 Market Size and Forecast, By Application
11.5.6.3 Market Size and Forecast, By End-use
11.5.7 Singapore
11.5.7.1 Market Size and Forecast, By Product Type
11.5.7.2 Market Size and Forecast, By Application
11.5.7.3 Market Size and Forecast, By End-use
11.5.8 Malaysia
11.5.8.1 Market Size and Forecast, By Product Type
11.5.8.2 Market Size and Forecast, By Application
11.5.8.3 Market Size and Forecast, By End-use
11.5.9 Rest of Asia
11.5.9.1 Market Size and Forecast, By Product Type
11.5.9.2 Market Size and Forecast, By Application
11.5.9.3 Market Size and Forecast, By End-use
12 Latin America Sodium Formate Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Latin America Sodium Formate Market Size and Forecast, By Product Type
12.3 Latin America Sodium Formate Market Size and Forecast, By Application
12.4 Latin America Sodium Formate Market Size and Forecast, By End-use
12.5 Latin America Sodium Formate Market Size and Forecast, By Country
12.5.1 Brazil
12.5.1.1 Market Size and Forecast, By Product Type
12.5.1.2 Market Size and Forecast, By Application
12.5.1.3 Market Size and Forecast, By End-use
12.5.2 Argentina
12.5.2.1 Market Size and Forecast, By Product Type
12.5.2.2 Market Size and Forecast, By Application
12.5.2.3 Market Size and Forecast, By End-use
12.5.3 Colombia
12.5.3.1 Market Size and Forecast, By Product Type
12.5.3.2 Market Size and Forecast, By Application
12.5.3.3 Market Size and Forecast, By End-use
12.5.4 Peru
12.5.4.1 Market Size and Forecast, By Product Type
12.5.4.2 Market Size and Forecast, By Application
12.5.4.3 Market Size and Forecast, By End-use
12.5.5 Chile
12.5.5.1 Market Size and Forecast, By Product Type
12.5.5.2 Market Size and Forecast, By Application
12.5.5.3 Market Size and Forecast, By End-use
12.5.6 Venezuela
12.5.6.1 Market Size and Forecast, By Product Type
12.5.6.2 Market Size and Forecast, By Application
12.5.6.3 Market Size and Forecast, By End-use
12.5.7 Rest of Latin America
12.5.7.1 Market Size and Forecast, By Product Type
12.5.7.2 Market Size and Forecast, By Application
12.5.7.3 Market Size and Forecast, By End-use
13 Middle East Sodium Formate Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Middle East Sodium Formate Market Size and Forecast, By Product Type
13.3 Middle East Sodium Formate Market Size and Forecast, By Application
13.4 Middle East Sodium Formate Market Size and Forecast, By End-use
13.5 Middle East Sodium Formate Market Size and Forecast, By Country
13.5.1 Saudi Arabia
13.5.1.1 Market Size and Forecast, By Product Type
13.5.1.2 Market Size and Forecast, By Application
13.5.1.3 Market Size and Forecast, By End-use
13.5.2 UAE
13.5.2.1 Market Size and Forecast, By Product Type
13.5.2.2 Market Size and Forecast, By Application
13.5.2.3 Market Size and Forecast, By End-use
13.5.3 Egypt
13.5.3.1 Market Size and Forecast, By Product Type
13.5.3.2 Market Size and Forecast, By Application
13.5.3.3 Market Size and Forecast, By End-use
13.5.4 Kuwait
13.5.4.1 Market Size and Forecast, By Product Type
13.5.4.2 Market Size and Forecast, By Application
13.5.4.3 Market Size and Forecast, By End-use
13.5.5 South Africa
13.5.5.1 Market Size and Forecast, By Product Type
13.5.5.2 Market Size and Forecast, By Application
13.5.5.3 Market Size and Forecast, By End-use
13.5.6 Rest of Middle East & Africa
13.5.6.1 Market Size and Forecast, By Product Type
13.5.6.2 Market Size and Forecast, By Application
13.5.6.3 Market Size and Forecast, By End-use
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 AT&T, Inc.
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Corning Incorporated
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 Commscope Inc.
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Alcatel-Lucent
15.4.1 Overview
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Ericsson
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Harris Communications
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Verizon Communications, Inc.
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 BASF
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Wesco
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 TE Connectivity Ltd.
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies