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.
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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.
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.
- Rising adoption of sodium formate with an objective to improve the brightness and color of dyeing/printing fabrics and paper continues to create opportunities for stakeholders. Moreover, the proven capability of sodium formate to enable advanced printing of polyester blended fabrics is cited a strong factor accounting for revenue generation from textile dyeing and printing applications.
- Catalytic efficacy of sodium formate with an added ‘eco-friendly’ attribute is currently garnering research interests from the field of green chemistry, thereby supplementing the opportunities for stakeholders.
- While several synthetic chemists have been screening commercially available, cost-effective, and relatively less-toxic agents for organic transformations, it is highly likely that sodium formate sales will gradually rise over the coming years.
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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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Key Challenges Facing Sodium Formate Market Players
- The precarious pricing structure of raw materials significantly accounts for the below average growth of the sodium formate market worldwide. Additionally, the continued end user preference for commercially attractive sodium formate substitutes such as low cost urea, will remain a major factor constraining the growth of sodium formate market.
- Although the demand for sodium formate as a de-icing agent remains modest, it is more likely that myriad cost-effective alternatives, which are already in use for de-icing purpose, will continue to pose strong competition to sodium formate sales in the forthcoming years.
- Hygroscopic nature that accounts for the convoluted handling and transport of sodium formate, is also a significant factor impeding the revenue growth of sodium formate market.
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