Sodium Formate Market Size, Share, Growth Report 2032

Industry Prospective:

The global sodium formate market size was worth around USD 431 Million in 2022 and is predicted to grow to around USD 674 Million by 2030 with a compound annual growth rate (CAGR) of roughly 5.12% between 2023 and 2030.

The report analyzes the global sodium formate market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the sodium formate industry.

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Sodium Formate Market: Overview

Sodium formate is derived from formic acid. It is the sodium salt of the acid which is also referred to as methanoic acid. The chemical formula of sodium formate is NaHCOO and is a white crystalline powder. Since it is highly soluble in water, it has several applications in the food & beverages (F&B) sector along with the printing and textile industries. Some of the most common applications of sodium formate include its use in the dyeing and leather sectors. Additionally, sodium formate has been a preferred option in terms of acting as a de-icing agent used on runways and roads. The industry deals with the production and distribution of sodium formate or its derivative compounds across end-user verticals. During the forecast period, the sodium formate market is expected to register steady growth.

Key Insights: 

• As per the analysis shared by our research analyst, the global sodium formate market is estimated to grow annually at a CAGR of around 5.12% over the forecast period (2023-2030)
• In terms of revenue, the global sodium formate market size was valued at around USD 0.431 billion in 2022 and is projected to reach USD 0.674 billion, by 2030.
• The sodium formate market is projected to grow at a significant rate due to the growing application as a de-icing agent
• Based on industry verticals segmentation, food & beverage was predicted to show maximum market share in the year 2022
• Based on application segmentation, catalysts was the leading application in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Sodium Formate Market: Growth Drivers

Growing application as a de-icing agent to drive market growth

The global sodium formate market is projected to grow owing to the increasing use of the compound as a de-icing agent for runways and roads during the winter season in several countries that deal with extremely low temperatures. They are used to make the roads safer for driving and other purposes. Regions such as Europe, the US, and Canada along with several other nations are witness to severely low temperatures during the winter months which causes ice and snow to accumulate on the road, runways, and other surfaces.

This event can prove to be extremely hazardous for driving and transportation resulting in loss of life and other severe damages. To ensure that the public is safe against such accidents, several relevant agencies use different forms of de-icing agents regularly and sodium formate is a popular choice. The Transportation Safety Board of Canada (TSB) has reported that the country witnesses almost 10,000 accidents annually due to poor winter driving conditions.

Sodium Formate Market: Restraints

Health concerns to restrict the market growth

One of the key restraints faced by the global sodium formate industry is in terms of growing health concerns over the use of sodium formate. The compounds can be harmful when ingested or if they come in contact with the eyes or skin. Some of the commonly reported cases include skin irritation and prolonged exposure can intensify the skin condition caused by sodium formate. In addition, if it is ingested it can lead to gastrointestinal symptoms such as nausea, vomiting, abdominal pain, and diarrhea. There are also certain reports that suggest sodium formate to be a carcinogenic compound.

Sodium Formate Market: Opportunities

Increasing use in the production of bio-based products to provide growth opportunities

The global sodium formate industry players can expect higher growth opportunities owing to the increasing use of sodium formate in the production of bio-based products such as biofuels and bioplastics. In these production processes, sodium format is used as a reducing agent, especially during the production of bioethanol and biodiesel. In procedures involving the production of bioplastics, sodium formate is used as a catalyst for speeding up the reaction.

Sodium Formate Market: Challenges

Strict guidelines to challenge market growth

Since sodium formate is a chemical compound, it is subject to severe and stringent regulations. The guidelines surrounding the production, transportation, and storage of sodium formate are extremely strict and these rules may vary between nations. Complying with the varying protocols can be time-consuming leading to a limited number of players operating in the market.

Sodium Formate Market: Segmentation

The global sodium formate market is segmented based on application, industry verticals, and region.

Based on application, the global market segments are food additives, reducing agents, chemical intermediates, de-icing agents, and catalysts. In 2022, the industry registered the highest growth in the catalysts segment and it held dominance over 27.4% of the global market revenue. During the forecast period, it may grow at a CAGR of 4.6%.

The most common application of sodium formate as a catalyst is in the production of organic compounds which helps to increase the rate of the chemical reaction. Additionally, the food additive segment remained the second largest shareholder in the segment where sodium formate is used to preserve food production for a longer period. With the rise in the food products sector, the demand for sodium formate is likely to continue growing.

Based on industry verticals, the global industry players are textile, aviation, chemical, printing, oil & gas, and food & beverage. The highest consumers of sodium are formate in the food & beverage sector. In 2022, the industry amassed more than 25.1% of the total revenue. During the forecast period, sodium formate is likely to become a preferred choice in terms of feed acidifying ingredients. Additionally, since sodium formate is highly effective in preserving organic food products, its application in the F&B sector is expected to continue growing.

The expansion in the aviation sector could be triggered by the rising discard of de-icing agents such as acetates and urea and a higher inclination toward format-based agents. This segment could grow at a CAGR of 5.9%.

Recent Developments:

• In May 2020, the European Food Safety Authority published a report on the official website detailing the efficacy of sodium formate being used as a technological food additive to improve feed quality for all animal species. The report concludes that the sodium format did not pose any severe potential harm and could be used as an effective preservative
• In September 2022, the Indian Ministry of Chemicals & Fertilizers along with, Department of Chemicals & Petrochemicals, Federation of Indian Chambers of Commerce & Industry announced that the agency will soon make amendments to change the policy guidelines that influence the country’s fast-growing chemical and petrochemicals sector. The agency also acknowledges the importance of the industry in making India a USD 5 trillion economy in the coming years

Sodium Formate Market: Report Scope

Sodium Formate Market: Regional Analysis

Asia-Pacific to witness the highest growth

The global sodium formate market is expected to witness the highest growth in Asia-Pacific during the forecast period. It may grow at a CAGR of 5.6% and in 2022 it held a market share of over 41%. One of the major growth propellers for Asia-Pacific is the robust chemical industry of China and India. The former is currently the world’s largest supplier of several chemicals including sodium formate. The regional government has invested heavily in the country’s chemical sector to ensure its emergence as a global power in the coming years. India, on the other hand, has a mature chemical and petrochemical sector. The regional governing bodies are working toward developing the sector further by revising policies and regulations in the sector. The textile industry of India is a significant contributor to regional growth. India’s textile sector contributes nearly 2% to its total gross domestic product (GDP).

Sodium Formate Market: Competitive Analysis

The global sodium formate market is led by players like:

• Chongqing Chuandong Chemical (Group) Co. Ltd.
• Perstorp AB
• Chongqing Chuandong Chemical (Group) Co. Ltd.
• Zibo Ruibao Chemical Co. Ltd.
• Henan Harvest Chem Co. Ltd.
• Shouguang Hengtong Chemical Co. Ltd.
• Zibo Zhongyue Import & Export Co. Ltd.
• Changzhou Niutang Chemical Plant Co. Ltd.
• Jiangsu Yabang Pigment Co. Ltd.
• Shandong Baoyuan Chemical Co. Ltd.
• Allied Chemicals & Pharmaceuticals Pvt. Ltd.
• Wuhan Ruiji Chemical Co. Ltd.
• Prasol Chemicals Pvt. Ltd.
• Weifang Santi Chemical Co. Ltd.
• Nanjing Kaimubo Pharmatech Co. Ltd.
• Shanxi Tianyi Technology Co. Ltd.
• Akash Purochem Private Limited
• Xiamen Ditai Chemicals Co. Ltd.
• Fairsky Industrial Co. Ltd.
• Hainan Zhongxin Chemical Co. Ltd.
• J. N. Chemical
• Chongqing Huaqi Fine Chemical Co. Ltd.
• AVA Chemicals Private Limited
• Airedale Chemical Company Limited
• Ravi Chem Industries.

The global sodium formate market is segmented as follows:

By Application

• Food Additive
• Reducing Agents
• Chemical Intermediates
• De-Icing Agents
• Catalysts

By Industry Verticals

• Textile
• Aviation
• Chemical
• Printing
• Oil & Gas
• Food & Beverage

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa