With almost 40% of share, textile & printing industry continues to be lucrative for sodium formate market players
ROCKVILLE, MD / ACCESSWIRE / February 25, 2021 / Fact.MR's global sodium formate market report forecasts a positive outlook through 2021. Inflation of sodium formate in various end-users like textile & printing, food & beverage, oil & gas elevating the growth. Industry based applications such as growing usage of de-icing of run ways is a key driver.
Properties like non-toxic, biodegradability, and eco-friendly is prodding the growth. Rising demand to produce clear brine, for the oil & gas industry is a vital factor for the sodium formate market. Increasing demand as an anti-corrosion agent remains an essential driver for the expansion.
Sodium formate is likely to rise a potential feed acidifying agent to animal feed due to the sustained need for balanced electrolyte in the swine and poultry feed. Increased adoption of organic acid foods in the food additives: key impact for sodium formate.
Food and Drugs Administration, classified sodium formate as an indirect food ingredient for the animal feed. Additionally, proclaimed by GRAS, it can also be used as a component for the usage in packaging for food consumption.
"Increasing government regulations in favor of sodium formate use in the food & beverages segment due to perceived incremental impacts is likely to bolster the growth on a higher trajectory, sustained by heightening applications in paper processing, water purification and pharmaceutical manufacturing," says a Fact.MR analyst.
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- Demand for solid form of sodium formate is likely to surge due to its adoption in aviation industry
- By region, APAC to remain the focus area for sodium formate manufacturers
- High adoption across the textile & printing industry to improve color in printing fabrics
- US to experience high adoption of sodium formate in the animal husbandry for crop production
- Surge in food & feed additives segment to propel the sodium formate sales through 2031
- Rise in the consumption of meet accelerating the growth of sodium formate market
- Aerospace segment to have an attractive growth during the forecast period.
Sodium Formate Market- Drivers
- Widening scope for the leather industry reliance on sodium formate in South-Asia region.
- Rising adoption of sodium formate to enable advanced printing of polyester to propel the sales
- Growing opportunities for R&D in the production of fermented dairy and soy products
Sodium Formate Market- Key Restraints
- Preference for its substitute such as low cost urea, to remain a restrain for sodium formate
- Various cost-effective method staggers the usage of sodium formate as de-icing agent
Discover more about the sodium formate market with 98 figures and 90 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/3735/sodium-formate-market
Perstorp Holdings, ADDCON, Yuanping Chemical Company Limited, MKS Marmara, Alder S.p.a, Metafrax, Asian Paints, Kanoria Chemicals and Industries Ltd., Zibo Ruibao Chemicals Co. Ltd are key industry players.
Multiple product offerings and mergers along with other expansion strategies are generating the revenue form the aforementioned manufacturers.
Asian-Paints announced its plans to increase the production of sodium formate and other byproducts increasing the revenue.
In June 2014, Perstorp Holdings announced the acquisition for pentaerythritol, penta, and calcium formate businesses of Chemko A.S. Strážske, a Slovenia-based producer of chemicals.
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More Valuable Insights on Sodium Formate Market
Fact.MR, in its new offering, presents an unbiased analysis of the global sodium Formate market. The study divulges essential insights on the sodium Formate market on the basis of application (Food Additives, Agriculture, Textile & Printing, Aviation, and Others), and across six major regions.
Key Questions Covered in the Report
- How will the global sodium formate market grow through 2031?
- Why is textile and printing emerging as an important industry area for sodium formate?
- How lucrative is the opportunity across the US market?
- Will India and China emerge as some of the leading producers of sodium formate in forthcoming years?
- Which are the prominent sodium formate manufacturers?
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