Sodium formate is a white deliquescent powder, which is basically sodium salt of formic acid. Sodium formate is commercially manufactured by neutralizing formic acid along with sodium carbonate. Sodium formate is eco-friendly and is easy to use because of its non-toxicity and biodegradability.
MARKET DYNAMICS
Increasing demand for sodium formate from various end-use industries is driving the sodium formate market across the world. The increasing printing activity and as well as advancements in printing techniques involve the use of sodium formate, which is expected to cause a boost in the growth of the sodium formate market. Furthermore, sodium formate is being increasingly used in the leather tanning industry which is because of reliability and consistency as well as the purity of sodium formate. Along with this, increase usage of sodium formate as a food additive in driving the growth of the sodium formate market.
MARKET SCOPE
The "Global Sodium Formate Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the sodium formate market with detailed market segmentation by end-use industry and geography. The global sodium formate market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading sodium formate market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The Global Sodium Formate Market is segmented based on end-use industry. Based on end-use industry, the market is segmented into aviation, food and beverage, textile, printing, oil and gas, chemical, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global sodium formate market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The sodium formate market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the sodium formate market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the sodium formate market in these regions.
MARKET PLAYERS
The report covers key developments in the sodium formate market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from sodium formate market are anticipated to witness lucrative growth opportunities in the future with the rising demand for sodium formate in the global market. Below mentioned is the list of few companies engaged in the sodium formate market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the sodium formate market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Alder S.p.A
- BASF SE
- Honeywell International Inc
- Kanoria Chemicals & Industries Ltd.
- Metafrax Chemicals
- MKS Marmara
- Perstorp Holding AB
- TCI Chemicals (India) Pvt. Ltd.
- Thermo Fisher Scientific
- Vertellus.