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Sodium Formate Market is Projected Grow at US$ 505 Million by 2033

sodium-formate-market-forecast-2023-2033

The Sodium Formate Market reached US$ 273.5 million in 2022. Worldwide demand for sodium formate is forecasted to increase at a CAGR of 5.7% through 2033. Significant growth of end-use industries such as oil & gas, dyeing & printing, food & beverages, etc., is predicted to aid the expansion of the sodium formate industry over the coming decade.

Rising demand for organic acids from the animal nutrition industry is attributed to the increasing awareness of sodium formate’s benefits. Various governing bodies have approved the safe use of sodium formate, which is impacting market expansion opportunities

๐ƒ๐จ๐ฐ๐ง๐ฅ๐จ๐š๐ ๐š ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐‚๐จ๐ฉ๐ฒ ๐จ๐Ÿ ๐“๐ก๐ข๐ฌ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ:
https://www.factmr.com/connectus/sample?flag=S&rep_id=3735?PJย ย 

๐Š๐ž๐ฒ ๐“๐š๐ค๐ž๐š๐ฐ๐š๐ฒ๐ฌ ๐Ÿ๐ซ๐จ๐ฆ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐’๐ญ๐ฎ๐๐ฒ

โ€ข The global sodium formate market was valued at US$ 273.50 million in 2022.
โ€ข Worldwide demand for sodium formate is valued at US$ 289.20 million in 2023.
โ€ข The global market is expected to reach US$ 505 million by the end of 2033.
โ€ข Sales of sodium formate are forecasted to rise at a CAGR of 5.7% from 2023 to 2033.
โ€ข Oil & gas, aviation, printing, and textiles are some of the prominent end-use industries of sodium formate.

“Rising use of sodium formate in the leather business is attributed to its consistency, purity, and dependability. Sodium formate brines have various performance advantages compared to conventional brine due to their non-corrosive organic monovalent fluids,” says a Fact.MR analyst.

๐Œ๐š๐ซ๐ค๐ž๐ญ ๐๐ž๐ง๐ž๐Ÿ๐ข๐ญ๐ข๐ง๐  ๐Ÿ๐ซ๐จ๐ฆ ๐ƒ๐ข๐ฌ๐œ๐จ๐ฏ๐ž๐ซ๐ฒ ๐จ๐Ÿ ๐’๐ž๐ฏ๐ž๐ซ๐š๐ฅ ๐๐ž๐ฐ ๐Ž๐ข๐ฅ & ๐†๐š๐ฌ ๐‘๐ž๐ฌ๐ž๐ซ๐ฏ๐ž๐ฌ

Corporations from the oil & gas sector are constantly looking for new deposits around the world. Sodium formate has a crucial role in the manufacturing of clear brine. Therefore, the potential and newly discovered oil & gas reserves are projected to enhance the use of sodium formate, thus boosting growth opportunities in the market.

Market Overview:ย Here are some key points about the Sodium Formate market:

  • Chemical Industry:ย Sodium formate is used as a chemical intermediate and a versatile chemical building block in the production of various chemicals and compounds. It is employed in the manufacture of formic acid, sodium hydrosulfite, and other organic compounds.
  • Leather Industry:ย One of the significant applications of sodium formate is in the leather industry, where it is used in the tanning process. It helps in the removal of hair and other proteins from animal hides and skins.
  • Oil and Gas Industry:ย Sodium formate is used as a drilling fluid additive in the oil and gas industry. It helps improve the rheological properties of drilling fluids and reduce the risk of wellbore instability.
  • Deicing Agent:ย Sodium formate can be used as a deicing agent for runways, roads, and other surfaces, especially in colder regions. It is used to lower the freezing point of water and melt ice.
  • Construction Industry:ย In the construction sector, sodium formate can be used to accelerate the setting and hardening of cement and concrete mixtures.
  • Animal Feed Additive:ย In some cases, sodium formate has been used as an additive in animal feed to support animal health and improve digestion.

๐‹๐ž๐š๐ญ๐ก๐ž๐ซ ๐š๐ง๐ ๐ƒ๐ฒ๐ž๐ข๐ง๐  & ๐๐ซ๐ข๐ง๐ญ๐ข๐ง๐ : ๐๐ซ๐จ๐ฆ๐ข๐ง๐ž๐ง๐ญ ๐„๐ง๐-๐ฎ๐ฌ๐ž ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐ž๐ฌ

In the leather industry, sodium formate is used at a significant rate as a tanning agent. It stabilizes chromium in raw leather to improve the quality of end products. White crystalline sodium formate with high purity is utilized in the leather industry to reduce tanning time for better penetration.

Sodium formate is applied as a bleaching agent for different types of materials, including wool, cotton, paper pulp, and others. The process of bleaching is conducted as a reductive procedure with the use of sodium formate.

๐‚๐จ๐ฆ๐ฉ๐ž๐ญ๐ข๐ญ๐ข๐ฏ๐ž ๐‹๐š๐ง๐๐ฌ๐œ๐š๐ฉ๐ž

In order to reach more consumers worldwide over the next ten years, major businesses are taking a number of measures, including improving quality control, supply chain management systems, and product standards.

To increase their worldwide footprints, industry companies engage in mergers, acquisitions, alliances, etc.

๐…๐จ๐ซ ๐ข๐ง๐ฌ๐ญ๐š๐ง๐œ๐ž:

โ€ข In August 2020, BASF SE expanded its footprint in China with a successful acquisition of production assets of alkoxylates from Sinopec Shanghai Petrochemical Company. BASF bought property, assets, and structures of Sinopec Shanghai Petrochemical.

๐Š๐ž๐ฒ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ

โ€ข BASF SE
โ€ข Honeywell International Inc.
โ€ข Perstorp Orgnr
โ€ข TCI Chemicals Pvt. Ltd.
โ€ข Vertellus Holdings LLC
โ€ข Avantor Performance Materials, LLC
โ€ข Kanoria Chemicals & Industries Ltd.
โ€ข Acros Organics
โ€ข Asian Paints
โ€ข Alder S.p.A.

๐Œ๐จ๐ซ๐ž ๐•๐š๐ฅ๐ฎ๐š๐›๐ฅ๐ž ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐จ๐ง ๐Ž๐Ÿ๐Ÿ๐ž๐ซ

Fact.MR, in its new offering, presents an unbiased analysis of the sodium formate market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).

The study divulges essential insights into the market based on product type (sodium organic salt, ammonium organic salt, zinc organic salt, magnesium organic salt) and application (food & beverages, printing, textiles, oil & gas, chemicals), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

๐†๐ž๐ญ ๐‚๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐š๐ญ๐ข๐จ๐ง ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐Ÿ๐จ๐ซ ๐’๐ฉ๐ž๐œ๐ข๐Ÿ๐ข๐œ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐’๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=3735?PJย ย 

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