Sodium Formate Market

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Sodium Formate Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Application (Food Additives, Catalysts, Reducing Agents, De-icing Agents, Chemical Intermediates); By Industry Vertical (Aviation, Food & Beverages, Textile, Printing, Oil & Gas, Chemical); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published Date: March 2023
Report ID: BWC23224
Available Format: PDF
Page: 400

Report Overview

Increasing strict regulations associated with organic acids and high requirement for the product from various industries, particularly the aviation industry, are expected to propel the expansion of global sodium formate market during the forecast period between 2023 and 2029.

Global Sodium Formate Market- Industry Trends & Forecast Report, 2029

Global sodium formate market size was estimated at USD 464.98 million in 2022. During the forecast period between 2023 and 2029, the size of global sodium formate market is projected to grow at a CAGR of 6.4% reaching a value of USD 713.56 million by 2029. Major growth drivers for global sodium formate market include an increasing demand for deicing agents in cold regions, the growth of the construction industry, and the rising demand for sodium formate in the oil & gas industry. The demand for sodium formate is driven by several other industries, such as textile dyeing, aviation, and leather. Particularly in aviation, sodium formate is utilized for de-icing runways since it is less likely to be displaced or blown away by regular aircraft or traffic movement. At airports, granular sodium formate is often applied as a deicing agent, softening compacted snow on runways due to heavy snowfall, and allowing for mechanical ice removal. Hence, such factors are expected to boost the expansion of sodium formate market globally during the period in analysis.

Global Sodium Formate Market

Global Sodium Formate Market – Overview

Sodium formate is an organic salt of sodium that serves a vital role as a buffer and astringent due to its formate content. It appears as a deliquescent substance that can be in the form of white crystals or powder. Sodium formate is typically produced through a chemical reaction where solid sodium hydroxide absorbs carbon monoxide under pressure at 130°C and 6-8 bar pressure to form granules of sodium formate. The demand for sodium formate in the market is high, and due to its low cost, chemical manufacturers produce it on a large scale using various chemical processes and compounds. The market for sodium formate is expected to grow significantly in the coming years due to its increasing use in various industries.

Global Sodium Formate Market

Growth Drivers

Regulations Associated with Organic Acids

An increasing demand for organic acids in the animal nutrition industry is being driven by several regulations and an increasing awareness of their benefits in improving feed quality and animal performance. As a result, the sales of sodium formate in this industry are expected to increase significantly in the coming years. The Food and Drug Administration (FDA) has recently revised regulations regarding the safe use of sodium formate as a food additive, and the European Food Safety Authority (EFSA) has approved its use in the creation of animal feed additives. These approvals have led to a significant demand for sodium formate in animal feed additives, thus contributing to overall market growth.

Restraints

Fluctuating Raw Material Costs

Manufacturing companies are facing significant challenges due to volatility and instability in global raw material markets. The rising energy costs and unexpected fluctuations in raw material prices are impacting the stability of supply chains, making it difficult for manufacturers to maintain profitability. To cope with the fluctuating prices of raw materials, manufacturers either absorb the increased costs or pass them on to consumers or downstream markets, each with its own risks. Sodium Formate products heavily rely on carbon monoxide and sodium hydroxide, both of which present challenges. Carbon monoxide is a poisonous gas that can result in death if exposed for a longer period, and its supply has been disrupted due to the outbreak of the epidemic. The uncertain world economy is also putting pressure on industry participants, adding to the challenges for manufacturers.

Impact of COVID-19 on Global Sodium Formate Market

COVID-19 pandemic and resultant stringent lockdown measures caused significant disruptions to business and economic activities worldwide, resulting in a short-term impact on the sodium formate market. Due to the widespread lockdowns and temporary closures of various industries announced by several countries, production and manufacturing have been severely affected. It has caused a shortage of funds for small and medium-sized enterprises (SMEs), reducing their solvency and negatively impacting production and sales. Some enterprises are facing operational difficulties and may even go bankrupt. The pandemic has also had a significant impact on logistics and transportation, making it difficult to transport raw materials. The industrial chain of SEMs is weak and susceptible to disruption. Furthermore, trade barriers have led to a further decline in demand and supply. Companies in the sodium formate market have suspended non-essential visits and activities until the COVID-19 pandemic is resolved.

Global Sodium Formate Market

Segmental Coverage

Global Sodium Formate Market – By Application

By application, global sodium formate market is divided into Food Additives, Catalysts, Reducing Agents, De-icing Agents, and Chemical Intermediates segments. The catalyst segment held the highest market share in the global sodium formate market in 2022. Following the catalyst segment, the food additive segment held the second-largest market share in 2022. Sodium formate plays a crucial role in preserving food additives by preventing degradation caused by unfavorable chemical reactions or microbial growth. The demand for processed food products is being driven by the increasing number of working women and changing consumer lifestyles, which in turn is boosting the food additive market and the demand for sodium formate.

Global Sodium Formate Market – By Industry Vertical

Based on industry vertical, global sodium formate market is divided into Aviation, Food & Beverages, Textiles, Printing, Oil & Gas, and Chemicals segments. The food & beverages segment dominated the global sodium formate market, and it is expected to continue to do so in the future. The demand for balanced electrolytes in swine and poultry feed has led to sodium formate being considered a suitable feed acidifying ingredient. The increasing use of organic acid foods as additives may also impact the sodium formate market. Sodium formate is categorized by the FDA as an indirect food additive for animal feed and is allowed as a component for food packaging under GRAS. The aviation industry is predicted to grow in the next few years due to concerns over the environmental impact of deicing chemicals, leading to a shift to formate-based deicers. The printing industry's segment and the leather and pharmaceutical industries' use of sodium formate are also contributing to the market's expansion. The upstream oil and gas segment has also noticed an increase in demand for sodium formate as it is used to make clear brine, a vital component in work over and completion procedures.

Global Sodium Formate Market – By Region

Global sodium formate market covers five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2022, the Asia-Pacific region dominated the global sodium formate market. The demand for sodium formate in the region is driven by the growth of the textile industry, which is expanding due to changing consumer patterns, growing population, rising disposable incomes, and increasing demand for apparel and home furnishing items. Sodium formate is used in the textile industry for dyeing and printing fabrics and paper to increase their brightness. The region is also the largest exporter of textile and clothing products, with China accounting for 37% of worldwide exports. The low production costs and availability of cheap labor in Asian countries are the primary reasons for the growth of the textile industry in the region. Europe was the second largest market in 2022. Sodium formate is primarily used in the region for de-icing airport runways and complying with strict environmental laws. Major stakeholders in the industry are looking to expand their presence in Europe to meet the potential high demand in the region. The global economy is expected to continue its upswing in the forthcoming years, which would further fuel the growth of the sodium formate market in Europe.

Competitive Landscape

Major players operating in global sodium formate market include Perstorp, BASF SE, MKS Marmara Tüm Haklari Saklidir, Alder SpA, Metafrax Chemicals, Asian Paints, Kanoria Chemicals & Industries Ltd., Zibo Ruibao Chemical Co. Ltd., SOLVAY, Honeywell International Inc., TCI Chemicals (India) Pvt. Ltd., Avantor, Inc., Vertellus, and Acros Organics. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

In August 2020 - BASF increased its footprint in China with the acquisition of alkoxylates producing assets from Sinopec Shanghai Petrochemical Company (SPC). As part of the transaction, BASF purchased SPC's property, structures, and assets near its facility in Jinshan, China.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2022
	Base Year – 2022
	Estimated Year – 2023
	Forecast Period – 2023–2029
Facts Covered	Revenue in USD Million
Market Coverage	North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Product/ Service Segmentation	Application, Industry Vertical, Region
Key Players	Perstorp, BASF SE, MKS Marmara Tüm Haklari Saklidir, Alder SpA, Metafrax Chemicals, Asian Paints, Kanoria Chemicals & Industries Ltd, Zibo Ruibao Chemical Co. Ltd, SOLVAY, Honeywell International Inc., TCI Chemicals (India) Pvt Ltd, Avantor, Inc., Vertellus, Acros Organics

By Application

Food Additives
Catalysts
Reducing Agents
De-icing Agents
Chemical Intermediates

By Industry Vertical

Aviation
Food & Beverages
Textiles
Printing
Oil & Gas
Chemicals

By Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
Executive Summary
Global Sodium Formate Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
    1. Increased Regulations Associated with Organic Acids
    2. High Requirement Across Aerospace Industry
  2. Restraints
    1. Fluctuating Raw Material Costs
  3. Opportunities
    1. Discovery of New Oil and Gas Reserves
  4. Challenges
    1. Availability of Alternatives
3. Technology Advancements/Recent Developments
4. Regulatory Framework
5. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
Global Sodium Formate Market Overview
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Application
    1. Food Additives
    2. Catalysts
    3. Reducing Agents
    4. De-icing Agents
    5. Chemical Intermediates
    6. Others
  2. By Industry Vertical
    1. Aviation
    2. Food & Beverages
    3. Textile
    4. Printing
    5. Oil & Gas
    6. Chemicals
  3. By Region
    1. North America
    2. Europe
    3. Asia Pacific (APAC)
    4. Latin America (LATAM)
    5. Middle East and Africa (MEA)
North America Sodium Formate Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Application
  2. By Industry Vertical
  3. By Country
    1. United States
      1. By Application
      2. By Industry Vertical
    2. Canada
      1. By Application
      2. By Industry Vertical
Europe Sodium Formate Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Application
  2. By Industry Vertical
  3. By Country
    1. Germany
      1. By Application
      2. By Industry Vertical
    2. United Kingdom
      1. By Application
      2. By Industry Vertical
    3. Italy
      1. By Application
      2. By Industry Vertical
    4. France
      1. By Application
      2. By Industry Vertical
    5. Spain
      1. By Application
      2. By Industry Vertical
    6. Belgium
      1. By Application
      2. By Industry Vertical
    7. Russia
      1. By Application
      2. By Industry Vertical
    8. The Netherlands
      1. By Application
      2. By Industry Vertical
    9. Rest of Europe
      1. By Application
      2. By Industry Vertical
Asia-Pacific Sodium Formate Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Application
  2. By Industry Vertical
  3. By Country
    1. China
      1. By Application
      2. By Industry Vertical
    2. India
      1. By Application
      2. By Industry Vertical
    3. Japan
      1. By Application
      2. By Industry Vertical
    4. South Korea
      1. By Application
      2. By Industry Vertical
    5. Australia & New Zealand
      1. By Application
      2. By Industry Vertical
    6. Indonesia
      1. By Application
      2. By Industry Vertical
    7. Malaysia
      1. By Application
      2. By Industry Vertical
    8. Singapore
      1. By Application
      2. By Industry Vertical
    9. Vietnam
      1. By Application
      2. By Industry Vertical
    10. Rest of APAC
      1. By Application
      2. By Industry Vertical
Latin America Sodium Formate Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Application
  2. By Industry Vertical
  3. By Country
    1. Brazil
      1. By Application
      2. By Industry Vertical
    2. Mexico
      1. By Application
      2. By Industry Vertical
    3. Argentina
      1. By Application
      2. By Industry Vertical
    4. Peru
      1. By Application
      2. By Industry Vertical
    5. Rest of LATAM
      1. By Application
      2. By Industry Vertical
Middle East & Africa Sodium Formate Market
1. Market Size & Forecast, 2019–2029
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Application
  2. By Industry Vertical
  3. By Country
    1. Saudi Arabia
      1. By Application
      2. By Industry Vertical
    2. UAE
      1. By Application
      2. By Industry Vertical
    3. Qatar
      1. By Application
      2. By Industry Vertical
    4. Kuwait
      1. By Application
      2. By Industry Vertical
    5. South Africa
      1. By Application
      2. By Industry Vertical
    6. Nigeria
      1. By Application
      2. By Industry Vertical
    7. Algeria
      1. By Application
      2. By Industry Vertical
    8. Rest of MEA
      1. By Application
      2. By Industry Vertical
Competitive Landscape
1. List of Key Players and Their Offerings
2. Global Sodium Formate Company Market Share Analysis, 2022
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
Impact of Covid-19 on Global Sodium Formate Market
Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
1. Perstorp
2. BASF SE
3. MKS Marmara Tüm Haklari Saklidir
4. Alder SpA
5. Metafrax Chemicals
6. Asian Paints
7. Kanoria Chemicals & Industries Ltd.
8. Zibo Ruibao Chemical Co. Ltd
9. SOLVAY
10. Honeywell International Inc.
11. TCI Chemicals (India) Pvt. Ltd.
12. Avantor, Inc.
13. Vertellus
14. Acros Organics
15. Other Prominent Players
Key Strategic Recommendations
Research Methodology
1. Qualitative Research
  1. Primary & Secondary Research
2. Quantitative Research
3. Market Breakdown & Data Triangulation
  1. Secondary Research˙
  2. Primary Research
4. Breakdown of Primary Research Respondents, By Region
5. Assumptions & Limitations

*Financial information of case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1 Global Sodium Formate Segmentation

Figure 2 Global Sodium Formate Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2022

Figure 4 Global Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 5 Global Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 6 Global Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 7 Global Sodium Formate Market Share, By Region, By Value, 2019–2029

Figure 8 North America Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 9 North America Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 10 North America Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 11 North America Sodium Formate Market Share, By Country, By Value, 2019–2029

Figure 12 United States Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 13 United States Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 14 United States Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 15 Canada Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 16 Canada Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 17 Canada Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 18 Europe Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 19 Europe Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 20 Europe Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 21 Europe Sodium Formate Market Share, By Country, By Value, 2019–2029

Figure 22 Germany Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 23 Germany Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 24 Germany Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 25 United Kingdom Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 26 United Kingdom Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 27 United Kingdom Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 28 Italy Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 29 Italy Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 30 Italy Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 31 France Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 32 France Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 33 France Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 34 Spain Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 35 Spain Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 36 Spain Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 37 Belgium Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 38 Belgium Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 39 Belgium Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 40 Russia Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 41 Russia Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 42 Russia Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 43 The Netherlands Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 44 The Netherlands Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 45 The Netherlands Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 46 Rest of Europe Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 47 Rest of Europe Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 48 Rest of Europe Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 49 Asia-Pacific Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 50 Asia-Pacific Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 51 Asia-Pacific Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 52 Asia-Pacific Sodium Formate Market Share, By Country, By Value, 2019–2029

Figure 53 China Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 54 China Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 55 China Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 56 India Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 57 India Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 58 India Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 59 Japan Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 60 Japan Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 61 Japan Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 62 South Korea Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 63 South Korea Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 64 South Korea Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 65 Australia & New Zealand Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 66 Australia & New Zealand Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 67 Australia & New Zealand Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 68 Indonesia Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 69 Indonesia Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 70 Indonesia Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 71 Malaysia Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 72 Malaysia Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 73 Malaysia Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 74 Singapore Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 75 Singapore Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 76 Singapore Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 77 Vietnam Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 78 Vietnam Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 79 Vietnam Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 80 Rest of APAC Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 81 Rest of APAC Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 82 Rest of APAC Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 83 Latin America Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 84 Latin America Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 85 Latin America Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 86 Latin America Sodium Formate Market Share, By Country, By Value, 2019–2029

Figure 87 Brazil Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 88 Brazil Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 89 Brazil Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 90 Mexico Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 91 Mexico Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 92 Mexico Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 93 Argentina Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 94 Argentina Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 95 Argentina Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 96 Peru Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 97 Peru Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 98 Peru Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 99 Rest of LATAM Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 100 Rest of LATAM Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 101 Rest of LATAM Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 102 Middle East & Africa Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 103 Middle East & Africa Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 104 Middle East & Africa Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 105 Middle East & Africa Sodium Formate Market Share, By Country, By Value, 2019–2029

Figure 106 Saudi Arabia Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 107 Saudi Arabia Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 108 Saudi Arabia Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 109 UAE Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 110 UAE Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 111 UAE Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 112 Qatar Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 113 Qatar Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 114 Qatar Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 115 Kuwait Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 116 Kuwait Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 117 Kuwait Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 118 South Africa Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 119 South Africa Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 120 South Africa Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 121 Nigeria Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 122 Nigeria Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 123 Nigeria Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 124 Algeria Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 125 Algeria Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 126 Algeria Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

Figure 127 Rest of MEA Sodium Formate Market Size, By Value (USD Million), 2019–2029

Figure 128 Rest of MEA Sodium Formate Market Share, By Application, By Value, 2019–2029

Figure 129 Rest of MEA Sodium Formate Market Share, By Industry Vertical, By Value, 2019–2029

List of Tables

Table 1 Global Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 2 Global Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 3 Global Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 4 Global Sodium Formate Market Size, By Region, By Value, 2019–2029

Table 5 North America Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 6 North America Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 7 North America Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 8 North America Sodium Formate Market Size, By Country, By Value, 2019–2029

Table 9 United States Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 10 United States Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 11 United States Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 12 Canada Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 13 Canada Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 14 Canada Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 15 Europe Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 16 Europe Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 17 Europe Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 18 Europe Sodium Formate Market Size, By Country, By Value, 2019–2029

Table 19 Germany Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 20 Germany Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 21 Germany Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 22 United Kingdom Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 23 United Kingdom Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 24 United Kingdom Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 25 Italy Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 26 Italy Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 27 Italy Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 28 France Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 29 France Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 30 France Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 31 Spain Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 32 Spain Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 33 Spain Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 34 Belgium Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 35 Belgium Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 36 Belgium Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 37 Russia Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 38 Russia Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 39 Russia Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 40 The Netherlands Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 41 The Netherlands Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 42 The Netherlands Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 43 Rest of Europe Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 44 Rest of Europe Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 45 Rest of Europe Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 46 Asia-Pacific Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 47 Asia-Pacific Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 48 Asia-Pacific Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 49 Asia-Pacific Sodium Formate Market Size, By Country, By Value, 2019–2029

Table 50 China Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 51 China Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 52 China Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 53 India Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 54 India Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 55 India Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 56 Japan Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 57 Japan Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 58 Japan Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 59 South Korea Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 60 South Korea Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 61 South Korea Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 62 Australia & New Zealand Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 63 Australia & New Zealand Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 64 Australia & New Zealand Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 65 Indonesia Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 66 Indonesia Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 67 Indonesia Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 68 Malaysia Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 69 Malaysia Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 70 Malaysia Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 71 Singapore Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 72 Singapore Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 73 Singapore Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 74 Vietnam Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 75 Vietnam Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 76 Vietnam Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 77 Rest of APAC Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 78 Rest of APAC Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 79 Rest of APAC Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 80 Latin America Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 81 Latin America Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 82 Latin America Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 83 Latin America Sodium Formate Market Size, By Country, By Value, 2019–2029

Table 84 Brazil Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 85 Brazil Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 86 Brazil Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 87 Mexico Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 88 Mexico Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 89 Mexico Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 90 Argentina Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 91 Argentina Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 92 Argentina Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 93 Peru Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 94 Peru Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 95 Peru Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 96 Rest of LATAM Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 97 Rest of LATAM Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 98 Rest of LATAM Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 99 Middle East & Africa Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 100 Middle East & Africa Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 101 Middle East & Africa Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 102 Middle East & Africa Sodium Formate Market Size, By Country, By Value, 2019–2029

Table 103 Saudi Arabia Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 104 Saudi Arabia Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 105 Saudi Arabia Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 106 UAE Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 107 UAE Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 108 UAE Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 109 Qatar Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 110 Qatar Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 111 Qatar Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 112 Kuwait Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 113 Kuwait Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 114 Kuwait Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 115 South Africa Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 116 South Africa Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 117 South Africa Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 118 Nigeria Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 119 Nigeria Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 120 Nigeria Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 121 Algeria Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 122 Algeria Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 123 Algeria Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 124 Rest of MEA Sodium Formate Market Size, By Value (USD Million), 2019–2029

Table 125 Rest of MEA Sodium Formate Market Size, By Application, By Value, 2019–2029

Table 126 Rest of MEA Sodium Formate Market Size, By Industry Vertical, By Value, 2019–2029

Table 127 Perstorp Company Overview

Table 128 Perstorp Financial Overview

Table 129 BASF SE Company Overview

Table 130 BASF SE Financial Overview

Table 133 Alder SpA Company Overview

Table 134 Alder SpA Financial Overview

Table 135 Metafrax Chemicals Company Overview

Table 136 Metafrax Chemicals Financial Overview

Table 137 Asian Paints Company Overview

Table 138 Asian Paints Financial Overview

Table 139 Kanoria Chemicals & Industries Ltd. Company Overview

Table 140 Kanoria Chemicals & Industries Ltd. Financial Overview

Table 141 Zibo Ruibao Chemical Co. Ltd Company Overview

Table 142 Zibo Ruibao Chemical Co. Ltd Financial Overview

Table 143 SOLVAY Company Overview

Table 144 SOLVAY Financial Overview

Table 145 Honeywell International Inc. Company Overview

Table 146 Honeywell International Inc. Financial Overview

Table 147 TCI Chemicals (India) Pvt. Ltd. Company Overview

Table 148 TCI Chemicals (India) Pvt. Ltd. Financial Overview

Table 149 Avantor, Inc. Company Overview

Table 150 Avantor, Inc. Financial Overview

Table 151 Vertellus Company Overview

Table 152 Vertellus Financial Overview

Table 153 Acros Organics Company Overview

Table 154 Acros Organics Financial Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

1. Which segment accounts for the highest market share in the Global Sodium Formate Market by industry vertical?

Ans: The food and beverages segment is expected to hold the highest market share in the Global Sodium Formate Market by industry vertical.

2. What is the current market size of Global Sodium Formate Market?

Ans: Global Sodium Formate Market size was estimated at USD 464.98 million in 2022.

3. What are the major factors driving the growth of Global Sodium Formate Market?

Ans: Major factors driving the growth of Global Sodium Formate Market include increasing regulations associated with organic acids and high requirement across aerospace industry.

4. Which application segment accounts for the highest market share in the Global Sodium Formate Market?

Ans: The catalysts segment is expected to hold the highest market share in the Global Sodium Formate Market by application.

5. Name the key players in Global Sodium Formate Market.

Ans: Key players in Global Sodium Formate Market include Perstorp, BASF SE, MKS Marmara Tüm Haklari Saklidir, Alder SpA, Metafrax Chemicals, Asian Paints, Kanoria Chemicals & Industries Ltd., Zibo Ruibao Chemical Co., Ltd, SOLVAY, Honeywell International Inc., TCI Chemicals (India) Pvt Ltd, Avantor, Inc., Vertellus, and Acros Organics.

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