(MENAFN- Ameliorate Digital Consultancy)
The broad availability of economically advantageous alternatives has mostly prevented sodium formate sales in recent years, which have been slow.
The manufacturing of sodium hydrosulphite, a common bleaching agent used in the paper and pulp sector, is predicted to continue to be in high demand, with global sales of sodium formate expected to grow at a 2.8% CAGR through 2028.
Due to the substantial presence of major companies and the growing use of sodium formate for de-icing purposes on airport runways, Europe is projected to continue to be the world's largest market for sodium formate. The environmentally friendly quality of sodium formate is predicted to assist producers in identifying the most lucrative prospects in light of rising sustainability pursuits.
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Key Takeaways
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
Competition Analysis
According to the Fact.MR study, consolidation of market leaders is characterizing the global competition landsacape of sodium formate market. While the key companies actively operating in sodium formate marketplaces are focused on retaining their global footprint on the basis of stronger sales strategies, improvement of their regional foothold will remain highly influenced by application-specific strategies.
For instance, the European market for sodium formate has been recently observing prioritization of sodium formate production capacity expansion by regional leaders, who are keen on tapping the escalating demand for sustainable de-icing solutions for airport runways, bridges, and other structures within the region that always demand an effective de-icing treatment.
On the other hand, followers in the competition landscape are likely to majorly rely on strategic partnerships to achieve a dual objective of enhanced manufacturing output and business expansion.
The Fact.MR study finds that the forerunners in sodium formate market have a primary focus on expanding their international establishments, with an increased emphasis on cementing their presence in lucrative markets of South Asia and East Asia.
Growing stringency of the environmental regulatory standards have been resulting in a significant decline China's domestic supply of sodium formate, which is subsequently challenging companies to keep abreast of evolving market dynamics. China's tightening environmental regulatory framework will also remain a pivotal factor influencing production of sodium formate over the coming years.
Downstream manufacturing facilities specific to production of de-icing agents are garnering strategic interests of sodium formate market players. In line with the pricing volatility of raw materials used in the manufacturing of sodium formate, it is highly likely that an increasing number of manufacturers will leverage advancing technologies to explore their potential substitutes.
Cosmetics is currently being perceived as an attractive application area by several sodium formate manufacturers, which signals a relatively progressing growth outlook for the sodium formate market in the near future. R&D investments will thus be an important part of developmental strategies adopted by companies operating in the sodium formate industry.
Market Structure
By Application De-icing Leather Tanning Chemical Intermediate Textile Dyeing & Printing Oil & Gas Fields Others
By Regions North America Latin America Europe East Asia South Asia & Oceania Middle East & Africa
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?
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.
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