Sodium Formate Market
Sodium Formate Market Analysis by Sodium Organic Salt, Ammonium Organic Salt, Zinc Organic Salt, and Magnesium Organic Salt from 2023 to 2033
Analysis of Sodium Formate Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Sodium Formate Market Outlook (2023 to 2033)
The global sodium formate market stands at US$ 289.20 million in 2023. Worldwide demand for sodium formate is projected to accelerate at a CAGR of 5.7% and reach a market size of US$ 505 million by 2033.
Increasing application of sodium formate in the rapidly expanding leather industry is primarily boosting its sales. It is used as a tanning and pickling agent for leather. Sales of sodium formate are predicted to increase significantly based on the growing demand for different types of leather products, including bags, footwear, and belts.
Sodium formate, a white crystalline compound is increasing in demand from different end-use verticals, including food, leather processing, agriculture, and others. The industry of sodium formate is related to the manufacturing, storage, transportation, and distribution of products. Some of the popular uses of sodium formate are as a de-icing agent, as a buffering agent for dyeing in the textile industry, and as a preservative in animal feed.
Rising use of sodium formate in the oil & gas sector is projected to serve as a crucial factor that contributes to market expansion. Sodium formate is utilized as a drilling fluid additive in this sector. The growing demand for energy for commercial, residential, and industrial purposes is leading to increased investments in the oil & gas industry.
Several countries are taking initiatives to increase their respective oil drilling activities, which is further estimated to increase the consumption of sodium formate. Moreover, the growing demand for bioplastics or biofuels and the rising production of formic acid are also anticipated to work in favor of the market growth over the coming decade.
There are certain restraints that are dealt with by manufacturers of sodium formate. Implementation of stringent environmental regulations is predicted to adversely impact expansion opportunities for the market over the forecast period. The world is concentrating on environmental sustainability therefore regulations about the disposal of chemical products are predicted to adversely impact market revenue. Moreover, volatility in the cost of raw materials utilized in the production of sodium formate is also impacting the expansion of the sodium formate market.
Fact.MR, a market research and competitive intelligence provider, in its recently published research report on sodium formate, mentions different dynamics of the market. Growth opportunities, new developments, key product ranges, key limitations, a regional overview, etc., are some vital aspects that are available for thorough study in the report.
| Report Attributes | Details |
|---|---|
| Sodium Formate Market Size (2022) | US$ 273.50 Million |
| Estimated Market Value (2023) | US$ 289.20 Million |
| Projected Market Value (2033) | US$ 505 Million |
| Global Market Growth Rate (2023 to 2033) | 5.7% CAGR |
| Key End Uses | Oil & Gas, Aviation, Printing, Textiles |
| Key Companies Profiled | BASF SE; Honeywell International Inc.; Perstorp Orgnr; TCI Chemicals Pvt. Ltd.; Vertellus Holdings LLC; Avantor Performance Materials, LLC; Kanoria Chemicals & Industries Ltd.; Acros Organics; Asian Paints; Alder S.p.A. |
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Which Market Trends are Positively Influencing the Sales of Sodium Formate?
“Growing Use of Sodium Formate in Leather Tanning Formulations and De-icing Solutions”
Demand for sodium formate is projected to increase due to its application in formulations for leather tanning and its features to catalyze penetration in respective leather. It is also used to add value to the quality of end products.
There is a significant increase in the adoption of solid forms of sodium formate as an effective and sustainable de-icing solution, especially for airport runways. Sodium formate presents brisk penetration into solid ice layers and snow-surfacing structures if mixed with some reliable corrosion inhibitors. Further, a mass shift to various biodegradable de-icing solutions is anticipated to boost sales of sodium formate.
“High Demand for Sodium Formate from Oil & Gas Industry”
Sodium formate is estimated to gain traction in the oil & gas industry owing to its crucial role in the manufacturing of clear brine. Various sodium formate fluids, including cesium formate, etc., are projected to attract end users. These compounds are adopted as ideal base fluids due to their associated performance benefits compared to conventional divalent brines.
“Rising Use of Sodium Formate in Printing/Dyeing Fabrics”
Sodium formate is also gaining traction because of its ability to improve the color and brightness of printing/dyeing fabrics and papers. In addition, the well-known features of sodium formate include its assistance in the advanced printing of different polyester-blended fabrics, which is further projected to generate lucrative opportunities for players.
What’s Limiting the Adoption of Sodium Formate to Some Extent?
“Application of Stringent Regulatory Frameworks”
Increasing stringency of respective environmental regulatory standards is predicted to result in a significant decline in the use of sodium formate globally. These regulatory frameworks are influencing the production capacities of prominent players across the globe.
“Volatility in Prices of Raw Materials and Availability of Alternatives”
Various manufacturers are exploring potential substitutes in line with the constant volatility of the price of sodium formate. It is not possible for all the manufacturers and new players to afford the required raw materials due to fluctuations in their prices.
There are various cost-effective alternatives easily available around the world. Numerous end users are already using these compounds, which is expected to adversely impact the growth of the sodium formate market.
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What Steps are New Manufacturers Taking to Enhance Their Market Presence?
“Production of Less-toxic and Economical Sodium Formate for Multiple Applications”
Start-ups are aiming to invest in numerous R&D activities to produce less-toxic sodium formate for organic transformations. They are also taking initiatives to match the set regulations for environmental protection while ensuring the availability of sodium formate at economical prices.
New market players are attempting to explore the potential of sodium formate as a feed additive, particularly as a feed acidifying agent. Sodium formate is predicted to emerge as a significant additive to animal feed due to the presence of certain balanced dietary electrolytes in swine feed and poultry. Its role in the manufacturing of soy products and fermented dairy has also been examined in recent studies.
Country-wise Insights
Why are More Suppliers of Sodium Formate Investing in the United States Market?
“Increasing Animal Husbandry Activities and Growing Livestock Production”
The United States is predicted to contribute to the growing demand for sodium formate because of technological innovations taking place in different end-use industries. Moreover, integrating animal husbandry activities with the production of crops for increasing livestock manufacturing is predicted to fuel demand for feed additives, which is ultimately bolstering sales of sodium formate.
Why is Demand for Sodium Formate Increasing in the United Kingdom?
“Widespread Use of Sodium Formate for De-icing Purposes”
Demand for sodium formate is predicted to increase in the United Kingdom because of the strong presence of various prominent players. In addition, the rising adoption of sodium formate for de-icing applications at bridges, airport runways, and other structures is also estimated to boost its sales over the coming decade. Moreover, the increasing demand for various eco-friendly compounds in different end-use industries is also generating opportunities for new entrants.
What’s Shaping the Market for Sodium Formate in India?
“High Population Density Leading to Rapid Expansion of Printing & Textile Industry”
Demand for sodium formate in the Indian market is anticipated to increase owing to the presence of a well-established textile industry. Sodium formate is applied to increase the brightness of fabrics while dyeing or printing as textile yarn goods manufactured from cotton and polyester are widely used in the country.
There has been a significant increase in demand for more attractive home furnishing products due to the rising disposable incomes and the growing spending capacities of people. In addition, the growing population is resulting in increased apparel demand. These factors are responsible for the expansion of the textile industry and thus contribute to increased sales of sodium formate.
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Category-wise Insights
Which Industries Account for High Usage of Sodium Formate?
“Food & Beverage and Aviation Industries Generating Lucrative Market Opportunities”
Demand for sodium formate is predicted to increase significantly due to the ongoing need for a more balanced electrolyte in poultry and swine feed. It has an application as a suitable feed acidifying ingredient. The growing use of various types of organic food acids as prominent food additives is anticipated to boost sales of sodium formate. It is used as a significant compound for food packaging. Various end users are switching to sodium formate-based deicers due to increasing concerns about the adverse impacts of de-icing chemicals, including acetates and urea.
In the aviation industry, sodium formate is applied in de-icing runways. Granules of sodium formate are used as a deicer at airports for the easy removal of mechanical ice from runways.
Key Market Players
Strengthening supply chain management systems, quality control, maintaining product standards, and various other initiatives are taken by prominent players to expand their reach to consumers around the world over the coming 10 years.
Industry players are involved in mergers, acquisitions, collaborations, etc., to expand their footprints globally.
For instance :
- 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.
Key suppliers of sodium formate are BASF SE, Honeywell International Inc., Perstorp Orgnr, TCI Chemicals Pvt. Ltd., Vertellus Holdings LLC, Avantor Performance Materials, LLC, Kanoria Chemicals & Industries Ltd., Acros Organics, Asian Paints, and Alder S.p.A.
Segmentation of Sodium Formate Industry Research
-
By Product Type :
- Sodium Organic Salt
- Ammonium Organic Salt
- Zinc Organic Salt
- Magnesium Organic Salt
-
By Application :
- Aviation
- Food & Beverages
- Printing
- Textiles
- Oil & Gas
- Chemicals
-
By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Key Market Trends
- 4. Key Success Factors
- 5. Market Background
- 6. Global Market Volume (Units) Analysis 2018 to 2022 and Forecast, 2023 to 2033
- 7. Global Market - Pricing Analysis
- 8. Global Market Value Analysis 2018 to 2022 and Forecast, 2023 to 2033
- 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Product Type
- 9.1. Sodium Organic Salt
- 9.2. Ammonium Organic Salt
- 9.3. Zinc Organic Salt
- 9.4. Magnesium Organic Salt
- 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Application
- 10.1. Aviation
- 10.2. Food & Beverages
- 10.3. Printing
- 10.4. Textiles
- 10.5. Oil & Gas
- 10.6. Chemicals
- 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region
- 11.1. North America
- 11.2. Latin America
- 11.3. Europe
- 11.4. East Asia
- 11.5. South Asia
- 11.6. Oceania
- 11.7. Middle East and Africa (MEA)
- 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 15. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 17. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 18. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 19. Key and Emerging Countries Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 20. Market Structure Analysis
- 21. Competition Analysis
- 21.1. BASF SE
- 21.2. Honeywell International Inc.
- 21.3. Perstorp Orgnr
- 21.4. TCI Chemicals Pvt. Ltd.
- 21.5. Vertellus Holdings LLC
- 21.6. Avantor Performance Materials, LLC
- 21.7. Kanoria Chemicals & Industries Ltd.
- 21.8. Acros Organics
- 21.9. Asian Paints
- 21.10. Alder S.p.A.
- 22. Assumptions and Acronyms Used
- 23. Research Methodology
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List Of Table
Table 01: Global Market Volume (‘000 Units) Analysis and Opportunity Assessment 2018 to 2033, By Product Type
Table 02: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Product Type
Table 03: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 04: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Region
Table 05: North America Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 06: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Product Type
Table 07: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 08: Latin America Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 09: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Product Type
Table 10: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 11: Europe Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 12: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Product Type
Table 13: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 14: South Asia Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 15: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Product Type
Table 16: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 17: East Asia Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 18: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Product Type
Table 19: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 20: Oceania Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 21: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Product Type
Table 22: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 23: Middle East and Africa Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 24: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Product Type
Table 25: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
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List Of Figures
Figure 01: Global Market Volume (in 000' Units) Analysis, 2018 to 2022
Figure 02: Global Market Volume Forecast (in 000' Units), 2023 to 2033
Figure 03: Pricing Analysis (US$) Per Product Type, By Region, 2022
Figure 04: Pricing Analysis (US$) Per Product Type, By Region, 2022
Figure 05: Global Market Value Analysis (US$ Mn), 2018 to 2022
Figure 06: Global Market Value Forecast (US$ Mn), 2023 to 2033
Figure 07: Global Market Absolute $ Opportunity, 2023 to 2033
Figure 08: Global Market Share Analysis (%), By Product Type, 2023 to 2033
Figure 09: Global Market Y-o-Y Analysis (%), By Product Type, 2023 to 2033
Figure 10: Global Market Attractiveness Analysis by Product Type, 2023 to 2033
Figure 11: Global Market Share Analysis (%), By Application, 2023 to 2033
Figure 12: Global Market Y-o-Y Analysis (%), By Application, 2023 to 2033
Figure 13: Global Market Attractiveness Analysis by Application, 2023 to 2033
Figure 14: Global Market Share Analysis (%), By Region, 2023 to 2033
Figure 15: Global Market Y-o-Y Analysis (%), By Region, 2023 to 2033
Figure 16: Global Market Attractiveness Analysis by Region, 2023 to 2033
Figure 17: North America Market Value Share, By Product Type, 2023 (E)
Figure 18: North America Market Value Share, By Application, 2023 (E)
Figure 19: North America Market Value Share, By Country, 2023 (E)
Figure 20: North America Market Value Analysis (US$ Mn), 2018 to 2022
Figure 21: North America Market Value Forecast (US$ Mn), 2023 to 2033
Figure 22: North America Market Attractiveness Analysis by Product Type, 2023 to 2033
Figure 23: North America Market Attractiveness Analysis by Application, 2023 to 2033
Figure 24: North America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 25: Latin America Market Value Share, By Product Type, 2023 (E)
Figure 26: Latin America Market Value Share, By Application, 2023 (E)
Figure 27: Latin America Market Value Share, By Country, 2023 (E)
Figure 28: Latin America Market Value Analysis (US$ Mn), 2018 to 2022
Figure 29: Latin America Market Value Forecast (US$ Mn), 2023 to 2033
Figure 30: Latin America Market Attractiveness Analysis by Product Type, 2023 to 2033
Figure 31: Latin America Market Attractiveness Analysis by Application, 2023 to 2033
Figure 32: Latin America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 33: Europe Market Value Share, By Product Type, 2023 (E)
Figure 34: Europe Market Value Share, By Application, 2023 (E)
Figure 35: Europe Market Value Share, By Country, 2023 (E)
Figure 36: Europe Market Value Analysis (US$ Mn), 2018 to 2022
Figure 37: Europe Market Value Forecast (US$ Mn), 2023 to 2033
Figure 38: Europe Market Attractiveness Analysis by Product Type, 2023 to 2033
Figure 39: Europe Market Attractiveness Analysis by Application, 2023 to 2033
Figure 40: Europe Market Attractiveness Analysis by Country, 2023 to 2033
Figure 41: South Asia Market Value Share, By Product Type, 2023 (E)
Figure 42: South Asia Market Value Share, By Application, 2023 (E)
Figure 43: South Asia Market Value Share, By Country, 2023 (E)
Figure 44: South Asia Market Value Analysis (US$ Mn), 2018 to 2022
Figure 45: South Asia Market Value Forecast (US$ Mn), 2023 to 2033
Figure 46: South Asia Market Attractiveness Analysis by Product Type, 2023 to 2033
Figure 47: South Asia Market Attractiveness Analysis by Application, 2023 to 2033
Figure 48: South Asia Market Attractiveness Analysis by Country, 2023 to 2033
Figure 49: East Asia Market Value Share, By Product Type, 2023 (E)
Figure 50: East Asia Market Value Share, By Application, 2023 (E)
Figure 51: East Asia Market Value Share, By Country, 2023 (E)
Figure 52: East Asia Market Value Analysis (US$ Mn), 2018 to 2022
Figure 53: East Asia Market Value Forecast (US$ Mn), 2023 to 2033
Figure 54: East Asia Market Attractiveness Analysis by Product Type, 2023 to 2033
Figure 55: East Asia Market Attractiveness Analysis by Application, 2023 to 2033
Figure 56: East Asia Market Attractiveness Analysis by Country, 2023 to 2033
Figure 57: Oceania Market Value Share, By Product Type, 2023 (E)
Figure 58: Oceania Market Value Share, By Application, 2023 (E)
Figure 59: Oceania Market Value Share, By Country, 2023 (E)
Figure 60: Oceania Market Value Analysis (US$ Mn), 2018 to 2022
Figure 61: Oceania Market Value Forecast (US$ Mn), 2023 to 2033
Figure 62: Oceania Market Attractiveness Analysis by Product Type, 2023 to 2033
Figure 63: Oceania Market Attractiveness Analysis by Application, 2023 to 2033
Figure 64: Oceania Market Attractiveness Analysis by Country, 2023 to 2033
Figure 65: Middle East and Africa Market Value Share, By Product Type, 2023 (E)
Figure 66: Middle East and Africa Market Value Share, By Application, 2023 (E)
Figure 67: Middle East and Africa Market Value Share, By Country, 2023 (E)
Figure 68: Middle East and Africa Market Value Analysis (US$ Mn), 2018 to 2022
Figure 69: Middle East and Africa Market Value Forecast (US$ Mn), 2023 to 2033
Figure 70: Middle East and Africa Market Attractiveness Analysis by Product Type, 2023 to 2033
Figure 71: Middle East and Africa Market Attractiveness Analysis by Application, 2023 to 2033
Figure 72: Middle East and Africa Market Attractiveness Analysis by Country, 2023 to 2033
Figure 73: UNITED STATES Market Value Analysis (US$ Mn), 2023 & 2033
Figure 74: UNITED STATES Market Value Share, By Product Type, 2023 (E)
Figure 75: UNITED STATES Market Value Share, By Application, 2023 (E)
Figure 76: Canada Market Value Analysis (US$ Mn), 2023 & 2033
Figure 77: Canada Market Value Share, By Product Type, 2023 (E)
Figure 78: Canada Market Value Share, By Application, 2023 (E)
Figure 79: Mexico Market Value Analysis (US$ Mn), 2023 & 2033
Figure 80: Mexico Market Value Share, By Product Type, 2023 (E)
Figure 81: Mexico Market Value Share, By Application, 2023 (E)
Figure 82: Brazil Market Value Analysis (US$ Mn), 2023 & 2033
Figure 83: Brazil Market Value Share, By Product Type, 2023 (E)
Figure 84: Brazil Market Value Share, By Application, 2023 (E)
Figure 85: UNITED KINGDOM Market Value Analysis (US$ Mn), 2023 & 2033
Figure 86: UNITED KINGDOM Market Value Share, By Product Type, 2023 (E)
Figure 87: UNITED KINGDOM Market Value Share, By Application, 2023 (E)
Figure 88: Germany Market Value Analysis (US$ Mn), 2023 & 2033
Figure 89: Germany Market Value Share, By Product Type, 2023 (E)
Figure 90: Germany Market Value Share, By Application, 2023 (E)
Figure 91: France Market Value Analysis (US$ Mn), 2023 & 2033
Figure 92: France Market Value Share, By Product Type, 2023 (E)
Figure 93: France Market Value Share, By Application, 2023 (E)
Figure 94: Italy Market Value Analysis (US$ Mn), 2023 & 2033
Figure 95: Italy Market Value Share, By Product Type, 2023 (E)
Figure 96: Italy Market Value Share, By Application, 2023 (E)
Figure 97: Spain Market Value Analysis (US$ Mn), 2023 & 2033
Figure 98: Spain Market Value Share, By Product Type, 2023 (E)
Figure 99: Spain Market Value Share, By Application, 2023 (E)
Figure 100: Russia Market Value Analysis (US$ Mn), 2023 & 2033
Figure 101: Russia Market Value Share, By Product Type, 2023 (E)
Figure 102: Russia Market Value Share, By Application, 2023 (E)
Figure 103: China Market Value Analysis (US$ Mn), 2023 & 2033
Figure 104: China Market Value Share, By Product Type, 2023 (E)
Figure 105: China Market Value Share, By Application, 2023 (E)
Figure 106: Japan Market Value Analysis (US$ Mn), 2023 & 2033
Figure 107: Japan Market Value Share, By Product Type, 2023 (E)
Figure 108: Japan Market Value Share, By Application, 2023 (E)
Figure 109: South Korea Market Value Analysis (US$ Mn), 2023 & 2033
Figure 110: South Korea Market Value Share, By Product Type, 2023 (E)
Figure 111: South Korea Market Value Share, By Application, 2023 (E)
Figure 112: India Market Value Analysis (US$ Mn), 2023 & 2033
Figure 113: India Market Value Share, By Product Type, 2023 (E)
Figure 114: India Market Value Share, By Application, 2023 (E)
Figure 115: ASEAN Market Value Analysis (US$ Mn), 2023 & 2033
Figure 116: ASEAN Market Value Share, By Product Type, 2023 (E)
Figure 117: ASEAN Market Value Share, By Application, 2023 (E)
Figure 118: Australia Market Value Analysis (US$ Mn), 2023 & 2033
Figure 119: Australia Market Value Share, By Product Type, 2023 (E)
Figure 120: Australia Market Value Share, By Application, 2023 (E)
Figure 121: New Zealand Market Value Analysis (US$ Mn), 2023 & 2033
Figure 122: New Zealand Market Value Share, By Product Type, 2023 (E)
Figure 123: New Zealand Market Value Share, By Application, 2023 (E)
Figure 124: GCC Countries Market Value Analysis (US$ Mn), 2023 & 2033
Figure 125: GCC Countries Market Value Share, By Product Type, 2023 (E)
Figure 126: GCC Countries Market Value Share, By Application, 2023 (E)
Figure 127: Turkey Market Value Analysis (US$ Mn), 2023 & 2033
Figure 128: Turkey Market Value Share, By Product Type, 2023 (E)
Figure 129: Turkey Market Value Share, By Application, 2023 (E)
Figure 130: South Africa Market Value Analysis (US$ Mn), 2023 & 2033
Figure 131: South Africa Market Value Share, By Product Type, 2023 (E)
Figure 132: South Africa Market Value Share, By Application, 2023 (E)
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- FAQs -
What is the sodium formate market valuation in 2023?
The global sodium formate market stands at US$ 289.20 million in 2023.
At what rate are the sales of sodium formate predicted to increase?
Sales of sodium formate are forecasted to rise at a CAGR of 5.7% from 2023 to 2033.
Which end-user industries utilize sodium formate on a large scale?
Food & beverage and aviation companies account for high use of sodium formate.
What is the anticipated size of the global sodium formate market for 2033?
The market for sodium formate is anticipated to reach US$ 505 million by the end of 2033.
Sodium Formate Market