Sodium Formate Market is envisaged to record a CAGR of almost 3% through 2029 from Margo Trobbie's blog
Sodium Formate Sales to Revive as Manufacturers Emphasize on
Non-Traditional Application Areas: Fact.MR Study. Predominantly averted by
widespread availability of economically favorable alternatives, sodium formate
sales have been sluggish.
Global consumption volume of sodium formate neared 640
thousand tons in 2018, according to a recent research study of Fact.MR. Highly
influenced by a couple of strong restraining factors, the global sodium formate consumption
volume is likely to record a mere 2.5% Y-o-Y growth in 2019.
Strengthening sustainable raw material pricing strategies
will remain among the key actionable areas for leading stakeholders in the
sodium formate market, in addition to leveraging the traction witnessed for
high-efficiency de-icing agents.
Key operators in the sodium formate manufacturing landscape
have been facing sluggish demand as a result of the availability of multiple
low-priced alternatives of sodium formate, according to Fact.MR’s analysis.
However, research studies that have revealed considerable
biodegradability of sodium formate point to a gradually progressing demand
scenario that may shape the global market over forthcoming years.
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According to the study, there remains a notable untapped
potential for sodium formate in a few non-traditional application sectors, i.e.
other than de-icing, leather tanning, and applications in oil & gas
industry. While animal feed and cosmetics are particularly emerging as
profitable end-use sectors for sodium formate manufacturers and other market stakeholders.
an increasing focus on exploring the diverse application
range is highly likely to shape the competition strategies in the years to
come. In line with the flourishing personal care and cosmetics industry, a
number of innovations are expected to discover myriad application opportunities
for the companies active in sodium formate market.
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