Sodium Formate Market to Reach a Valuation of ~US$ 604 Mn by 2027

Sodium Formate Market: Key Highlights

The global sodium formate market was valued at ~US$ 406 Mn in 2018, and is anticipated to expand at a CAGR of 4.5% from 2019 to 2027. The demand for sodium formate has been rising in the upstream oil & gas industry to produce clear brine, which is an important chemical in work-over & completion processes.
Food additives are added in small quantities in various products to improve and maintain freshness and enhance flavor, taste, aroma, texture, and appearance. Sodium formate is used as a preservative in food additives. It is widely employed to prevent decomposition by microbial growth or undesirable chemical changes.
The low cost of manufacturing textile dyes and the high demand for these dyes in Asia Pacific are projected to drive the demand for textile dyes. Sodium formate is used in fabric dying. Hence, growth in the textile dye industry is anticipated to augment the sodium formate market.

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Key Drivers of the Sodium Formate Market

Formates belong to the family of non-chloride deicers. Common formates are sodium formate (NaFm) (CHO2Na) and sodium formate (KFm). Formates are available commercially and are commonly used at airports. They typically work in temperatures ranging from -20°F to 15°F. Sodium formate is a premium environmentally-friendly deicer, specifically preferred for airport runways.
Sodium formate works safely and quickly without damaging surfaces and products. It is an ideal alternative for more corrosive materials such as calcium chloride or urea, which can damage surfaces and cause environmental problems.
The U.S. and Canada, in North America, experience heavy snowfall, which adversely affects aerospace movement. Sodium formate is used to clear the runways. Thus, climatic conditions in Europe and North America are likely to drive the sodium formate market during the forecast period.

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Newly Discovered and Potential Oil & Gas Reserves Likely to Offer Attractive Opportunities

New crude oil & natural gas discoveries and high potential reserves are creating opportunities for companies operating in the sodium formate market. The number of new oil & gas discoveries has increased in countries in Africa in the last few years. Large untapped reserves in Africa are garnering the interest of some of the largest exploration and production companies in the world. This has resulted in new oil & gas discoveries in the region. Therefore, newly discovered and potential oil & gas reserves are estimated to create lucrative opportunities for the sodium formate market.