Sodium Formate market is witnessing steady growth due to its diverse applications in leather tanning, deicing agents, and oil drilling. The expanding oil and gas industry, along with the demand for eco-friendly deicing solutions, is driving the market’s upward trajectory. As per the recent research conducted by a leading market insights provider FMI, the global Sodium Formate market will expand at a healthy CAGR over the forecast period between 2022 and 2027. The aim of this study is to analyze key market dynamics affecting the sales of Sodium Formate and provide vital insights to business owners to get benefited from forthcoming opportunities.
The report conducts an in-depth analysis into factors affecting the change in consumer behavior and purchasing patterns. It highlights the key growth prospects for the demand and sales across seven major regions. It also provides refines sales projections and assist market players in identifying the remunerative segments among the verticals.
Upsurge in the Trend of Green Chemistry to Facilitate the Growth in the Sodium Formate Market
Governments of several countries are emphasizing on implementing regulations on chemicals that are hazardous for environment, owing to the rising concerns regarding environment sustainability. Hence, growing trend of green chemistry or sustainable chemistry is being witnessed across the chemical industry.
Citing this trend, chemical manufacturers are reviewing their business strategies and shifting their focus towards adopting eco-friendly practices for the production of sustainable alternatives or less toxic chemicals. This is expected to favor the growth in the Sodium Formate market.
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Key Sodium Formate Market Takeaways and Projections
- The U.S. will lead the North America Sodium Formate market, projecting the fastest growth in the region between forecast period
- Germany will collectively hold the largest share in the Europe market over the assessment period.
- India will emerge as a highly remunerative market in South Asia, contributing significant revenue share in the region through forecast period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- In terms of segments, will hold the lion’s share in the market, expanding at a robust CAGR during the next ten years.
Competitive Landscape Analysis
The survey offers insights into critical trends and opportunities across technology industry and studies their impact on demand-supply forces in the Sodium Formate market. It also profiles a list of prominent companies including
- BASF SE
- Perstorp Orgnr
- Honeywell International Inc.
- TCI Chemicals (India) Pvt. Ltd.
- Avantor Performance Materials, LLC
- Vertellus Holdings LLC
- Kanoria Chemicals & Industries Ltd.
- Alder S.p.A
- Asian Paints
- Acros Organics
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Key Segments Profiled in the Sodium Formate Industry Survey
On the basis of end use, the sodium formate market is segmented as follows:
- Catalyst
- Reducing agent
- Manufacture of sodium hydrosulfite
- Intermediate for the manufacture of formic acid and oxalic acid
- Manufacture of N,N-Dimethylformamide
- De-icing agent
- Oilfield services
- Work-over fluids
- Other end uses
On the basis of application, the sodium formate market is segmented as follows:
- Aviation
- Food & beverage
- Textile
- Printing
- Oil & gas
- Chemical
- Other applications
Why Buy FMI’s Report?
- Extensive analysis on high growth niche markets across major regions
- Detailed assessment on key segments and sub-segments
- Recent and upcoming strategies tracked of manufacturers for the Sodium Formate market
- Reliable information on new product launches, technological advancements, and more
- Valuable insights on the impact of regulatory framework on the global Sodium Formate market
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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