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According to the latest research, the global Sodium Formate market size was valued at USD 290.21 million in 2022 and is expected to expand at a CAGR of 5.05% during the forecast period, reaching USD 390.02 million by 2028.
Sodium formate, HCOONa, is the sodium salt of formic acid, HCOOH. It usually appears as a white deliquescent powder. Sodium formate is used in industrial applications and the production of other chemicals. Sodium formate is used in the production of sodium hydrosulfate and formic acid. Sodium formate is also used in leather tanning, printing processes, as a food additive, and as an enzyme stabilizer in detergents.
Positive Impacts
The emergence of the new crown epidemic has greatly promoted the development of e-commerce. Many companies have adopted the combination of online sales and offline sales to carry out business, so they will expand the sales channels of products. In addition, the new crown epidemic has greatly restricted people's travel activities and increased people's time to surf the Internet, so the online marketing of products can achieve better results.
Negative Impacts
The COVID-19 outbreak has disrupted business and economic activities globally. It is expected to have a short-term impact on the Sodium Formate market to a certain extent. With several countries across the globe announcing nationwide lockdowns and temporary closures of various industries, production and manufacturing have been severely affected. Stopping production not only aggravates the shortage of funds for small and medium-sized enterprises, but also reduces the solvency of enterprises, which may affect production and sales. Some enterprises have difficulties in operation and even go bankrupt. The epidemic situation has seriously affected the logistics and transportation, and the transportation of raw materials is difficult. The industrial chain of small and medium-sized enterprises is imperfect and fragile. Trade barriers have further impacted the demand-supply gap. Companies operating in the Sodium Formate market have suspended non-essential visits/activities until the COVID-19 outbreak is resolved.
price fluctuations of raw materials
For manufacturing companies, volatility and instability in global raw material markets have broad implications. From rising energy costs to unexpected fluctuations in raw material prices, unforeseen difficulties are seriously affecting the stability of supply chains, making it difficult for manufacturers to remain profitable. For fluctuations in raw material prices, manufacturers either bear the increased costs themselves and seek new ways to reduce fees, or pass on price increases to consumers or downstream markets. All of these methods have certain risks.
The main raw materials in Sodium Formate products are carbon monoxide and sodium hydroxide. Carbon monoxide is a poisonous gas that can result in death if exposed for a longer period. It readily combines with hemoglobin to carboxyhemoglobin, which potentially affects gas exchange, further leading to fatality. The outbreak of the epidemic has brought difficulties to the supply of Carbon MONOXIDE products and the uncertainty of the world economy has put pressure on the industry participants, which are challenging for manufacturers.
Increased environmental supervision
Due to the high pollution in the chemical industry, it is the key environmental monitoring object of governments in various countries, so the requirements for environmental protection are relatively higher than other industries. At the same time, with the improvement of people's quality of life, the country's requirements for environmental protection are also constantly improving, which requires strong environmental protection awareness and corresponding investment in environmental protection facilities according to relevant national regulations; in the production process, there are Reasonable postpartum treatment process and "three wastes" treatment steps. This virtually increases the production cost of the enterprise.
Region Overview:
In 2022, the share of the Sodium Formate market in Europe stood at 33.12%.
Company Overview:
Lianhetech is one of the major players operating in the Sodium Formate market, holding a share of 27.15% in 2022.
Perstorp Holdings
As a world specialty chemicals company, focusing on the global Resins & Coatings, Engineered Fluids and Animal Nutrition markets.
LUXI Group
LUXI Group is involved in many industrial fields such as coal chemical, fluorine and silicon chemical, new material, fertilizer, R&D, as well as Chemical Equipment, Chemical Engineering, New Energy Equipment, catalyst and Finance.
Segmentation Overview:
As for product types, the ≥97% segment held the largest market share in 2022.
Application Overview:
By application, the Textile & Printing segment occupied the biggest share from 2018 to 2022.
Pharmaceutical
Sodium Formate can be used to produce API intermediates in Pharmaceutical.
Food & Feed Additives
Sodium Formate is available as Food & Feed Additives.
Agriculture
Sodium Formate can be used in animal husbandry in Agriculture.
Textile & Printing
Sodium Formate can be used in the production of reducing agents at Textile & Printing.
Aerospace
Sodium Formate can be used for lubricating oil etc. in Aerospace field.
leather tanning
Sodium formate is used as camouflage acid in leather industry, chromium tanning process, as catalyst and stabilizer.
This report elaborates on the market size, market characteristics, and market growth of the Sodium Formate industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Sodium Formate. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Sodium Formate Market Report Include:
Market Size Estimates: Sodium Formate market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Sodium Formate market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Sodium Formate market
Segment Market Analysis: Sodium Formate market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Sodium Formate market situations and prospects in major and top regions and countries
Sodium Formate Market
Sodium Formate Industry Chain: Sodium Formate market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Sodium Formate Industry News, Policies by regions
Sodium Formate Industry Porters Five Forces Analysis
Key players in the global Sodium Formate market are covered in Chapter 2:
Laohekou Huachen Chemical Co., Ltd.
Alder S.p.A.
Lianhetech
AlzChem Group AG
Jiangsu Changhai Composite Materials Co., Ltd
Huanghua Bohai Chemical Co., Ltd.
Sancaiindustry
Shenyang Bio-Chem Co., Ltd.
In Chapter 6 and Chapter 9, on the basis of types, the Sodium Formate market from 2018 to 2028 is primarily split into:
≥97%
<97%
In Chapter 7 and Chapter 10, on the basis of applications, the Sodium Formate market from 2018 to 2028 covers:
Pharmaceutical
Food & Feed Additives
Agriculture
Textile & Printing
Aerospace
leather tanning
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Sodium Formate market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Sodium Formate industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Sodium Formate market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Sodium Formate industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Sodium Formate market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Sodium Formate market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Sodium Formate market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
2022
Sodium formate, HCOONa, is the sodium salt of formic acid, HCOOH. It usually appears as a white deliquescent powder. Sodium formate is used in industrial applications and the production of other chemicals. Sodium formate is used in the production of sodium hydrosulfate and formic acid. Sodium formate is also used in leather tanning, printing processes, as a food additive, and as an enzyme stabilizer in detergents.
Positive Impacts
The emergence of the new crown epidemic has greatly promoted the development of e-commerce. Many companies have adopted the combination of online sales and offline sales to carry out business, so they will expand the sales channels of products. In addition, the new crown epidemic has greatly restricted people's travel activities and increased people's time to surf the Internet, so the online marketing of products can achieve better results.
Negative Impacts
The COVID-19 outbreak has disrupted business and economic activities globally. It is expected to have a short-term impact on the Sodium Formate market to a certain extent. With several countries across the globe announcing nationwide lockdowns and temporary closures of various industries, production and manufacturing have been severely affected. Stopping production not only aggravates the shortage of funds for small and medium-sized enterprises, but also reduces the solvency of enterprises, which may affect production and sales. Some enterprises have difficulties in operation and even go bankrupt. The epidemic situation has seriously affected the logistics and transportation, and the transportation of raw materials is difficult. The industrial chain of small and medium-sized enterprises is imperfect and fragile. Trade barriers have further impacted the demand-supply gap. Companies operating in the Sodium Formate market have suspended non-essential visits/activities until the COVID-19 outbreak is resolved.
price fluctuations of raw materials
For manufacturing companies, volatility and instability in global raw material markets have broad implications. From rising energy costs to unexpected fluctuations in raw material prices, unforeseen difficulties are seriously affecting the stability of supply chains, making it difficult for manufacturers to remain profitable. For fluctuations in raw material prices, manufacturers either bear the increased costs themselves and seek new ways to reduce fees, or pass on price increases to consumers or downstream markets. All of these methods have certain risks.
The main raw materials in Sodium Formate products are carbon monoxide and sodium hydroxide. Carbon monoxide is a poisonous gas that can result in death if exposed for a longer period. It readily combines with hemoglobin to carboxyhemoglobin, which potentially affects gas exchange, further leading to fatality. The outbreak of the epidemic has brought difficulties to the supply of Carbon MONOXIDE products and the uncertainty of the world economy has put pressure on the industry participants, which are challenging for manufacturers.
Increased environmental supervision
Due to the high pollution in the chemical industry, it is the key environmental monitoring object of governments in various countries, so the requirements for environmental protection are relatively higher than other industries. At the same time, with the improvement of people's quality of life, the country's requirements for environmental protection are also constantly improving, which requires strong environmental protection awareness and corresponding investment in environmental protection facilities according to relevant national regulations; in the production process, there are Reasonable postpartum treatment process and "three wastes" treatment steps. This virtually increases the production cost of the enterprise.
Region Overview:
In 2022, the share of the Sodium Formate market in Europe stood at 33.12%.
Company Overview:
Lianhetech is one of the major players operating in the Sodium Formate market, holding a share of 27.15% in 2022.
Perstorp Holdings
As a world specialty chemicals company, focusing on the global Resins & Coatings, Engineered Fluids and Animal Nutrition markets.
LUXI Group
LUXI Group is involved in many industrial fields such as coal chemical, fluorine and silicon chemical, new material, fertilizer, R&D, as well as Chemical Equipment, Chemical Engineering, New Energy Equipment, catalyst and Finance.
Segmentation Overview:
As for product types, the ≥97% segment held the largest market share in 2022.
Application Overview:
By application, the Textile & Printing segment occupied the biggest share from 2018 to 2022.
Pharmaceutical
Sodium Formate can be used to produce API intermediates in Pharmaceutical.
Food & Feed Additives
Sodium Formate is available as Food & Feed Additives.
Agriculture
Sodium Formate can be used in animal husbandry in Agriculture.
Textile & Printing
Sodium Formate can be used in the production of reducing agents at Textile & Printing.
Aerospace
Sodium Formate can be used for lubricating oil etc. in Aerospace field.
leather tanning
Sodium formate is used as camouflage acid in leather industry, chromium tanning process, as catalyst and stabilizer.
This report elaborates on the market size, market characteristics, and market growth of the Sodium Formate industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Sodium Formate. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Sodium Formate Market Report Include:
Market Size Estimates: Sodium Formate market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Sodium Formate market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Sodium Formate market
Segment Market Analysis: Sodium Formate market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Sodium Formate market situations and prospects in major and top regions and countries
Sodium Formate Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.Sodium Formate Industry Chain: Sodium Formate market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Sodium Formate Industry News, Policies by regions
Sodium Formate Industry Porters Five Forces Analysis
Key players in the global Sodium Formate market are covered in Chapter 2:
Laohekou Huachen Chemical Co., Ltd.
Alder S.p.A.
Lianhetech
AlzChem Group AG
Jiangsu Changhai Composite Materials Co., Ltd
Huanghua Bohai Chemical Co., Ltd.
Sancaiindustry
Shenyang Bio-Chem Co., Ltd.
In Chapter 6 and Chapter 9, on the basis of types, the Sodium Formate market from 2018 to 2028 is primarily split into:
≥97%
<97%
In Chapter 7 and Chapter 10, on the basis of applications, the Sodium Formate market from 2018 to 2028 covers:
Pharmaceutical
Food & Feed Additives
Agriculture
Textile & Printing
Aerospace
leather tanning
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Sodium Formate market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Sodium Formate industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Sodium Formate market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Sodium Formate industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Sodium Formate market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Sodium Formate market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Sodium Formate market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
