1. Global Sodium Formate Market Insight Analysis
Sodium Formate, chemically known as HCOONa, is the sodium salt of formic acid. It is a white, deliquescent powder commonly used in industrial applications. Its primary uses include the production of sodium hydrosulfite, formic acid, and as a reducing agent in textile and printing processes. Additionally, Sodium Formate is utilized in leather tanning, as a food additive, and as an enzyme stabilizer in detergents. The versatility of Sodium Formate across multiple industries has positioned it as a critical chemical compound in modern manufacturing processes.
The global Sodium Formate market revenue is estimated to reach $313.51 million in 2024, with a Compound Annual Growth Rate (CAGR) of 5.73% from 2024 to 2033.
Figure Global Sodium Formate Market Size (M USD) and CAGR (2024-2033)
2. Driving and Limiting Factors of Sodium Formate Market Growth
The growth of the Sodium Formate market is primarily driven by several key factors. First, the textile and printing industry remains a significant consumer of Sodium Formate, utilizing it as a reducing agent for dyeing and printing processes. The global textile market’s continuous expansion, driven by increasing demand for fashionable and colorful fabrics, has bolstered the need for Sodium Formate. According to data from The National Council of Textile Organizations (NCTO), the U.S. textile and apparel shipments totaled $64.4 billion in 2020, highlighting the vast potential for Sodium Formate applications.
Another driving factor is the growing demand for food and feed additives. Sodium Formate is used as a feed acidifying agent in animal husbandry, contributing to the overall growth of the agriculture sector. As global populations increase and food safety standards become more stringent, the demand for Sodium Formate in food preservation and animal feed is expected to rise.
Moreover, the leather industry’s reliance on Sodium Formate has widened, utilizing it in chromium tanning processes and as a catalyst and stabilizer. The international nature of the leather industry, with its extensive supply chains and focus on sustainable practices, has further increased the demand for Sodium Formate.
However, the market also faces several limiting factors. The fluctuation of raw material prices, particularly for carbon monoxide and sodium hydroxide, poses a significant challenge for manufacturers. Rising energy costs, exacerbated by geopolitical events such as the Russia-Ukraine conflict, have increased operational pressures. Additionally, stringent environmental regulations, especially in developed regions, have raised production costs and limited market expansion.
3. Technology Innovation and Corporate Mergers and Acquisitions in Sodium Formate Market
The global market has witnessed significant technological advancements and corporate activities in recent years. Companies are increasingly focusing on optimizing production processes to enhance efficiency and reduce costs. For example, Perstorp Holdings, a leading specialty chemicals company, plans to double its carboxylic acid production capacity by 2024, aiming to meet growing market demands. This investment underscores the industry’s commitment to expanding production capabilities and improving sustainability.
Corporate mergers and acquisitions have also played a crucial role in shaping the market. These strategic moves allow companies to consolidate market positions, integrate resources, and expand their product portfolios. For instance, Metafrax Group, a major player in the industry, has implemented new ESG (Environmental, Social, and Governance) standards, reflecting the industry’s shift towards sustainable practices.
Innovation in product development has been another key area of focus. Companies are exploring new applications, such as in the aerospace industry, where its use as a de-icing agent has gained attention. Additionally, the development of higher-purity products has opened new markets, particularly in pharmaceuticals and high-end textile applications.
4. Global Sodium Formate Market Size by Type
Sodium formate, a chemical compound with the formula HCOONa, is a white crystalline substance used in various industrial applications. It is primarily categorized based on its purity levels, with the two main types being ≥97% and <97%.
In 2024, the ≥97% purity type is expected to generate revenue of $231.53 million, while the <97% purity type is forecasted to contribute $81.97 million. This indicates that the ≥97% purity type holds a significantly larger market share, accounting for approximately 73.8% of the total market revenue. In contrast, the <97% purity type holds only 26.2% of the market.
The growth rates of these two types also differ. The ≥97% purity type is projected to grow at a compound annual growth rate (CAGR) of 6.51% from 2024 to 2033, while the <97% purity type is expected to grow at a CAGR of 3.57% over the same period. This suggests that the ≥97% purity type is not only dominant in terms of market share but also exhibits a faster growth rate.
Table Global Sodium Formate Market Size by Type in 2024
5. Global Sodium Formate Market Size by Application
Sodium formate is a versatile chemical used across various industries, including pharmaceuticals, food and feed additives, agriculture, textile and printing, aerospace, leather tanning, and others.
In 2024, the textile and printing industry is projected to have the largest market share, with a revenue of $95.28 million, accounting for approximately 30.4% of the total market. This is followed by the leather tanning industry, which is expected to generate $71.95 million, or 23.0% of the market. The pharmaceutical industry is projected to contribute $8.64 million, or 2.8% of the market, while the food and feed additives sector is expected to generate $20.11 million, or 6.4% of the market. The agriculture sector is projected to contribute $12.42 million, or 3.9% of the market. The aerospace industry is expected to generate $50.82 million, or 16.2% of the market.
The growth rates of these applications also vary. The textile and printing industry is expected to grow at a CAGR of 5.56% from 2024 to 2033, making it the fastest-growing application segment. This growth is driven by the increasing demand for high-quality textiles and the need for efficient printing processes. The leather tanning industry is projected to grow at a CAGR of 5.99%, while the pharmaceutical industry is expected to grow at a CAGR of 7.21%. The food and feed additives sector is projected to grow at a CAGR of 6.27%, and the agriculture sector at a CAGR of 4.73%. The aerospace industry is expected to grow at a CAGR of 5.99%.
Table Global Sodium Formate Market Size by Application in 2024
Application | Market Size (M USD) 2024 |
Pharmaceutical | 8.64 |
Food & Feed Additives | 20.11 |
Agriculture | 12.42 |
Textile & Printing | 95.28 |
Aerospace | 50.82 |
leather tanning | 71.95 |
Others | 54.29 |
6. Global Sodium Formate Production by Top Regions
In 2024, the global sodium formate market saw significant production activity across several key regions. The total production volume reached 737.2 K tons, with major contributions from North America, Europe, China, Japan, India, and other regions. Among these, China stands out as the largest producer, with a production volume of 337.5 K tons. Europe follows closely with 188.3 K tons, while North America contributed 62.9 K tons. Other notable regions include Japan with 27.1 K tons, India with 55 K tons.
China’s dominance in sodium formate production is attributed to its robust chemical industry infrastructure and growing domestic demand. The country’s production capacity has been steadily increasing, supported by advancements in manufacturing technology and a focus on high-purity products. This growth is further driven by the expanding textile and leather industries, which are significant consumers of sodium formate.
Figure Global Sodium Formate Market Size by Region in 2024
7. Global Sodium Formate Market Analysis by Major Players
7.1 Perstorp Holdings
Introduction and Business Overview: Perstorp Holdings is a leading specialty chemicals company based in Sweden, with a global presence. Established in 1881, the company specializes in the production of chemicals for various industries, including resins, coatings, engineered fluids, and animal nutrition.
Products Offered: Perstorp Holdings offers high-purity Sodium Formate (≥97%) used in textile and printing processes, leather tanning, and as a de-icing agent.
Sales Revenue in 2022: The company’s Sodium Formate revenue in 2022 was $78.78 million.
7.2 LUXI Group
Introduction and Business Overview: LUXI Group is a major chemical producer based in China, with a diverse portfolio of products. Established in 1998, the company operates in various industrial fields, including coal chemicals, fluorine and silicon chemicals, and new materials.
Products Offered: LUXI Group produces high-purity Sodium Formate (≥97%) used in leather tanning, textile printing, and as a reducing agent.
Sales Revenue in 2022: The company’s Sodium Formate revenue in 2022 was $25.74 million.
7.3 Zibo Ruibao Chemicals Co., Ltd.
Introduction and Business Overview: Zibo Ruibao Chemicals is a modern chemical production enterprise based in China, specializing in fine chemical products. Established in 1998, the company focuses on producing Sodium Formate and other chemical products for various industrial applications.
Products Offered: Zibo Ruibao Chemicals offers Sodium Formate with varying purities, used in textile and printing processes, leather tanning, and as a de-icing agent.
Sales Revenue in 2022: The company’s Sodium Formate revenue in 2022 was $7.25 million