Sodium Formate Market Size And Forecast
The Global Sodium Formate Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Sodium Formate Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.

Sodium Formate Market was valued at USD 445.67 Million in 2019 and is projected to reach USD 623.25 Million by 2027, growing at a CAGR of 4.3% from 2020 to 2027.

What is Sodium Formate?
Sodium formate i.e. HCOONa is a sodium-based salt of formic acid. Its physical appearance is a white deliquescent powder. It is produced by absorbing carbon monoxide (CO) under pressure in a sodium hydroxide (NaOH) at a temperature of 130 degrees Celsius and 6-8 bar pressure. Sodium formate has a wide range of applications in various industries like printing, oil & gas, aviation, textiles, etc. It is also used as a buffering agent for mineral acids to increase their acidity levels. HCOONa is biodegradable, non-toxic, and eco-friendly. The molecular weight of sodium formate is 68.007 g/mol.

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Global Sodium Formate Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.

Widespread growth of the oil & gas industry, food & beverage industry, and dyeing & printing industry is likely to drive the market over the projected years. Increasing demand for sodium formate as an anti-corrosion agent and effective de-icing agent at airports expects a boost to the market in the coming years. Uses of sodium formate to produce clear brine and as an additive agent are expected to act growth contributing factors. Technological advancements in printing techniques, innovation in fabric dyeing, and environment-friendliness of sodium formate are predicted to fuel the market during the forecasted period. In contrast, hygroscopic nature of sodium formate and availability of its effective substitutes like urea can hamper the market growth.

Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The “Global Sodium Formate Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.

Global Sodium Formate Market Competitive Landscape
The “Global Sodium Formate Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as 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, and Acros Organics. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

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Sodium Formate Market, By Application
• Food additives
• Agriculture
• Textile and Printing
• Aerospace
• Others

Sodium Formate Market, By Geographic Scope
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
• Rest of the World

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