Sodium Formate Sales to Revive as Manufacturers Emphasize on Non-Traditional Application Areas: Fact.MR Study. Predominantly averted by widespread availability of economically favorable alternatives, sodium formate sales have been sluggish.
Global consumption volume of sodium formate neared 640 thousand tons in 2018, according to a recent research study of Fact.MR. Highly influenced by a couple of strong restraining factors, the global sodium formate consumption volume is likely to record a mere 2.5% Y-o-Y growth in 2019.
Strengthening sustainable raw material pricing strategies will remain among the key actionable areas for leading stakeholders in the sodium formate market, in addition to leveraging the traction witnessed for high-efficiency de-icing agents.
Key operators in the sodium formate manufacturing landscape have been facing sluggish demand as a result of the availability of multiple low-priced alternatives of sodium formate, according to Fact.MR’s analysis.
However, research studies that have revealed considerable biodegradability of sodium formate point to a gradually progressing demand scenario that may shape the global market over forthcoming years.
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According to the study, there remains a notable untapped potential for sodium formate in a few non-traditional application sectors, i.e. other than de-icing, leather tanning, and applications in oil & gas industry. While animal feed and cosmetics are particularly emerging as profitable end-use sectors for sodium formate manufacturers and other market stakeholders.
an increasing focus on exploring the diverse application range is highly likely to shape the competition strategies in the years to come. In line with the flourishing personal care and cosmetics industry, a number of innovations are expected to discover myriad application opportunities for the companies active in sodium formate market.
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