ACCESS Newswire
25 Feb 2021, 20:19 GMT+10
With almost 40% of share, textile & printing industry continues to be lucrative for sodium formate market players
ROCKVILLE, MD / ACCESSWIRE / February 25, 2021 / Fact.MR's global sodium formate market report forecasts a positive outlook through 2021. Inflation of sodium formate in various end-users like textile & printing, food & beverage, oil & gas elevating the growth. Industry based applications such as growing usage of de-icing of run ways is a key driver.
Properties like non-toxic, biodegradability, and eco-friendly is prodding the growth. Rising demand to produce clear brine, for the oil & gas industry is a vital factor for the sodium formate market. Increasing demand as an anti-corrosion agent remains an essential driver for the expansion.
Sodium formate is likely to rise a potential feed acidifying agent to animal feed due to the sustained need for balanced electrolyte in the swine and poultry feed. Increased adoption of organic acid foods in the food additives: key impact for sodium formate.
Food and Drugs Administration, classified sodium formate as an indirect food ingredient for the animal feed. Additionally, proclaimed by GRAS, it can also be used as a component for the usage in packaging for food consumption.
'Increasing government regulations in favor of sodium formate use in the food & beverages segment due to perceived incremental impacts is likely to bolster the growth on a higher trajectory, sustained by heightening applications in paper processing, water purification and pharmaceutical manufacturing,' says a Fact.MR analyst.
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Key Takeaways
Sodium Formate Market- Drivers
Sodium Formate Market- Key Restraints
Discover more about the sodium formate market with 98 figures and 90 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/3735/sodium-formate-market
Competitive Landscape
Perstorp Holdings, ADDCON, Yuanping Chemical Company Limited, MKS Marmara, Alder S.p.a, Metafrax, Asian Paints, Kanoria Chemicals and Industries Ltd., Zibo Ruibao Chemicals Co. Ltd are key industry players.
Multiple product offerings and mergers along with other expansion strategies are generating the revenue form the aforementioned manufacturers.
Asian-Paints announced its plans to increase the production of sodium formate and other byproducts increasing the revenue.
In June 2014, Perstorp Holdings announced the acquisition for pentaerythritol, penta, and calcium formate businesses of Chemko A.S. Strážske, a Slovenia-based producer of chemicals.
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More Valuable Insights on Sodium Formate Market
Fact.MR, in its new offering, presents an unbiased analysis of the global sodium Formate market. The study divulges essential insights on the sodium Formate market on the basis of application (Food Additives, Agriculture, Textile & Printing, Aviation, and Others), and across six major regions.
Key Questions Covered in the Report
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