Global Sodium Formate Market Size, Share, Growth Analysis Report - Forecast 2034

Sodium Formate Market: Industry size

The global sodium formate market size was worth around USD 479.71 Million in 2024 and is predicted to grow to around USD 819.42 Million by 2034 with a compound annual growth rate (CAGR) of roughly 5.5% between 2025 and 2034. The report analyzes the global sodium formate market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the sodium formate industry.

The report analyzes the global sodium formate market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the sodium formate industry.

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Sodium Formate Market: Overview

Sodium formate is derived from formic acid. It is the sodium salt of the acid which is also referred to as methanoic acid. The chemical formula of sodium formate is NaHCOO and is a white crystalline powder. Since it is highly soluble in water, it has several applications in the food & beverages (F&B) sector along with the printing and textile industries. Some of the most common applications of sodium formate include its use in the dyeing and leather sectors. Additionally, sodium formate has been a preferred option in terms of acting as a de-icing agent used on runways and roads. The industry deals with the production and distribution of sodium formate or its derivative compounds across end-user verticals. During the forecast period, the sodium formate market is expected to register steady growth.

Key Insights

• As per the analysis shared by our research analyst, the global sodium formate market is estimated to grow annually at a CAGR of around 5.5% over the forecast period (2025-2034).
• Regarding revenue, the global sodium formate market size was valued at around USD 479.71 Million in 2024 and is projected to reach USD 819.42 Million by 2034.
• The sodium formate market is projected to grow at a significant rate due to increasing demand for eco-friendly de-icing agents, rising adoption in the oil & gas and textile industries, and growing applications in various chemical processes and as a food additive.
• Based on Grade, the Technical Grade segment is expected to lead the global market.
• On the basis of Application, the Preservative segment is growing at a high rate and will continue to dominate the global market.
• Based on the Process, the Formic Acid Carbonylation segment is projected to swipe the largest market share.
• By Distribution Channel, the Direct Sales segment is expected to dominate the global market.
• Based on region, Asia-Pacific is predicted to dominate the global market during the forecast period.

Sodium Formate Market: Growth Drivers

Growing application as a de-icing agent to drive market growth

The global sodium formate market is projected to grow owing to the increasing use of the compound as a de-icing agent for runways and roads during the winter season in several countries that deal with extremely low temperatures. They are used to make the roads safer for driving and other purposes. Regions such as Europe, the US, and Canada along with several other nations are witness to severely low temperatures during the winter months which causes ice and snow to accumulate on the road, runways, and other surfaces.

This event can prove to be extremely hazardous for driving and transportation resulting in loss of life and other severe damages. To ensure that the public is safe against such accidents, several relevant agencies use different forms of de-icing agents regularly and sodium formate is a popular choice. The Transportation Safety Board of Canada (TSB) has reported that the country witnesses almost 10,000 accidents annually due to poor winter driving conditions.

Sodium Formate Market: Restraints

Health concerns to restrict the market growth

One of the key restraints faced by the global sodium formate industry is in terms of growing health concerns over the use of sodium formate. The compounds can be harmful when ingested or if they come in contact with the eyes or skin. Some of the commonly reported cases include skin irritation and prolonged exposure can intensify the skin condition caused by sodium formate. In addition, if it is ingested it can lead to gastrointestinal symptoms such as nausea, vomiting, abdominal pain, and diarrhea. There are also certain reports that suggest sodium formate to be a carcinogenic compound.

Sodium Formate Market: Opportunities

Increasing use in the production of bio-based products to provide growth opportunities

The global sodium formate industry players can expect higher growth opportunities owing to the increasing use of sodium formate in the production of bio-based products such as biofuels and bioplastics. In these production processes, sodium format is used as a reducing agent, especially during the production of bioethanol and biodiesel. In procedures involving the production of bioplastics, sodium formate is used as a catalyst for speeding up the reaction.

Sodium Formate Market: Challenges

Strict guidelines to challenge market growth

Since sodium formate is a chemical compound, it is subject to severe and stringent regulations. The guidelines surrounding the production, transportation, and storage of sodium formate are extremely strict and these rules may vary between nations. Complying with the varying protocols can be time-consuming leading to a limited number of players operating in the market.

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Sodium Formate Market: Segmentation

The global sodium formate market is segmented based on application, industry verticals, and region.

Based on Application, the global market segments are food additives, reducing agents, chemical intermediates, de-icing agents, and catalysts. In 2022, the industry registered the highest growth in the catalysts segment and it held dominance over 27.4% of the global market revenue. During the forecast period, it may grow at a CAGR of 4.6%.

The most common application of sodium formate as a catalyst is in the production of organic compounds which helps to increase the rate of the chemical reaction. Additionally, the food additive segment remained the second largest shareholder in the segment where sodium formate is used to preserve food production for a longer period. With the rise in the food products sector, the demand for sodium formate is likely to continue growing.

Based on Industry Verticals, the global industry players are textile, aviation, chemical, printing, oil & gas, and food & beverage. The highest consumers of sodium are formate in the food & beverage sector. In 2022, the industry amassed more than 25.1% of the total revenue. During the forecast period, sodium formate is likely to become a preferred choice in terms of feed acidifying ingredients. Additionally, since sodium formate is highly effective in preserving organic food products, its application in the F&B sector is expected to continue growing.

The expansion in the aviation sector could be triggered by the rising discard of de-icing agents such as acetates and urea and a higher inclination toward format-based agents. This segment could grow at a CAGR of 5.9%.

Recent Developments:

• In May 2020, the European Food Safety Authority published a report on the official website detailing the efficacy of sodium formate being used as a technological food additive to improve feed quality for all animal species. The report concludes that the sodium format did not pose any severe potential harm and could be used as an effective preservative
• In September 2022, the Indian Ministry of Chemicals & Fertilizers along with, Department of Chemicals & Petrochemicals, Federation of Indian Chambers of Commerce & Industry announced that the agency will soon make amendments to change the policy guidelines that influence the country’s fast-growing chemical and petrochemicals sector. The agency also acknowledges the importance of the industry in making India a USD 5 trillion economy in the coming years

Sodium Formate Market: Report Scope

Sodium Formate Market: Regional Analysis

Asia-Pacific to witness the highest growth

The global sodium formate market is expected to witness the highest growth in Asia-Pacific during the forecast period. It may grow at a CAGR of 5.6% and in 2022 it held a market share of over 41%. One of the major growth propellers for Asia-Pacific is the robust chemical industry of China and India. The former is currently the world’s largest supplier of several chemicals including sodium formate. The regional government has invested heavily in the country’s chemical sector to ensure its emergence as a global power in the coming years. India, on the other hand, has a mature chemical and petrochemical sector. The regional governing bodies are working toward developing the sector further by revising policies and regulations in the sector. The textile industry of India is a significant contributor to regional growth. India’s textile sector contributes nearly 2% to its total gross domestic product (GDP).

Sodium Formate Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the sodium formate market on a global and regional basis.

The global sodium formate market is dominated by players like:

• Formosa Plastics Corporation
• Kärcher
• Methanex Corporation
• Showa Denko K.K.
• Shandong Zhongji Group
• Brenntag
• TCI Chemicals (India) Pvt. Ltd.
• WeylChem Group
• Akema Fine Chemicals
• Chemtrade Logistics Income Fund
• Lanxess AG
• Tosoh Corporation
• Perstorp Holding AB
• Evonik Industries AG

The global sodium formate market is segmented as follows;

By Grade

• Technical Grade
• Food Grade

By Application

• Preservative
• Corrosion Inhibitor
• Textile Auxiliary
• Other Applications

By Process

• Formic Acid Carbonylation
• Sodium Hydroxide Formamide

By Distribution Channel

• Direct Sales
• Wholesaler/Distributor

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America