ALBANY, N.Y., July 1, 2021 /PRNewswire/ — The textile industry has flourished and prospered exponentially over the years. The rising adoption of novel formulations, technologies, and materials has proved to be a game-changer for the textile industry. The overwhelming utilization of sodium formate across the textile industry to improve the color of printing fabrics and dyeing will prove to be a great growth contributor during the tenure of 2019-2027. Many different aspects are associated with the growth of the sodium formate market, with the textiles sector being the vital one.
Sodium formate is a sodium-based salt of formic acid. It is available in a powdered form. It is a white deliquescent powder. The chemical representation of sodium formate is HCOONa. Sodium formate is formed through a chemical reaction. The reaction involves the absorption of carbon monoxide under pressure in solid sodium hydroxide to form granules. The advantages associated with the growth of the sodium formate market are expected to bring immense growth prospects during the assessment period.
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Transparency Market Research (TMR) has conducted advanced research on numerous factors associated with the growth of the sodium formate market. The experts at TMR predict the sodium formate market to expand at a CAGR of 4.5 percent across the forecast period of 2019-2027. The global sodium formate market was valued at ~US$ 406 mn in 2018 and is prognosticated to reach ~US$ 604 mn by 2027, the end year of the forecast period.
The ongoing research studies on the exploration of the potential of sodium formate in other applications will prove to be a growth generator for the global market during the assessment period. The utilization of sodium formate for de-icing purposes will have a large impact on the growth prospects. Furthermore, the growing use in the leather tanning industry will also bring extensive growth opportunities from 2019 to 2027.
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Key Findings of the Report
Sustainability to Form a Crucial Part of the Growth Structure of the Sodium Formate Market
A rise in the environmental regulations on the back of the rising pollution levels will have a large impact on the growth of the sodium formate market. Manufacturers in the sodium formate market are increasing their focus on utilizing sodium formate as a bio-degradable catalyst. In addition, it creates a lower environmental disturbance in terrestrial as well as aquatic ecosystems. Such developments help in the overall growth of the sodium formate market and maintain the ecological balance of the planet.
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Rising Demand for Cosmetics Indirectly Influences the Growth of the Sodium Formate Market
The COVID-19 pandemic forced many people to stay at home for a longer span due to the strict lockdown orders. As many people were at home for a longer period, a large chunk of them preferred to focus on skincare and haircare. This factor increased the demand for soaps, shampoo, conditioner, and others.
The growing use of sodium formate on the back of its properties will prove to be a game changer. Sodium formate helps in preventing bacterial growth and thus protects the cosmetics from spoilage. In addition, e-commerce activities have broadened the scope of the demand for cosmetics greatly. All these factors will have a lasting influence on the growth of the sodium formate market, especially during the COVID-19 pandemic.
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