According to Ruziniu, according to a report released by Fior Markets, the global sodium methoxide market is expected to grow from US$182.46 million in 2018 to US$237.67 million by 2026, with a CAGR of 3.4% during 2019-2026.
Sodium formate is a white to light yellow, odorless solid in powder form. It is a flammable compound, but it is not explosive and will decompose at high temperatures. It is a versatile chemical reagent that is widely used in various industries such as pharmaceuticals, food ingredients, pigments and crop protection agents to manufacture high-value end products. It is also the catalyst of choice for most biodiesel producers. Sodium methoxide, also known as sodium methylate (molecular formula CH3ONa), can be made through the exothermic reaction between elemental sodium and methanol.
There is growing demand for sodium methoxide used as a catalyst in applications such as edible oil processing, greases and synthetic detergents. stimulated growth. Additionally, the increasing adoption of this chemical in the pharmaceutical industry for the production of vitamins, sulfadoxine, sulfadiazine, trimethoprim, etc. is also driving the market growth. But the high-cost materials used to produce sodium formate could pose a significant threat to the product. However, rising demand for biodiesel, supported by proactive government initiatives in many countries, is likely to spur market growth in the coming years.
In 2018, the Asia-Pacific region dominated the global sodium methoxide market with a market share of US$77.54 million, while the market in North America is growing rapidly. Asia Pacific is rapidly dominating the market owing to rising demand for chemicals from industries such as automotive, coatings, and construction, which is likely to drive the growth of the sodium methoxide market in the region. North America is expected to grow due to increasing usage of sodium methoxide in pharmaceutical industry. Additionally, rising preference for biodiesel in the transportation sector due to increasing environmental regulations to curb CO2 emissions is likely to drive market growth in this region.
