Sodium Bicarbonate Market will be driven by Rising Application in Pharmaceutical Industry: Future Market Insights Study
DUBAI, U.A.E, June 22, 2021 /PRNewswire/ -- ESOMAR- certified firm Future Market Insight (FMI) has recently published a report on the global sodium bicarbonate market for the forecast period of 2021-2031. According to the report, the market is expected to flourish at a rising CAGR of 3.9% during forecast period.
There is substantial potential for high quality pharmaceutical and food grade sodium bicarbonate. Increasing demand from end-use industries such as chemical, pharmaceutical, and food & beverage market will create lucrative opportunities for the players.
Sodium bicarbonate's properties and characteristics such as odour neutralizing, cleaning, grease cutting, and moderate abrasiveness makes it ideal for numerous end users. It has niche application in the production of fire extinguishers and animal feed, contributing more to the revenue.
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Key takeaways from FMI's Sodium Bicarbonate Market Study
- The U.S. accounts for more than 80% of the North America market. The rising application in pharmaceutical and food & beverage industries will drive growth in the U.S.
- Powdered sodium bicarbonate accounts for 82% of the global sodium bicarbonate market. It is expected to dominate the market owing to its impressive physical properties. Due to its crystalline nature it finds application in industries such as pharmaceutical, chemical, food and beverage, and water treatment facilities.
- Technical grade sodium bicarbonate will account for 40% of the global market shares. This growth is largely attributable to it's as application in leather processing, flue gas desulfurization, and chemical production.
- China is expected to be one of the dominant markets globally due to the presence of various end-use industries and manufacturers. It is expected to account for more than US$500 Mn by the end of forecast period.
- Germany accounts for around 21% of the Europe market owing to presence of key players and favourable environment for adoption.
"Demand for high quality and cost-efficient sodium bicarbonate is expected to rise around the world. In order to capitalize on existing opportunities, market players are likely to focus on various expansion strategies. Some of them are likely to focus on strategic collaborations to gain competitive edge," says the FMI analyst
Who is Winning?
Key players in the market are focusing on generating profit by exploring potential applications. Players are expanding their geographical boundaries to expand consumer base.
- In March 2021, Solvay SA announced to divest its soda ash and derivatives business into a separate legal entity so that it can maximize cash flow generation and improve company's strategic flexibility.
- In June 2020, Tata Chemicals announced its business reorganization under verticals of material science, energy science, agri science, and nutritional science to focus on lucrative chemistry and science segments.
Some of the leading players operating in the market are:
- Solvay SA
- Merck KGaA
- Nirma ltd.
- Tata Chemicals Ltd.
- GHCL Ltd.
- Ciech SA
- DCW Ltd.
- Seqens group
- Tosoh Corporation
- Hawkins, Inc.
- Vitro
- Church & Dwight Co., Inc.
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More Insight on the Global Sodium Bicarbonate Market
In the latest study, Future Market Insights gives a detailed insight on the sodium bicarbonate market, providing historical data for the period of 2016 to 2020 and forecast statistics for the period of 2021 to 2031. To understand the global sodium bicarbonate market potential, its growth, and scope, the market is segmented on the basis of various parameters:
By Grade Type
- Pharmaceutical Grade
- Technical Grade
- Food Grade
- Feed Grade
By Form
- Powder
- Pellets
- Slurry
- Liquid
By End Use
- Processed Food
- Pharmaceuticals
- Personal Care Products
- Chemicals
- Agrochemicals & Nutrients
- Detergent
- Fire Extinguisher
- Leather & Dyeing
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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About the Chemicals & Materials Division at Future Market Insights
The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals and materials market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on 'green alternatives', recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – 'The Way Forward'.
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About Future Market Insights (FMI)
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