Sodium Hypophosphite Market Forecasts to 2028 – Global Analysis By Function (Reducing Agents, Catalysts & Stabilizers, Chemical Intermediates and Other Functions), Grade, Application, End User and By Geography
According to Stratistics MRC, the Global Sodium Hypophosphite Market is accounted for $768.66 million in 2022 and is expected to reach $1030.08 million by 2028 growing at a CAGR of 5.0% during the forecast period. Sodium hypophosphite is the sodium salt of hypophosphorous acid. It appears as odourless white crystals. It is soluble in water and easily absorbs moisture from the air. Sodium hypophosphite is used as a reducing agent, catalyst & stabilizer and chemical intermediate. It also has good potential as an antimicrobial food ingredient. Sodium hypophosphite acts as a reducing agent for electroless nickel plating application. It is used in the electronics and automotive industry.
Market Dynamics
Driver:
Growing demand from various end-use industries
One of the main factors propelling the expansion of the global sodium hypophosphite market in terms of revenue is the sodium hypophosphite's quick rise across various end industries. Economic incentive is predicted to rise across a number of industries, including automotive, aerospace, plastics, but also ceramics, among others with the expansion of electroplating applications. During the course of the projected period, this will lead to a rise in the total demand for sodium hypophosphite.
Restraint
High price of phosphorous rock
Phosphate is the natural source of phosphorous. It is used as an essential ingredient in all fertilizers. The price of phosphate rock has increased by nearly 400% and is constantly rising. Due to a decline in supply and a rise in phosphate rock prices, the market for sodium hypophosphite is being negatively impacted.
Opportunity
Rising demand for water treatment in industrial applications
The quantity of garbage released into water bodies has grown as industrialisation continues to develop. Uncontrolled release of industrial and residential pollutants into water bodies also harms aquatic life and results in human health issues. Sodium hypophosphite is an effective reducing agent for the recovery of Ni, Cu, and Fe. Thus, sodium hypophosphite holds high-growth prospects in the coming years in water treatment applications.
Threat
Limitations of sodium hypophosphite
The expansion of the worldwide sodium hypophosphite market is significantly constrained by a number of adverse factors. The COVID-19 epidemic has presented a serious issue since it has affected export and import operations, disrupted the supply chain, and negatively impacted several countries' socioeconomic situations. These elements might all serve as significant roadblocks to the market's overall expansion. Yet it's anticipated that strict government constraints on the industrial sector would reduce prices for sodium hypophosphite.
Covid-19 Impact
The detrimental impacts of COVID-19 on the global economy affected almost all industries. The pharmaceutical industry thrived to create efficient treatments to halt the virus's spread. This assisted to reduce the demand since sodium hypophosphite is frequently used in the pharmaceutical industry.
The food & polymers segment is expected to be the largest during the forecast period
The food & polymers segment is predicted to increase profitably. Sodium hypophosphite has good potential as predicted to increase profitably. It maintains the pH equilibrium of processed foods. It preserves the proper ratio of acidity to alkalinity, increasing shelf life and enhancing flavor. During extrusion and other forms of heat processing, it serves as a stabilizer for polymers. It is possible to employ sodium hypophosphite as a partial fire retardant. These elements are promoting the segment's expansion.
The water treatment segment is expected to have the highest CAGR during the forecast period
The water treatment segment is anticipated to witness the fastest CAGR growth during the forecast period. Growing industrialisation has led to a rise in the quantity of trash deposited into water bodies. Also, the unchecked release of residential and industrial contaminants into water bodies results in problems for human health as well as the elimination of aquatic species, requiring the usage of water treatment chemicals. Thus, the need for dirty water treatment is fueling market revenue development.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the large number of electronics and automobile manufacturers in the area. The market is likely to expand quickly due to the expanding industrialisation in nations like China, Japan, and South Korea. This region is also witnessing drastic expansion in the construction sector which is also driving the growth of the market in this region.
Region with highest CAGR
North America is projected to have the highest CAGR over the forecast period, owing to the rising demand from end-use sectors including agriculture, electronics, water treatment, and pharmaceuticals. Government initiatives and rules governing the use of chemicals to lessen water pollution, as well as the increasing demand for water treatment and wastewater treatment solutions are boosting the market expansion in this region.
Key players in the market
Some of the key players profiled in the Sodium Hypophosphite Market include Nippon Chemical Industrial Co, Hubei Sky Lake Chemical Co Ltd, Jiangsu Danai Chemical Co, Arkema Group, Merck KGaA, Changshu New-Tech Chemicals Co Ltd, Huanggang Quanwang Chemical Co Ltd, Febex SA, Solvay, Hubei Lianxing Chemical Co, Jiangsu Kangxiang Industrial Group Co Ltd, Jiangxi Fuerxin Medicine Chemical Co, Hexcel Corporation and Hubei Xingfa Chemicals Group Co.
Key Developments
In December 2021, Hexcel Corp and Metyx Composites entered into a partnership to produce high-performance carbon fiber pultruded profiles for the wind energy sector using polyurethane (PU) resin and unidirectional (UD) carbon fiber.
Functions Covered:
• Reducing Agents
• Catalysts & Stabilizers
• Chemical Intermediates
• Other Functions
Grades Covered:
• Electrical
• Industrial
• Other Grades
Applications Covered:
• Electroplating
• Water Treatment
• Chemicals & Pharmaceuticals
• Food & Polymers
• Other Applications
End Users Covered:
• Electrical
• Construction
• Agriculture
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
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