Global sodium acetate trihydrate & sodium acetate anhydrous market was valued at US$ 118.9 Million in 2022, exhibiting a CAGR of 5.8% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 178.4 Million by 2030. Sodium acetate is produced by reacting acetic acid with sodium carbonate. Sodium acetate trihydrate is granular crystalline powder and has acetic odor. Medical & pharmaceutical, leather & textiles, plastic, water, agriculture, and food are some of the key application of the sodium acetate trihydrate and sodium acetate.
Driver
Growing Demand from Food &Beverage Industry
Growing demand for the food &beverage industry is expected to drive the market growth. Sodium acetate trihydrate is used as preservatives and flavoring ingredients in the food products. Therefore, growing demand for ready-to-eat food is expected to boost demand for preservatives. The busy lifestyle of the consumers is expected to boost demand for ready-to-eat food products, and this is expected to drive the market growth of the sodium acetate trihydrate & sodium acetate anhydrous.
Opportunities
Increasing Population
Increasing population coupled with growing disposable income of the consumers is projected to serve major opportunities in the market growth of the sodium acetate trihydrate & sodium acetate anhydrous. Increasing various manufacturing industries around the globe is also expected to drive the market growth over the forecast period. Moreover, growing use of the sodium acetate in the water treatment application is further expected to drive the market growth of the sodium acetate trihydrate & sodium acetate anhydrous in the near future.
Restraints
Presence of Large Number of Substitutes
The presence of large number of substitutes expected to hamper the product demand. Sodium citrate can be used in place of sodium acetate in the dialysis fluid. Also, it can be used as an anticoagulant and antioxidant. Moreover, it has higher biocompatibility than sodium acetate. Thus, the availability of substitute is hindering the market growth of the sodium acetate trihydrate & sodium acetate anhydrous.
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Key Takeaways:
On basis of product type, trihydrate segment was valued US$ 61,168.5 Thousand in 2020, and is expected to exhibit a CAGR of 5.8% over the forecast period. Due to its greater melting point and lower market price, it is suitable for the majority of applications' ambient temperature.
Trends
Increasing Use of Sodium Acetate in Plastic Production
Increasing use of sodium acetate in plastic production is a growing trend in the market. Growing production of plastic around the globe in order to meet the rising demand is expected to drive the market growth of the sodium acetate trihydrate & sodium acetate anhydrous.
Rising Use of Sodium Acetate in Applications Such As Photography
Rising use of sodium acetate in applications such as photography, electronics products, galvanization, laboratories, and chemical agents is expected to drive the market growth. Moreover, it is also used in the production of detergents. Therefore, growing demand for detergent due to rising hygiene awareness and improving living of standard is also expected to drive the market growth. Furthermore, rising demand for sodium acetate for animal feed applications is further expected to propel the market growth of sodium acetate trihydrate & sodium acetate anhydrous.
Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market- Competitive Section
- Allan Chemical Corporation
- CABB GmbH
- Changshu Nanhu Chemical Co., Ltd.
- Fujian Fukang Pharmaceutical Co., Ltd.
- Nantong Zhongwang Additives Co., Ltd.
- Karn Chem Corporation
- Niacet Corporation
- NOAH Technologies Corporation
- Shanxi Xinzhou Chemical Reagent Factory
- Spectrum Chemical Manufacturing Corporation.
