Sodium acetate is a chemical compound synthesized by the reaction between acetic acid with sodium carbonate. Sodium acetate trihydrate has an acetic odor and is crystalline in nature. These compounds are non-toxic and non-flammable in nature. These two compounds are widely used in the pharmaceutical, leather & textiles, healthcare& food, personal care, and plastics.

Market Statistics:

The global sodium acetate trihydrate & sodium acetate anhydrous market is expected to surpass US$ 1, 59,331.5 Thousand in terms of value by the end of 2028.

Drivers:

Growing demand for the product from food &beverage industry is expected to foster the market growth of sodium acetate trihydrate & sodium acetate anhydrous. Sodium acetate trihydrate is used as preservatives and flavoring ingredients in the food products. Therefore, growing demand for ready-to-eat food the industry is driving demand for preservatives. The busy lifestyle of the consumers is fueling demand for ready-to-eat food products which in turn augmenting the market growth of the sodium acetate trihydrate & sodium acetate anhydrous.

Market Opportunities

Increasing population coupled with the growing disposable income of the consumers is projected to serve major opportunities in the market growth of the sodium acetate trihydrate & sodium acetate anhydrous. The rise in the various manufacturing industries around the globe is also expected to augment the market growth over the forecast period. Moreover, the growing use of the sodium acetate in the water treatment application is further anticipated to accelerate the market growth of the sodium acetate trihydrate & sodium acetate anhydrous in the near future.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/sodium-acetate-market-4588

Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market: Recent Developments

  1. In April 2021, Eastman Chemical Company completes acquisition of 3F Feed and Food, Europe based leading animal feed and Human food additives manufacturer for business expansion across Europe.
  2. In August 2021, Lanxess, a speciality chemicals company, tookover of Emerald Kalama through acquisition to expand its market territory, and business growth.
  3. In September 2021, FDA (Food and Drug Administration), waved a green signal to Milla Pharmaceuticals, a subsidiary of Altar Pharma, for the launch of its generic version of sodium acetate injection 2MEQ/mL for balancing shortage of such injctions in USA and thus facilitating its business growth.

Market Restraints

The presence of a large number of substitutes is hampering product demand. For instance, 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.

Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market - Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on sodium acetate trihydrate & sodium acetate anhydrous market.

Figure 1. Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market Value (US$ Thousand), by Product Type, 2020

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Key Takeaways:

  • The global sodium acetate trihydrate & sodium acetate anhydrous market was valued at US$ 1,08,806.2 Thousand in 2020 and is forecast to reach a value of US$ 1, 59,331.5 Thousand by 2028 at a CAGR of 4.9% between 2021 and 2028.
  • The Sodium Acetate Trihydrate segment was valued US$ 61,168.5 Thousand in 2020 and is expected to witness a CAGR of 5.2% over the forecast period. This Segment held a dominant position in product type segment because it suits for most of the applications’ ambient temperature in which they are used due to its higher melting point and cheaper market price.

Market Trends

Increasing use of the 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 foster the market growth of the sodium acetate trihydrate & sodium acetate anhydrous. Moreover, increasing demand for dyes for textile printing such as wool, dyeing silk, and natural fabrics is again anticipated to augment the market growth of the sodium acetate trihydrate & sodium acetate anhydrous over the forecast period.

The growing use of sodium acetate in applications such as photography, electronics products, galvanization, laboratories, and chemical agents is expected to stimulate the growth of the market. Moreover, it is also used in the production of detergents. Therefore, the growing demand for detergent due to rising hygiene awareness and improving living of standard is projected to foster market growth. Furthermore, driving demand for sodium acetate from animal feed applications is further expected to propel the market growth of sodium acetate trihydrate & sodium acetate anhydrous.

Competitive Section:

Company Names 

  1. Allan Chemical Corporation
  2. CABB GmbH
  3. Changshu Nanhu Chemical Co., Ltd.
  4. Fujian Fukang Pharmaceutical Co., Ltd.
  5. Nantong Zhongwang Additives Co., Ltd.
  6. Karn Chem Corporation
  7. Niacet Corporation
  8. NOAH Technologies Corporation
  9. Shanxi Xinzhou Chemical Reagent Factory
  10. Spectrum Chemical Manufacturing Corporation.

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