Jan 13, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Sodium Acetate Market.
It was estimated prior to this unanticipated outbreak that the Sodium Acetate Market is likely to witness an impressive CAGR of 7.5% during the forecast period. Growing leather & textile industry, rising product demand in myriad end-user industries, and growing demand for sodium acetate in food industry are some of the key factors fueling the market growth over the forecast period.
Sodium acetate is basically an organic sodium salt containing an acetate. It is soluble in water and finds a wide range of usage, such as additives in food industry, heating pads, concrete manufacturers, and in buffer solutions.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as trihydrate and anhydrous. The sodium acetate trihydrate market is estimated to account for the major share of the market during the forecast period owing to its extensive utilization in the leather & textile industry as pickling and buffering agent. In addition, excessive cost of anhydrous sodium acetate is also expected to indirectly fuel the trihydrate sodium acetate demand in the market.
Based on the end-user type, the market is segmented as leather & textiles, food, medical & pharmaceuticals, and others. The leather & textile industry and the medical & pharmaceutical industry are estimated to be the dominating segments, collectively accounting for the major share of the market (more than 60%) during the forecast period. This growth can be attributed to the superior physical characteristics, such as high density and solubility, offered by the product, fueling the overall industry growth.
In terms of regions, Asia-Pacific is estimated to be the leading region in the market on account of increasing product demand and the rapidly-growing leather & textile and food industries in the region during the forecast period. On the other hand, North America is estimated to witness significant growth in the market over the forecast period. The growth of the region can be attributed to the rising medical & pharmaceutical industry during the forecast period.
Key players operating in the global Sodium Acetate market are-
Changshu Nanhu Chemical Co., Ltd.
Karn Chem Corporation
NOAH Technologies Corporation
Sisco Research Laboratories Pvt. Ltd.
Spectrum Chemical Manufacturing Corporation
Tokyo Chemical Industry Co., Ltd.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Sodium Acetate analysis report discusses the following heads in great detail:
Market structure: Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors