SODIUM ACETATE TRIHYDRATE & SODIUM ACETATE ANHYDROUS MARKET ANALYSIS

Global sodium acetate trihydrate & sodium acetate anhydrous market was valued at US$ 118.9 Million in 2023, 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.

COVID-19 Impact on Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market

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

Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market - Drivers

Growing Pharmaceutical Industry

Growing pharmaceutical industry is expecetd to drive the market growth. Widely used in the electrolytes and warming pads. These are also used as a diuretic agent. Increasing geriatric population is creating need for healthcare facilities. For instance, 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.

Growing Demand for Leather Products

Growing demand for leather products is expected to drive the market growth of the sodium acetate trihydrate & sodium acetate anhydrous. Increasing demand for products such as handbags, footwear, bags, and other leather-based products is boosting demand for sodium acetate trihydrate & sodium acetate anhydrous. It is a crucial component of leather tanning chemicals and textile dyeing chemicals. Moreover, increasing number of leather manufacturing industries around the globe is also expected to drive the market growth.

Restraints

Lack of Awareness Regarding the Benefits of Sodium Acetate Trihydrate & Sodium Acetate Anhydrous

Lack of awareness regarding the benefits of the products is affecting demand for sodium acetate trihydrate & sodium acetate anhydrous. This factor is hindering the market growth over the forecast period. Thus, easy availability of other food preservatives are projected to hamper the market growth.

Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market - Segmentation

Figure 1: Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market, By End-Use, 2022

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Leather & Textile was the largest end-user segment in the global sodium acetate trihydrate & sodium acetate anhydrous market in 2022, and reckoned for over 36% of the total request in terms of volume. The large leather processing capabilities of companies in Asia Pacific and Europe are responsible for the wide operation of sodium acetate trihydrate in 2022 and the trend is anticipated to remain the same during the cast period. Increasing consumption of sodium acetate trihydrate in electrolytes, warming pads, and as a diuretic agent. Sodium acetate trihydrate is used as a preservative and spicing agent in the food assiduity. Increasing consumption of ready- to- eat food assiduity, It is the main driver for the rise of sodium acetate trihydrate and heavily depends on the operation of food preservatives.

Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market – Opportunities

Increasing Use of Sodium Acetate

Increasing use of sodium acetate as a phase changing materials in solar heat systems and thermal energy storage systems is projected to offer new market opportunities. Moreover, it is also used in other applications such as heat pump systems, waste heat recovery, and thermal protection in electronic products. Thus, emerging application of sodium acetate is projected to drive the market growth of the sodium acetate trihydrate & sodium acetate anhydrous over the forecast period.

Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market - Trends

Improving Lifestyle of the Consumers

Improving lifestyle of the consumers coupled with growing awareness regarding the health is driving consumption of the product from the healthcare industry. The overall development of the economy coupled with growing supply chain of the food products is also expected to drive the market growth of sodium acetate trihydrate & sodium acetate anhydrous.

Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market - Regional Insights

Figure 2: Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market, By Region, 2022

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Asia Pacific held a dominant position in the global sodium acetate trihydrate & sodium acetate anhydrous market in 2022, accounting for 56% share in terms of value, followed by North America and Europe, respectively.

Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market - Key Developments

• In July 2021, Milla Pharmaceuticals merged with Woodward Pharma Services LLC to combine increase their product portfolio and improve services.
• In November 2020, The Federal Trade Commission finalised merger of Mylan and Pfizer after a significant delay due to covid pandemic. The merger will run its business under the name ‘Viatris’, which was mutually decided.
• In June 2021, Kerry Group, an Irish ingredients company acquired Niacet, a sodium preservative specialist, from SK Capital, a private investment firm for a purchase amount around $1 billion for its product portfolio expansion.

Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market - Key Players

Major players operating in the market include 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, and Spectrum Chemical Manufacturing Corporation.

*Definition: 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 end users of the sodium acetate trihydrate and sodium acetate.