Sodium Hexametaphosphate Market increasing industrialization drives demand

Sodium Hexametaphosphate Market 


Market Overview:

Sodium hexametaphosphate, commonly known as SHMP, is an inorganic compound used in various industrial applications. It acts as a sequestrant by binding to metal ions and preventing their precipitation. SHMP is mainly used as an effective water softener in household laundry detergents and cleaning products. It improves cleaning efficiency by removing mineral deposits from fabrics. SHMP also has anti-scaling properties that prevent calcium and magnesium deposits in boilers, cooling towers and other industrial equipment. Its cleaning and anti-corrosive nature makes SHMP useful in industrial processes such as food processing, pulp & paper production, chemical manufacturing and others.

Market key trends:
One of the key trends driving growth of the Sodium Hexametaphosphate Market Demand is rapid industrialization in emerging economies. SHMP finds extensive application in numerous industrial sectors ranging from water treatment to food processing. Rapid establishment of manufacturing facilities and expanding industrial output in developing countries of Asia Pacific and Latin America has fueled the demand for SHMP. Additionally, stringent wastewater discharge regulations imposed by various environmental agencies are prompting industrial end-users to adopt effective treatments like SHMP for water softening and anti-scaling. The chemical has gained precedence over phosphate builders due to its eco-friendly nature. Growing industrial activities will continue augmenting the sodium hexametaphosphate consumption over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the sodium hexametaphosphate market is moderate as it requires large capital investments in R&D and setting up production facilities. Bargaining power of buyers: The bargaining power of buyers is high due to the availability of easy substitute products and undifferentiated nature of sodium hexametaphosphate. Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have high dependency on large buyers for selling sodium hexametaphosphate. Threat of new substitutes: The threat of new substitutes is moderate as new substitute products require high investment costs for production and are still in development stages. Competitive rivalry: high, as sodium hexametaphosphate has many regional and global players.

Key Takeaways

The global sodium hexametaphosphate market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing application in water treatment and food industries. Regionally, Asia Pacific dominates the sodium hexametaphosphate market and is expected to continue its dominance over the forecast period. Growing demand from end use industries such as food processing, water treatment and detergents in emerging economies of China and India are accelerating the regional market growth.

Regional analysis shows that Asia Pacific dominates the global sodium hexametaphosphate market with over 40% market share in 2023. China represents the largest producer and consumer of sodium hexametaphosphate in Asia Pacific. The high growth in the region can be attributed to expansion of water treatment facilities and rapid industrialization. North America is the second largest market for sodium hexametaphosphate owing to well established end use industries in the US and Canada.

Key players operating in the sodium hexametaphosphate market are Aditya Birla Chemicals, Prayon, Innophos, ICL Performance Products, Mexichem, Xingfa Chemicals, Chengxing Group, Chuandong Chemical, Tianrun Chemical, and Blue Sword Chemical. ICL Performance Products and Xingfa Chemicals are the top two leading players in the global market.

Read More:

https://www.dailyprbulletin.com/the-global-sodium-hexametaphosphate-market/

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