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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