The new Sodium Bicarbonate Market Researchfrom Technavio indicates Neutral At par growth in the short term as the business impact of COVID-19 spreads.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200914005726/en/
Technavio has announced its latest market research report titled Global Sodium Bicarbonate Market 2020-2024 (Graphic: Business Wire)
"One of the primary growth drivers for this market is the rising demand for detergents," says a senior analyst for the Materials industry at Technavio. The detergents sector is also witnessing growth because of the rising consumption of detergents in countries such as China and India in APAC. Similarly, there is also a high demand for detergents in countries such as the UK, Germany, and Russia. With the growing global population, the demand for detergents will increase in the coming years. This will subsequently drive the need for sodium bicarbonate since it is used as an additive in detergents for the even distribution of the cleaning agent. As the markets recover Technavio expects the sodium bicarbonate market size to grow by USD 146.89 million during the period 2020-2024.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the sodium bicarbonate market. Download free report sample
Sodium Bicarbonate Segment Highlights for 2020
- The sodium bicarbonate market is expected to post a year-over-year growth rate of 1.31%.
- Animal feed industry dominated the market in 2019.
- Sodium bicarbonate is used as a key ingredient in the animal feed industry. Natural feed-grade sodium bicarbonate reduces the acidic conditions while stabilizing the rumen pH and provides excellent buffering qualities.
- Sodium bicarbonate is used as an effective buffering agent that maintains the pH between 5.5 and 6.8. Sodium bicarbonate is used as a replacement for salt in poultry feed to make the eggshells stronger.
- It also provides an alternative source of sodium that helps provide drier litter and a healthy living environment. These benefits are expected to fuel the demand for sodium bicarbonate from the animal feed industry.
- Market growth in this segment will be faster than the growth of the market in the FGT segment.
Regional Analysis
- 56% of the growth will originate from the APAC region.
- The increasing demand for new pharma products, cosmetics and personal care products, detergents and soaps, and chemical raw materials will significantly drive sodium bicarbonate market growth in this region over the forecast period.
- China and India are the key markets for sodium bicarbonate in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
Notes:
- The sodium bicarbonate market size is expected to accelerate at a CAGR of almost 2% during the forecast period.
- The sodium bicarbonate market is segmented by application (animal feed, food and beverage, FGT, pharma and cosmetics, and others and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including AGC Inc., Church Dwight Co. Inc., SEQENS GROUP, Soda Sanayii AS, Solvay SA, Tata Chemicals Ltd., Tokuyama Corp., Tokyo Chemical Industry Co. Ltd. Tosoh Corp., and Vitro SAB De CV.
Register for a free trial today to access 17,000+ market research reports using Technavio's SUBSCRIPTION platform
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Coverage
Regions Covered
Worldwide
Topics Covered
COVID-19, Sodium Bicarbonate, Animal Feed, Food and Beverage, FGT, Pharma and Cosmetics
View source version on businesswire.com: https://www.businesswire.com/news/home/20200914005726/en/
Contacts:
Technavio Research
Jesse Maida
Media Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
