Sodium Bicarbonate Market To Exhibit A 4.58% CAGR In The Forecast Period
Global Sodium Bicarbonate Market - Overview
As per the analysis by Market Research Future (MRFR), the global sodium bicarbonate market is set to witness a compound annual growth rate of USD 13 Billion at 4.85% during the forecast period from 2022 to 2030.
The growing food industry and flourishing textile industry are anticipated to expand the sodium bicarbonate market 2020. The increasing demand for ready-to-eat food due to the fast-paced life is projected to surge the need for sodium bicarbonate further that can boost the market. The growing popularity of bakery products is likely to positively influence sodium bicarbonate demand, which can augment the market. Furthermore, the market is anticipated to grow significantly due to the rising demand for sodium bicarbonate in agriculture and pharmaceutical sectors during the projected tenure. On the contrary, sodium bicarbonate is projected to impact health, which can hamper market growth negatively. However, lesser production costs and low environmental impact are anticipated to counter impeding factors, and boost the market in the forecast period. Its popular use in baking powder and acid neutralizer agent is estimated to influence the sodium bicarbonate market share in the forecast period. The rising use in the textile industry is estimated to motivate the sodium bicarbonate market size considerably in the forecast period.
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Global Sodium Bicarbonate Market – Prominent Players
A large number of players are active across the globe in the sodium bicarbonate market. The market is dominated by Tosoh Corporation, Şişecam Group, Solvay SA, AGC Inc, Church & Dwight Company, Novacap, Bashkir Soda Company, Kazan Soda Elektrik, Ciner Group, Tata Chemicals, Natural Soda, and Ciech Group.
Market Drivers and Key Barriers
Superior product properties relative to natural rubber are projected to have a positive scope for market growth over the review period in terms of tear strength, ageing, and heat resistance.
Owing to the involvement of multiple players in the sector, the competition between companies in the market is expected to be moderate. Competition is awaited in terms of pricing and the availability of innovative and successful production methods.
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Sodium Bicarbonate Market - Segments:
The segmental analysis of the global sodium bicarbonate market is done by grade and end-user.
The grade-based segments of the global sodium bicarbonate market are done by feed, pharmaceutical, food, and technical.
The end-user based segments of the global sodium bicarbonate market are done by feed, textile, food & beverages, chemicals, flue gas treatment, agriculture, personal care& pharmaceuticals, hemodialysis, detergents & cleaning agents, and others.
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Sodium Bicarbonate Market - Regional Analysis:
Based on the region, the global sodium bicarbonate market is segmented into Europe, North America, Asia-Pacific, Middle East & Africa, and Latin America.
As per the analysis, the global market is projected to be dominated by North America during the forecast period. The region is anticipated to acquire the largest market share in the global sodium bicarbonate market. The market growth of the region can be attributed to the high demand of the compound in the food industry, water treatment, and pharmaceuticals. Furthermore, the increasing production of soda ash in the U.S is projected to drive the regional market.
The APAC region is predicted to grow at a significant rate during the forecast period owing to the increasing demand of sodium bicarbonate from China and India. Furthermore, the region has surfaced to be a major investment destination for prominent market players, which can augment the regional market growth. The APAC market is estimated to expand at a CAGR of 3.96% during the review period. Expansion of industries such as animal feed and F&B is anticipated to be another significant factor driving the regional market. Besides, the rising demand from the pharmaceutical industry is predicted to play a crucial role in boosting the regional market in the coming period.
Europe market is anticipated to progress at a significant rate during the review period owing to the expansion of the pharmaceutical sector. Furthermore, the robust presence of the personal care sector is predicted to strengthen the regional market. The UK, Germany, and a few other countries are expected to play a notable role in developing the regional market.
The MEA region is predicted to acquire the least market share during the forecast period. The region is likely to lag due to a lack of awareness and under-developed nations. However, the presence of untapped opportunities can augment the regional market in the coming period.
Industry/ Innovation/ Related News:
Feb 2020 Amphastar Pharmaceuticals, Inc. has stated that the U.S. Food and Drug Administration had granted endorsement of its supplementary Abbreviated New Drug Application for Sodium Bicarbonate Injection, USP, 8.4%, 50mEq/50mL (1mEq/mL) Single-Dose Prefilled Syringe.
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