New York, USA, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global sodium chlorite market is predicted to grow at a tremendous CAGR of 4.4%, thereby garnering a revenue of $282,911.4 thousand in the 2019-2027 timeframe. This holistic report provides an overarching overview of the nature of the sodium chlorite market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2019-2027 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Market:
Drivers: Increasing use of sodium chlorite as a bleaching agent and disinfectant by end-use industries, such as oil and gas industry, is expected to be the primary growth driver of the sodium chlorite market in the forecast period. Additionally, sodium chlorite is also used extensively for treating wastewater across the globe which is expected to help the market grow in the forecast period.
Opportunities: Growth in the use of sodium chlorite by food and beverage industry is anticipated to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing demand for drinking water across the world has compelled various government bodies to use sodium chlorite to treat wastewater, which is estimated to augment the growth rate of the market in the forecast period.
Restraints: Stringent environmental rules and regulations, however, might restrict the growth of the sodium chlorite market.
Request an Exclusive PDF Sample of the Sodium Chlorite Market (Including Tables, TOC, and Figures)
Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The sodium chlorite market, however, has been an exception. Increased used of sodium chlorite in healthcare institutions as a disinfecting agent helped the market grow despite the pandemic. Also, sodium chlorite solution is given to patients for gargling which increased its demand during the pandemic, as a result of which, the growth rate of the market boosted further.
Segments of the Market:
The report has divided the market into certain segments based on application, end use, and region.
Application: Disinfectant Sub-Segment to be the Most Dominant
By application, the disinfectant sub-segment accounted for $120,936.2 thousand in 2019 and is expected to grow with a CAGR of 4.5% by 2027. Increasing use of sodium chlorite as a disinfecting agent in healthcare facilities and to sanitize the surrounding is anticipated to help the market register a positive growth during the forecast period.
End Use Industry: Water Treatment Sub-segment to Have the Maximum Share
By end use industry, the water treatment sub-segment of the sodium chlorite market is expected to hold the maximum market share and grow with a CAGR of 4.7% during the forecast timeframe. Increasing demand for drinking water across the world has surged the use of sodium chlorite solutions to treat wastewater by government bodies in different countries, which is predicted to augment the growth rate of this sub-segment.
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the sodium chlorite market in the Asia-Pacific region is projected to be the most profitable and register a stunning CAGR of 4.8% in the analysis timeframe. Presence of leading market players of the sodium chlorite manufacturing industry and increasing use of sodium chlorite for wastewater treatment are expected to be the two main factors behind the growth of the market in this region.
Prominent Market Players:
Some prominent market players of the sodium chlorite market are
- OSAKA SODA
- Dongying Shengya Chemical Co., Ltd.
- ERCO Worldwide
- Carlit Holdings Co., Ltd.
- Yancheng Huaou Industry Group Co., Ltd
- Ercros SA
- Shandong Gaomi Gaoyuan Chemical Industry Co.Ltd.
- Fengchen Group Co., Ltd
- Occidental petroleum corporation
- Otsuka Chemical Co., Ltd
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in April 2021, Ercros, a leading chemical manufacturing company, announced that it is looking to double its sodium chlorite production by setting up a brand-new manufacturing line Sabiñánigo (Huesca). This manufacturing line is expected to push the production from 6,000 tons/year to 11,300 tons/year, which will ultimately help the company to increase its market share substantially.
Finally, this report published by Research Dive, also offers many vital facets of the sodium chlorite market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
Schedule a call with an Expert Analyst to get the latest update on Sodium Chlorite Market
More about Sodium Chlorite Market:
- Trends in the Sodium Chlorite Industry
- Sodium Chlorite Market: A Promising Industry with Different Applications