New York, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global chelating agents market size is expected to expand at ~ 8 % CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022. This growth in market revenue could be influenced by the growing demand for baked food. For instance, about 52 pounds of bread is consumed by every American annually. Chelating agents are food additives that extend the shelf life of baked goods by preventing oxidation. Metals are trapped by them, preventing them from contributing to color or flavor deterioration.
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Additionally, there has been a growing gen- Z population all over the world which is further pushing demand for baked products such as bread and more frequently cake. Gen Z takes up about 25% of the world's population overall. This translates to approximately 3 billion people in Generation Z. Hence, this Genz population is expected to spend more on bakery items which would further influence the market expansion.
Chelating Agents Market: Key Takeaways
- Market in Asia Pacific to propel the highest share.
- The Nitrilotriacetic segment to garner the largest revenue.
- Market in North America region to grow at a significant rate
Growing Manufacturing of Paper & Pulp to Boost the Growth of Global Chelating Agents Market
Around 95 million metric tons of graphic paper were manufactured globally in 2021. Production of packaging paper and board was approximately 263 million metric tons in the meantime. The pulp and paper industry has long utilized chelators (EDTA and DTPA) in the peroxide-based bleaching process where it is necessary to eliminate metal ions that might otherwise trigger the peroxide to deteriorate. Hence, the demand for chelating agents is growing in the paper and pulp industry.
Chelating Agents Market: Regional Overview
The global chelating agents market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Agriculture Activities to Boost the Growth of the Market in Asia Pacific
The growth of the market in Asia Pacific for chelating agents is set to capture highest share of 40% over the forecast period. The growth of the market is anticipated to grow owing to rising agriculture activities in this region. For instance, India had about 129 million hectares of land available for the cultivation of food grains by the end of the fiscal year 2022. Compared to the agricultural area the year before, there was an increase. Micronutrients including iron, copper, zinc, and manganese are chelated using chelating agents to make them more soluble and absorbable by plants. This procedure has the potential to enhance agricultural output and quality while also enhancing plant growth and development.
Rising Production of Plastic to Influence the Growth of the Market in North America
The North America market for chelating agents is also poised to have the significant growth in the market over the coming years. This could be owing to rising production of plastic. About 17% of the world's plastics manufacturing in 2021 was based in North America (Mexico, the U.S., and Canada). As a result, North America was, after China, the second-largest region in the world for the production of plastic in that year. Hence, the use of chelating agents in growing in this region in order to remove impurities during production of PVC stabilization.
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Chelating Agents, Segmentation by Type
- Nitrilotriacetic Acid
- Gluconic Acid
The nitrilotriacetic acid segment is set to garner the highest revenue by the end of 2035. The major factor influencing the segment growth is growing water pollution. 2 million tons of sewage and other effluents are discharged into the oceans each day. Every year, the industrial sector releases 300–400 megatons of garbage into the environment. Hence, in order to safeguard our ecosystem and the well-being of people and animals, the treatment of wastewater is important. When sewage is not adequately handled, it can contaminate our water supplies, harm natural habitats, and lead to life-threatening infections. Therefore, the adoption of nitrilotriacetic acid is growing.
Chelating Agents, Segmentation by End User
- Industrial
- Commercial
- Residential
The residential segment is expected to have exponential growth by the end of 2035. The major factor influencing the segment growth is the growing sale of detergents and soaps owing to growing people's preference towards cleanliness. Moreover, the quality of life of people is also improving backed by rising disposable income. Global disposable incomes and spending by households are both anticipated to increase by about 3% in 2022. Hence, the preference for soaps and detergents by the residential sector is growing further boosting the market growth.
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A few of the well-known market leaders in the global chelating agents market that are profiled by Research Nester are BASF SE, Dow Inc., AkzoNobel N.V., Archer Daniels Midland Chemical Company, Mitsubishi Corporation, Kemira Oyj, EMD Millipore Corporation (Merck KGaA), Lanxess AG, Tate & Lyle PLC, Sigma-Aldrich Corporation, and others.
Recent Development in the Market
- One of the biggest chemical corporations in the world, BASF, remained a significant player in the market for chelating agents. The business put a strong emphasis on sustainability and launched a number of campaigns to support environmentally friendly goods and procedures. In order to fulfil changing consumer expectations, BASF emphasized that it is committed to minimizing the environmental effect of its products while keeping a strong focus on research and development.
- Dow Inc. participated significantly in the chelating agents market in 2020. The business concentrated on increasing the number of cutting-edge products and sustainable solutions it offered. Dow persisted in making research and development investments to tackle a variety of business difficulties, such as pollution management and water treatment. Sustainability and green business practices remained a core component of the company's business plan.
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