Newark, NJ, June 22, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global sodium hypophosphite market is expected to grow from USD 669 million in 2019 to USD 1,021.2 million by 2027, at a CAGR of 5.43% during the forecast period 2020-2027.
The sodium hypophosphite market is experiencing huge growth from the past few years. The increase is mainly due to the rising application of sodium hypophosphite in the various end-use industries. It has been widely used for water treatment in industrial applications. The growing discharge of industrial wastewater in water bodies has been increasing. Thus, there is a raising need for wastewater management. This water can affect human health as well as aquatic animals. Therefore, there is a rising need for sodium hypophosphite for wastewater treatment.
Sodium hypophosphite used as a catalyst, reducing agent, and stabilizer as well as chemical intermediate in the many end user industries. This material appears as white crystals and has no odour. Sodium hypophosphite easily absorbs the moisture from the air and soluble in the water. Sodium hypophosphite has a large commercial consumption and has various industrial usages. It should be kept away from oxidizing material, in a dry and cool place. It is majorly used in electroless nickel plating.
Global sodium hypophosphite market is increasing rapidly, owing to the increasing need for the sodium hypophosphite in the various end-use industries. There has been a rapid rise in the use of sodium hypophosphite in the electrical and automotive industries. Furthermore, increasing applications of sodium hypophosphite in the food industry is anticipated to offer various growth opportunities for the key vendors in the upcoming years. Furthermore, increasing industrialization in developing regions such as the Asia Pacific and South America, further propelling the growth of the market. However, the rise in the fluctuation in the raw material prices may hamper the growth of the market over the forecast period. High availability of alternatives in the market also hinders the growth of sodium hypophosphite market in the upcoming years.
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Key players operating in the global sodium hypophosphite market Jiangsu Kangxiang Industrial Group Co. Ltd., Jiangxi Fuerxin Pharmaceutical & Chemical Co. Ltd., Solvay, Zhejiang Zengxin Chemistry Co. Ltd., Hubei Lianxing Chemical Co. Ltd., Hubei Xingfa Chemicals Group Co. Ltd., Arkema, and Changshu New-Tech Chemicals Co., Ltd among others. To gain the significant market share in the global sodium hypophosphite market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
The industrial-grade sodium hypophosphite segment dominated the global sodium hypophosphite market and held the market share of 65.23% in the year 2019
The type segment includes electronic grade and industrial grade. The industrial-grade sodium hypophosphite segment dominated the global sodium hypophosphite market and held the market share of 65.23% in the year 2019. The industrial-grade sodium hypophosphite si being widely used in the various end-use industries. For instance, it is extensively used as a reducing agent, to reduce the metal ion content in industrial waste before being discharged in water.
The reducing agent segment accounted for the major market share of 35.26% in the year 2019
The application segment includes reducing agents, chemical intermediates, flame retardants, analytical reagents, polymer catalysts ion exchange resins and others. The reducing agent segment accounted for the major market share of 35.26% in the year 2019. The sodium hypophosphite is capable of reducing the nickel ions on the metal substrate as well as plastic substrates.
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The electronic sector is anticipated to grow at the highest CAGR of 6.5% over the forecast period
The end-user segment classified into electronics, automotive & transportation, petroleum, building & construction, pharmacy, chemicals, and others. The electronic sector is anticipated to grow at the highest CAGR of 6.5% over the forecast period. Increasing adoption of the sodium hypophosphite in the electronics industry is one of the key factor fuelling the growth of the market over the forecast period.
Regional Segment Analysis of the Sodium Hypophosphite Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global sodium hypophosphite market classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region dominated the global sodium hypophosphite market and held the major market share of 44.25% in the year 2019. The growth is mainly due to increasing automotive industry in the Asia Pacific region. Many global automotive companies are focusing on the entering into the region, due to cheap manufacturing cost and availability of the labours. In addition to this, growing industrialization in the countries such as India, China, Indonesia, and Thailand, also boosting the demand for the sodium hypophosphite in the Asia Pacific region. Furthermore, presence of key companies of the sodium hypophosphite in China, boosting the growth of the market. On the other hand, North America region is estimated to grow at the heights CAGR of 6.1% over the forecast period. This is mainly attributed to the increasing demand for the sodium hypophosphite in the various end use industries.
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About the report:
The global sodium hypophosphite market is analysed on the basis of value (USD Million), volume (K Tons), export (K Tons), and import (K Tons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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