New York, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global Sodium Hypophosphite Market is expected to witness significant growth at a CAGR of 5.1% during the forecast period of 2023-2030. The rise in demand for electroplating applications globally serves as a major driver for sodium hypophosphite market.
According to a recent report by Consegic Business Intelligence, the sodium hypophosphite market is poised for strong expansion and is expected to reach USD 1,168.46 million by 2030. The market, which was valued at USD 790.77 million in 2022, is projected to grow at a compound annual growth rate of 5.1% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the Sodium hypophosphite market.
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Sodium hypophosphite is an inorganic salt substance that has different features such as corrosive-free, high-strength, and heat-resistance. The chemical compound is used as a reducing agent in electroplating, and others. Sodium hypophosphite is widely demanded across the automotive, aviation, and electronics industries. It can also be used as a catalyst in chemical reactions and thus is demanded in chemical and polymer industries. Sodium hypophosphite can also be used in pharmaceutical and ceramic industries due to the inherent properties of the chemical.
Global Sodium Hypophosphite Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 1,168.46 million |
| CAGR (2023-2030) | 5.1% |
| By Grade | Electrical and Industrial |
| By Application | Catalysts & Stabilizers, Reducing Agents, Chemical Intermediates and Others |
| By End Use Industry | Chemical, Electrical, Pharmaceuticals, Water Treatment, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Solvay S.A., Nippon Chemical Industries Co Ltd, Sigma-Aldrich, Huanggang Quanwang Chemical Co., Ltd, Hubei Sky Lake Chemical Co., Ltd., Jiangsu Danai Chemical Co., Ltd, Hubei Xingfa Chemicals Group Co., Ltd., Jiangxi Fuerxin Pharmaceutical & Chemical Co., Ltd, Jiangsu Kangxiang Industrial Group Co., Ltd. |
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Global Sodium hypophosphite Market Segmentation Details:
Based on Grade, in 2022, electrical segment accounted for the highest market share and is expected to grow at the fastest CAGR in the overall sodium hypophosphite market. The electrical grade is used during electroless nickel plating. Sodium hypophosphite is widely used in the automotive and electronics industry for the major purpose of electroless nickel plating.
Based on Application, in 2022, the reducing agents segment contributed the largest market shares in the sodium hypophosphite market. Sodium hypophosphite is widely used as a reducing agent across different industrial applications such as the automotive, chemical, and electronics industries. This chemical compound is preferred due to its application as a reducing agent in electroless nickel plating in these industries. Also, sodium hypophosphite acts as a reducing agent for mitigating metal ion content in industrial waste before it is discharged into water. Hence, due to the aforementioned advantages, reducing agents is foreseeing high market growth.
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Based on End-use Industry, in 2022, the water treatment segment contributed the largest market share in the sodium hypophosphite market. Sodium hypophosphite has major usage in water treatment in industrial applications. Certain driving factors for the growth of this segment are increasing demand for water treatment for industrial and domestic waste, among others. Also, the uncontrolled discharge of industrial and domestic toxins into water bodies has led to major human health issues and the extinction of aquatic species.
Based on Region, in 2022, Asia Pacific accounted for the largest share contribution of 38.55% to the market growth due to the majority of key players in the sodium hypophosphite market in this region. Also, the significant growth of the automotive industry in this region is significantly impacting the positive growth on the sodium hypophosphite market. Hence, due to an increase in the growth of the automotive industry in Asia Pacific, the region has been showcasing significant growth.
Competitive Landscape
As per the research, Arkema, Solvay S.A., and Nippon Chemical Industries Co Ltd are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the sodium hypophosphite market is expected to grow steadily due to increasing investments in renewable energy among others. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
Recent Developments
- In May 2023, Arkema acquired Polytec PT, a manufacturer of adhesives for batteries and electronics. This acquisition of Polytec PT would enable Arkema to strengthen its product offerings to serve the fast-growing batteries and electronics markets.
- In April 2023, Solvay collaborated with Ginkgo Bioworks for a new product segment i.e., sustainable biopolymers. This collaboration is a step towards an eco-friendly and sustainable environment, and it would help Solvay strengthen its business module.
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Key Market Takeaways
- Based on grade, the electrical segment accounted for the highest market share in the sodium hypophosphite market statistics in 2022.
- Based on application, the reducing agents segment accounted for the highest market share in the sodium hypophosphite market statistics in 2022.
- Based on end-use industry, the treatment segment accounted for the highest market share in the sodium hypophosphite market statistics in 2022.
- North America is expected to grow at the fastest CAGR of 6.3% during the forecast period due to the high demand for derivatives, certain chemical compounds, and fire retardants.
- In 2022, Asia Pacific accounted for the highest market share of 38.55% and was valued at USD 304.84 million and is expected to reach USD 452.78 million in 2030.
List of Major Global Sodium Hypophosphite Market:
- Arkema
- Solvay S.A.
- Nippon Chemical Industries Co Ltd
- Sigma-Aldrich
- Huanggang Quanwang Chemical Co., Ltd
- Hubei Sky Lake Chemical Co., Ltd.
- Jiangsu Danai Chemical Co., Ltd
- Hubei Xingfa Chemicals Group Co., Ltd.
- Jiangxi Fuerxin Pharmaceutical & Chemical Co., Ltd
- Jiangsu Kangxiang Industrial Group Co., Ltd.
Global Sodium Hypophosphite Market Segmentation:
- By Grade
- Electrical
- Industrial
- By Application
- Catalysts & Stabilizers
- Reducing Agents
- Chemical Intermediates
- Others
- By End-use Industry
- Chemical
- Electrical
- Pharmaceuticals
- Water Treatment
- Others
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Frequently Asked Questions in the Sodium Hypophosphite Market Report
- What was the market size of sodium hypophosphite in 2022?
- In 2022, the market size of sodium hypophosphite was USD 790.77 million.
- What will be the potential market valuation for sodium hypophosphite by 2030?
- In 2030, the market size of sodium hypophosphite is expected to reach 1,168.46 million.
- What is the key restraint hampering the growth of the sodium hypophosphite market?
- The presence of different alternatives is likely to hamper the market.
- What is the dominating segment in the sodium hypophosphite market, by end-use industry?
- In 2022, the water treatment segment accounted for the highest market share in the overall sodium hypophosphite market.
- Based on current market trends, which geographical region contributed the largest share in the market?
- Asia Pacific accounted for the largest market share in the sodium hypophosphite market.
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