Sodium Tripolyphosphate Market Segmentation, Analysis By Production, Consumption, Revenue And Growth Rate
Sodium Tripolyphosphate Market Overview
The Sodium Tripolyphosphate Market is projected to grow from USD 1.2 Billion in 2023 to USD 03 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 2.00% during the forecast period (2023 - 2030). The global sodium tripolyphosphate market is studied in detail in the report, which enlightens readers about the major trends in the market and provides detailed information about market figures, which helps provide a comprehensive overview of the market. The competitive landscape of the sodium tripolyphosphate market is also studied in detail in the report.
Sodium tripolyphosphate is a salt of triphosphoric acid and is widely used in cleaning applications. It is a crystalline powder widely used as a detergent and in other cleaning applications. It is available in both anhydrate and hexahydrate forms. The growing demand for household cleaning agents is the major driver for the global sodium tripolyphosphate market and is likely to determine the prospects of the market over the coming years. Household cleaning agents such as detergents are the most important application for the global sodium tripolyphosphate market, as it is one of the few applications where the use of sodium tripolyphosphate has actually grown in the last few years. The growing residential construction industry and the growing immigration towards urban areas around the world is likely to be a major driver for the sodium tripolyphosphate market, as a result.
On the other hand, the global sodium tripolyphosphate market is held back by its environmentally unsound nature, which has led to restrictions and even outright bans on the use of sodium tripolyphosphate in several regions. Notably, the European Union (EU) has banned sodium tripolyphosphate due to its lack of environmental viability. This has become a major thorn in the side of the global sodium tripolyphosphate market in recent years.
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Competitive Analysis:
Leading players in the global sodium tripolyphosphate market include TongVo Chemicals Ltd., Haifa Group, Prayon S.A., Hubei Xingfa Chemicals Group, Merck Group, Sumitomo Chemicals Co. Ltd., Aditya Birla Chemicals, ICL Performance Ltd., Tata Chemicals Ltd., and Innophos Holding Inc. Major players are engaged in developing environmentally sound products from sodium tripolyphosphate, as developing environmentally viable forms of sodium tripolyphosphate is likely to be vital to the prospects of the global sodium tripolyphosphate market in the coming years. Strong investment in RD in order to develop environmentally viable products from sodium tripolyphosphate is likely to be a major competitive tactic in the sodium tripolyphosphate market over the forecast period.
Segmentation:
The global sodium tripolyphosphate market is segmented on the basis of application, end use, and region.
By application, the global sodium tripolyphosphate market is segmented into detergents, cleaning agents, water treatment, food preservatives, paints and dyeing, ceramic tiles, metal treatment, and others. The detergent segment accounted for a dominant 26% share in the global sodium tripolyphosphate market in 2016 and is likely to remain the leading consumer of sodium tripolyphosphate over the forecast period. The growing demand for household cleaning agents is likely to drive the demand for sodium tripolyphosphate-based detergents over the forecast period.
By end use, the global sodium tripolyphosphate market is segmented into household cleaning, food and beverages, agriculture, textiles, pharmaceuticals, cosmetics, and others. The household cleaning segment dominates the global sodium tripolyphosphate market and is likely to remain the leading end use over the forecast period.
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Regional Analysis:
Asia Pacific accounts for the largest share in the global sodium tripolyphosphate market, followed by North America. The Asia Pacific market accounted for 42% of the global sodium tripolyphosphate market in 2016, led by China. The growing residential construction in Asia Pacific is likely to drive the demand for household cleaning agents, leading to a growing demand for sodium tripolyphosphate.
North America is also a leading regional market for sodium tripolyphosphate and is likely to remain a major player in the global market over the forecast period. On the other hand, Europe’s role in the sodium tripolyphosphate market is likely to reduce over the forecast period due to the environmental unviability of sodium tripolyphosphate.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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