Carbonate Market is Estimated to Witness High Growth Owing to...

Carbonate Market is Estimated to Witness High Growth Owing to Growing Demand from Food & Beverage Industry

Posted 2023-12-26 12:33:08

The carbonate market comprises products that contain the carbonate ion (CO32−), such as baking soda and sodium carbonate, as active ingredients. Carbonates are white crystalline salts and occur naturally in minerals in alkaline rocks and sediments. They are found in solution in mineral springs and seas, and are produced commercially by reacting carbon dioxide with bases or by treating limestone or marble. The carbonates play a vital role in several industries including food & beverages, chemicals, glass and ceramics.

The global carbonate Market is estimated to be valued at US$ 159.51 Mn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing demand from food & beverage industry is a key driver for carbonate market. Carbonates find applications in food & beverages as neutralizing agents, pH control agents, sequestering agents and anti-caking agents. Sodium carbonate is widely used in preparing baking soda which is the principal ingredient used in baking of muffins, cakes and cookies and as a leavening agent. Carbonates also act as acidity regulators that help maintain the pH levels of beverages and foods. The rising consumption of packaged and processed foods globally is propelling the demand for carbonates from food & beverage industry. Further, increasing battery manufacturing is also fueling the carbonate market growth as lithium carbonate is an essential raw material for manufacturing of lithium-ion batteries.

SWOT Analysis

Strength: The Global Carbonate Market Size has witnessed steady growth over the past few years. Carbonates are used across industries like food and beverages, pharmaceutical, personal care, paper etc. Rising demand from end use industries is creating new opportunities. Cost effectiveness and easy availability of raw materials gives the manufacturers an upper edge.

Weakness: Fluctuations in raw material prices can negatively impact manufacturers margins. Increased regulations regarding carbon emissions during manufacturing may lead to additional compliance costs. Dependence on limited number of suppliers for raw materials is a concern.

Opportunity: Growth in food and packaging industries in developing nations offer significant growth prospects. Innovation in production technologies can further reduce production costs. Development of new applications and product variants can attract new customers.

Threats: Rising environmental concerns may lead to stricter emission norms negatively impacting costs. Economic slowdowns can decrease demand from end user industries. Intense competition from local players impacts margins.

Key Takeaways

The global carbonate market is expected to witness high growth over the forecast period supported by wide end use applications in industries like food and beverages, pharmaceuticals, personal care etc. The global carbonate Market is estimated to be valued at US$ 159.51 Mn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.

Regional analysis indicates Asia Pacific dominates currently accounting for over 35% of market share led by China, India. Growth will be fastest in Asia as food and packaging industries continue to flourish with rising incomes.

Key players operating in the carbonate market are Evonik Industries AG, JSR Corporation, Kumho Petrochemical Co. Ltd., Kuraray Co. Ltd., Lanxess AG, Nippon Soda Co. Ltd., Reliance Industries Limited, Saudi Basic Industries Corporation, Synthomer PLC, Synthos, UBE Corporation and Versalis. The market is fragmented with both global and regional players competing for market share. Carbonate demand is expected to grow at a CAGR of 3.7% during the forecast period driven by new applications and regional demand centers especially in developing Asian markets.

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