Sodium Tungstate Market Demand, Size, Growth, Emerging Trends And Swot Analysis By Top Key Players By 2030
The global sodium tungstate market is projected to grow at a notable CAGR between 2022-2030 as per the recent Market Research Future (MRFR) report. Sodium tungstate (Na2WO4 ), is an inorganic compound. This water-soluble white solid is the tungstic acid’s sodium salt that is useful for chemical synthesis. Besides, it acts as an intermediate in converting tungsten ores to metals. It is an intermediate in tungsten extraction from its ores, of which most are tungstates, else this compound has niche applications.
Sodium tungstate in organic chemistry serves as a catalyst for oxidation of alcohols into ketones or aldehydes and epoxidation of alkenes. It is also popular for its anti-diabetic and anti-obesity effects. Moreover, it is also used to manufacture different forms of heteropoly acid color lakes, which are utilized in textiles, glasses, waxes, plants, and printing inks.
Numerous factors are adding to the global sodium tungstate market growth. These factors, according to the recent Market Research Future report, include its growing demand as anti-obesity and antidiabetic agent, growing medical industry, multiple applications and uses in numerous end use industries, rising number of chemical industries, and maximum use in industries involved in chemicals.
On the contrary, volatility in raw material prices and availability are factors that may hamper the global sodium tungstate market growth over the forecast period.
Market Segmentation
The Market Research Future report provides an all-inclusive segmental analysis of the global sodium tungstate market based on application and channel participants.
By application, the sodium tungstate products market is segmented into anti-diabetic agent, anti-obesity agent, permanent chemical modifier, and catalyst.
By channel participants, the sodium tungstate market is segmented into the medical industry, glass industry, metal industry, chemical industry, textile industry, research laboratories, and others.
Regional Analysis
By region, the sodium tungstate market report covers the latest trends and growth opportunities across the Americas, the Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA). Of these, North America will command the largest share in the market during the forecast period. Factors adding to the sodium tungstate market growth in the region include the growth rate of diverse and large manufacturing industry trends for tracking the GDP. The US is a major contributor in this region for the growing chemical industry and being the largest chemical exporter. Besides, the reindustrialization trend is also adding to the sodium tungstate market growth in the region. It is predicted that the US for the next ten years will represent around 80% chemical market within North America.
The sodium tungstate market in Europe is predicted to have favorable growth during the forecast period. Italy and Germany are the major contributors in the region. Factors adding to the sodium tungstate market growth in the region include innovations in the chemical industry and high productivity. Besides, the growth & development of both small scale and large-scale industries have a notable impact on the sodium tungstate market growth in Europe.
The sodium tungstate market in the APAC region is predicted to grow at the fastest pace over the forecast period, while in the Middle East and Africa, the sodium tungstate market is likely to have stable growth during the forecast period.
Key Players
Leading players profiled in the sodium tungstate market report include Ningxiang Changyi, Taizhou BangDe, HCstarck, Yuanhang Tungsten, Ganzhou Grand Sea W& Mo Group Co., Ltd, and Kat-Chem Ltd. Key players have incorporated several strategies to stay head and shoulders above others in the competition and also cater to the burgeoning needs of the customers. These strategies include mergers and acquisitions, strategic alliances, collaborations, new product launches, extensive R&D, strategic partnerships, joint ventures, among others.
Browse the Complete Report: https://www.marketresearchfuture.com/reports/global-us-sodium-tungstate-market-778
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